FHFA: 2017 Report to Congress Released
The Federal Housing Finance Agency (FHFA) today released its 2017 Report to Congress. The statutorily-required report provides information about FHFA’s 2017 examinations of Fannie Mae, Freddie Mac (the Enterprises), 11 Federal Home Loan Banks (FHLBanks) and the FHLBanks’ Office of Finance. The report also describes FHFA’s actions as conservator of the Enterprises during the year…
OCC: New Guidance on Installment Lending – Core Principles for Short-Term, Small-Dollar Installment Lending
OCC BULLETIN 2018-14 Summary The Office of the Comptroller of the Currency (OCC) encourages banks to offer responsible short-term, small-dollar installment loans, typically two to 12 months in duration with equal amortizing payments, to help meet the credit needs of consumers. The OCC is issuing this bulletin to remind banks1 of the core lending principles for…
OCC: Comptroller Urges Banks to Meet Consumers’ Short-Term, Small-Dollar Credit Needs
Comptroller of the Currency Joseph Otting today issued the following statement regarding the release of his agency’s bulletin encouraging national banks and federal savings associations to offer responsible short-term, small-dollar installment loans. Millions of U.S. consumers borrow nearly $90 billion every year in short-term, small dollar loans typically ranging from $300 to $5,000 to make…
CFPB: Share Financial Information with Your Spouse Now to Avoid Problems Later
It’s common for couples to share their financial lives but not the responsibility for managing household finances. It might be time-consuming for both of you to review your bills, as well as spending and savings plans each month. But if responsibilities unexpectedly shift due to a sudden illness or loss of a spouse, getting up…
HUD: $2.6 Billion Awarded to Improve and Preserve the Nation’s Public Housing
Housing authorities will use funding to modernize housing for families, seniors To help public housing authorities make needed capital improvements to their properties, the U.S. Department of Housing and Urban Development today allocated more $2.6 billion in annual funding to housing authorities in all 50 states, as well as the District of Columbia, Guam, Puerto…
Federal Reserve: Board Issues Report on the Economic Well-Being of U.S. Households
The Federal Reserve Board’s latest Report on the Economic Well-Being of U.S. Households finds that economic well-being has generally improved over the past five years. The report notes that 74 percent of adults reported they were doing at least OK financially in 2017‑‑up 10 percentage points from the first survey in 2013. Even so, notable…
OCC: Publication Discusses Profitable Bank Collaborations with Minority Depository Institutions
The Office of the Comptroller of the Currency (OCC) published the latest edition of its Community Development Investments newsletter entitled “Profitable Partnerships: Collaborating With Minority Depository Institutions.” This edition of Community Development Investments discusses how executives working for minority-owned depository banks can collaborate with large and midsize banks in ways that are profitable and beneficial…
HUD: Fair Housing Assessment Tool Withdrawn
Flawed assessment tool found to be confusing, difficult to use for local governments After a months-long technical evaluation, the U.S. Department of Housing and Urban Development (HUD) today announced that it is withdrawing a computer assessment tool originally intended to be helpful to local governments in meeting their obligations under the Fair Housing Act to…
HUD: $5 Million Awarded for Community Development in Four Rural Communities
The U.S. Department of Housing and Urban Development awarded $5,000,000 to four organizations in California, Minnesota, and Washington, D.C. to continue its community and organizational development strategies to improve the lives of low-income persons. The funding is provided through HUD’s Rural Capacity Building for Community Development and Affordable Housing Program. “HUD is committed to delivering…
ABA: Survey Shows that Regulatory Burden Continues to Restrict Mortgage Lending
Seventy-seven percent of respondents to the American Bankers Association’s 25th annual Real Estate Lending Survey described mortgage regulation as having a negative impact on business production and consumer credit availability. In the survey released today, nearly 3 in 4 bankers said that Qualified Mortgage (QM) rules – which impose stringent rules that exceed “ability to…