OCC: Acting Comptroller Discusses Elevating Fairness in Banking
Acting Comptroller of the Currency Michael J. Hsu today discussed the importance of fairness in remarks given at the National Community Reinvestment Coalition Just Economy Conference 2024. Mr. Hsu highlighted bank progress in overdraft protection program reforms since the OCC issued guidance last April and provided an update on Project REACh accomplishments regarding credit invisibles,…
CFPB: 2023 HMDA Loan-Level Data on Mortgage Lending Now Available
The Home Mortgage Disclosure Act (HMDA) Modified Loan Application Register (LAR) data for 2023 are now available on the Federal Financial Institutions Examination Council’s (FFIEC) HMDA Platform for approximately 5,089 HMDA filers. The published data contain loan-level information filed by financial institutions and modified to protect consumer privacy. To increase public accessibility, the annual loan-level…
FFIEC: Statement Issued on Examination Principles Related to Valuation Discrimination and Bias in Residential Lending
The Federal Financial Institutions Examination Council today issued a statement of principles related to valuation discrimination and bias for member entities to consider in their consumer compliance and safety and soundness examinations. The principles aid member entities in assessing whether their supervised institutions’ compliance and risk management practices are appropriate to identify and mitigate discrimination…
OCC: Public Appraisal Subcommittee Hearing on Appraisal Bias Scheduled for February 13th
The Office of the Comptroller of the Currency (OCC) will host a public hearing of the Appraisal Subcommittee (ASC) on appraisal bias on February 13, 2024, from 10:00 a.m. to 1:00 p.m., at its headquarters, 400 7th Street SW, Washington, D.C. Acting Comptroller of the Currency Michael J. Hsu will provide opening remarks. The subcommittee panel…
OCC: Guidance Issued on “Buy Now, Pay Later” Lending
The Office of the Comptroller of the Currency (OCC) today issued guidance to national banks and federal savings associations to address the risks associated with “buy now, pay later” lending. The guidance focuses on the risk management of buy now, pay later (BNPL) loans, which are payable in four or fewer installments and carry no…
Joint Statement Issued Cautioning that Financial Institutions May Not Use Immigration Status to Illegally Discriminate Against Credit Applicants
Borrowers report being denied loans because of their immigration status The Consumer Financial Protection Bureau (CFPB) and Justice Department today issued a joint statement that reminds financial institutions that all credit applicants are protected from discrimination on the basis of their national origin, race, and other characteristics covered by the Equal Credit Opportunity Act, regardless…
HUD: Civil Rights Protections Against Housing Discrimination on the Basis of Shared Ancestry or Ethnic Characteristics Clarified
As part of the Biden-Harris Administration’s National Strategy to Counter Antisemitism, HUD’s Office of Fair Housing and Equal Opportunity joins seven other federal agencies to issue fact sheets on Title VI protections Today, the U.S. Department of Housing and Urban Development (HUD) and seven other agencies across the federal government are for the first time clarifying in writing that…
OCC: Bank Supervision Operating Plan for Fiscal Year 2024 Released
The Office of the Comptroller of the Currency (OCC) today released its bank supervision operating plan for fiscal year (FY) 2024. The plan outlines the OCC’s supervision priorities and objectives for the year. It also facilitates the implementation of supervisory strategies for individual national banks, federal savings associations, federal branches and agencies of foreign banking…
FDIC: Equal Housing Lender Poster Updates Announced
FDIC-supervised institutions are required to maintain up-to-date Equal Housing Lender (EHL) posters in branches, as required by the Fair Housing Act. The FDIC recently amended some details of the posters, including updating the name of the office to which complaints should be addressed, as well as adding the web address of the FDIC’s web-based complaint…
Agencies to Host Roundtable on Special Purpose Credit Programs on September 12th
Four federal agencies will host a roundtable discussion September 12, 2023, at 3:00 p.m. EDT regarding the availability of special purpose credit programs to help meet the credit needs of eligible individuals. The event will be open to the public via livestream. U.S. Department of Housing and Urban Development Secretary Marcia L. Fudge, Acting Comptroller…