OCC: Bulletin Issued on Revised Interagency Examination Procedures for HMDA
The Office of the Comptroller of the Currency (OCC) today issued the revised interagency Home Mortgage Disclosure Act (HMDA)1examination procedures for determining compliance with HMDA and its implementing regulations. Rescission This bulletin rescinds OCC Bulletin 2010-8, “Compliance Policy: Revised Home Mortgage Disclosure Act Examination Procedures.” OCC Bulletin 2019-19, “Home Mortgage Disclosure Act: Revised Interagency Examination…
CFPB: Report Issued Highlighting Supervisory Findings of Wide-Ranging Violations of Law in 2021
Examiners found violations in areas including mortgage servicing, fair lending, payday, and remittances The Consumer Financial Protection Bureau (CFPB) today issued a Supervisory Highlights report, which shines a light on legal violations identified by the CFPB’s examinations in the first half of 2021. The report also highlights prior CFPB supervisory findings that led to public…
CFPB: Input Requested on Detecting Discrimination in Mortgage Lending
Insights gathered will support a fairer mortgage market Today, the Consumer Financial Protection Bureau (CFPB) issued a Request for Information (RFI) to seek input on rules implementing the Home Mortgage Disclosure Act (HMDA). The CFPB plans to review recent changes to the rule and evaluate their effectiveness. This evaluation will strengthen the CFPB’s ability to…
HUD: Disaster Assistance Announced for North Carolina Survivors
The U.S. Department of Housing and Urban Development (HUD) today announced the implementation of federal disaster assistance for areas in the State of North Carolina affected by the remnants of Tropical Storm Fred from August 16 to August 18, 2021. On September 8, 2021 President Biden issued a major disaster declaration for the following counties: Avery, Buncombe,…
FHFA: Additional Data Released on Enterprise Fair Lending and Housing Goals
Today, the Federal Housing Finance Agency (FHFA) released several sets of demographic data related to Fannie Mae and Freddie Mac’s (the Enterprises) fair lending and housing goals activities. The rate of homeownership for minority families in the United States continues to lag well behind the national average. Fair lending is central to the principles under…
CFPB: New Proposed Rule Issued on Small Business Lending Data Collection Under Equal Credit Opportunity Act (Regulation B)
The Bureau of Consumer Financial Protection (Bureau) is publishing for public comment a proposed rule amending Regulation B to implement changes to the Equal Credit Opportunity Act (ECOA) made by section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). Consistent with section 1071, the Bureau is proposing to require covered…
HUD and FHFA Collaboration to Advance Fair Housing and Fair Lending Enforcement Announced
Today, the U.S. Department of Housing and Urban Development (HUD) and the Federal Housing Finance Agency (FHFA) (collectively, the Agencies) entered into a first-of-its-kind collaborative agreement regarding fair housing and fair lending coordination. Under the Memorandum of Understanding (MOU), the two Agencies will focus on enhancing their enforcement of the Fair Housing Act, which HUD…
CFPB: Report Finds Mortgage Servicers’ Pandemic Response Varies Significantly
Supervisory data show some servicers struggled to assist borrowers The Consumer Financial Protection Bureau (CFPB) today published a report detailing 16 large mortgage servicers’ COVID-19 pandemic response. The report’s data metrics include call handling and loan delinquency rates, and they highlight the industry’s widely varied response to the pandemic. For example, many servicers managed to…
OCC: Updated Contact Information Issued for Certain Notices and Posters Regarding CRA, Fair Housing Act and Equal Credit Opportunity Act
Summary This bulletin informs national banks, federal savings associations, and federal branches and agencies of foreign banking organizations (collectively, banks) of the appropriate names and addresses for notices required by the Community Reinvestment Act (CRA) and Equal Credit Opportunity Act, and for posters under the Fair Housing Act. Banks should make the appropriate changes to…
FHFA: Policy Statement on Fair Lending Issued
FHFA also requiring the Enterprises to submit fair lending reports Today, the Federal Housing Finance Agency (FHFA) issued a Policy Statement on Fair Lending. The Policy Statement communicates FHFA’s commitment to comprehensive fair lending oversight of Fannie Mae, Freddie Mac (the Enterprises), and the Federal Home Loan Banks (together, the regulated entities) and provides a foundation…