FFIEC: 2020 Data on Mortgage Lending Availability Announced
The Federal Financial Institutions Examination Council (FFIEC) today announced the availability of data on 2020 mortgage lending transactions at 4,475 U.S. financial institutions reported under the Home Mortgage Disclosure Act (HMDA). Covered institutions include banks, savings associations, credit unions, and mortgage companies. The HMDA data are the most comprehensive publicly available information on mortgage market…
ABA: Regulators to Address Bankers Nationwide at ABA’s Virtual Regulatory Compliance Conference on June 22-24
Top staff from the Federal Reserve, CFPB, FDIC and OCC will address America’s banks during the American Bankers Association’s 35th annual Regulatory Compliance Conference June 22-24. The three-day conference will be held virtually for bankers across the country. During the conference, which will bring together the banking industry’s leading compliance professionals, attendees will hear directly from ABA…
Federal Reserve: Winding Down of the Portfolio of the Secondary Market Corporate Credit Facility Announced
The Federal Reserve Board on Wednesday announced plans to begin winding down the portfolio of the Secondary Market Corporate Credit Facility (SMCCF), a temporary emergency lending facility that closed on December 31st, 2020. The SMCCF proved vital in restoring market functioning last year, supporting the availability of credit for large employers, and bolstering employment through…
Agencies Extend Favorable CRA Consideration for Revitalization Activities in Areas of Puerto Rico and the U.S. Virgin Islands Affected by Hurricane Maria
The federal bank regulatory agencies today announced they are extending the period for giving favorable consideration under Community Reinvestment Act (CRA) regulations to institutions located outside of Puerto Rico and the U.S. Virgin Islands, for bank activities that continue to help revitalize or stabilize these areas devastated by Hurricane Maria (the “Hurricane”). The agencies have…
Agencies Issue Host State Loan-to-Deposit Ratios
Federal bank regulatory agencies today issued the host state loan-to-deposit ratios that are used to evaluate compliance with section 109 of the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994. These ratios replace the prior year’s ratios from June 2020. By law, a bank is generally prohibited from establishing or acquiring branches outside of…
Federal Reserve: Report Issued on the Economic Well-Being of U.S. Households
in the fourth quarter of 2020, nearly one-fourth of adults said that they were worse off financially compared to a year earlier, reflecting the economic fallout and distress resulting from the global COVID-19 pandemic. The Federal Reserve Board’s report, Economic Well-Being of U.S. Households in 2020, which was released on Monday, found a larger share of adults…
Agencies Extend Comment Period on Request for Information on Artificial Intelligence
Five federal financial regulatory agencies announced today they will extend the comment period on the request for information on financial institutions’ use of artificial intelligence (AI) until July 1, 2021. The agencies are seeking information from the public on how financial institutions use AI in their activities, including fraud prevention, personalization of customer services, credit…
Federal Reserve: Third Extension Announced of Rule to Bolster the Effectiveness of the SBA’s Paycheck Protection Program
The Federal Reserve Board on Friday announced the third extension of a rule to bolster the effectiveness of the Small Business Administration’s (SBA) Paycheck Protection Program (PPP). Like the earlier extensions, this one will temporarily modify the Board’s rules so that certain bank directors and shareholders can apply to their banks for PPP loans for…
Agencies Seek Wide Range of Views on Financial Institutions’ Use of Artificial Intelligence
Five federal financial regulatory agencies are gathering insight on financial institutions’ use of artificial intelligence (AI). The agencies seek information from the public on how financial institutions use AI in their activities, including fraud prevention, personalization of customer services, credit underwriting, and other operations. The Federal Reserve Board, the Consumer Financial Protection Bureau (CFPB), the…
Interagency Interim Final Rule Issued Regarding the Emergency Capital Investment Program
On March 22, 2021, the Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System (Board), and Federal Deposit Insurance Corporation (FDIC) (collectively, the agencies) published an interim final rule to support and facilitate the timely implementation of the congressionally authorized Emergency Capital Investment Program (ECIP). Under ECIP, the…