Interagency: Agencies Announce Two Public Meetings on Merger of BB&T and SunTrust; Public Comment Period Extended
The Federal Reserve Board and the Federal Deposit Insurance Corporation (FDIC) on Thursday announced that they will jointly hold two public meetings on the proposed merger of BB&T Corporation, Winston-Salem, North Carolina, with SunTrust Banks, Inc., Atlanta, Georgia. As part of the proposal, BB&T would merge SunTrust Bank with and into its subsidiary state non-member…
Federal Reserve: Speech | “CRA: How Can We Preserve What Works and Make it Better?”
Governor Lael Brainard At the 2019 Just Economy Conference, National Community Reinvestment Coalition, Washington, D.C. It is a pleasure to have an opportunity to discuss how we can preserve what is working well with the Community Reinvestment Act (CRA) and make it better.1 In recent months, we have seen a high level of engagement from banks…
Federal Reserve: Consumer Affairs Letter Issued Regarding NMTCs and Public Welfare Investments
CA 19-1: New Markets Tax Credits and Public Welfare Investments BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON, D.C. 20551 DIVISION OF CONSUMER AND COMMUNITY AFFAIRS CA 19-1 February 26, 2019 TO THE OFFICERS AND MANAGERS IN CHARGE OF CONSUMER AFFAIRS SECTIONS AND FINANCIAL INSTITUTIONS SUPERVISED BY THE FEDERAL RESERVE: SUBJECT: New Markets…
Federal Reserve: Speech | Strengthening the Community Reinvestment Act: What Are We Learning?
Strengthening the Community Reinvestment Act: What Are We Learning? Governor Lael Brainard At “Research Symposium on the Community Reinvestment Act” hosted by the Federal Reserve Bank of Philadelphia, Philadelphia, Pennsylvania Thank you all for participating in our Research Symposium on the Community Reinvestment Act (CRA). I am happy to have an opportunity to learn from…
Federal Reserve: FEDS Notes | Are Disappearing Employer Pensions Contributing to Rising Wealth Inequality?
Are Disappearing Employer Pensions Contributing to Rising Wealth Inequality? John Sabelhaus and Alice Henriques Volz* The share of U.S. workers covered by a traditional employer-sponsored pension plan has declined dramatically over the past few decades. Fewer jobs today have any form of employer-sponsored retirement plan coverage, and those jobs that do have coverage are much…
Federal Reserve: FRB Launches Article Series on Financial Conditions and Concerns of Consumers and Communities
The Federal Reserve Board on Wednesday announced Consumer & Community Context, an article series that features original analysis about the financial conditions and experiences of consumers and communities, including traditionally underserved and economically vulnerable households and neighborhoods. The goal of the series is to increase public understanding of the financial conditions and concerns of consumers…
Joint Release: Regulators Encourage Institutions to Work with Borrowers Affected by Government Shutdown
Joint press release with: Board of Governors of the Federal Reserve System, Conference of State Bank Supervisors, Federal Deposit Insurance Corporation, National Credit Union Administration, Office of the Comptroller of the Currency Five federal financial institutions regulators and state regulators encourage financial institutions to work with consumers affected by the federal government shutdown. While the effects of the federal government…
Joint Release: Annual CRA Asset-Size Threshold Adjustments for Small and Intermediate Small Institutions Released
The federal bank regulatory agencies today announced the annual adjustment to the asset-size thresholds used to define small bank, small savings association, intermediate small bank, and intermediate small savings association under the Community Reinvestment Act (CRA) regulations. The annual adjustments are required by the CRA rules. Financial institutions are evaluated under different CRA examination procedures…
Joint Release: Agencies Announce Threshold for Smaller Loan Exemption from Appraisal Requirements for Higher-Priced Mortgage Loans
The Bureau of Consumer Financial Protection, Federal Reserve Board of Governors, and Office of the Comptroller of the Currency today announced that the threshold for exempting loans from special appraisal requirements for higher-priced mortgage loans during 2019 will increase from $26,000 to $26,700. The threshold amount will be effective Jan. 1, 2019, and is based…
Federal Reserve: New FEDS Notes Analyzes Rural Affordable Rental Housing
Rural Affordable Rental Housing: Quantifying Need, Reviewing Recent Federal Support, and Assessing the Use of Low Income Housing Tax Credits in Rural Areas (PDF) by Andrew M. Dumont Abstract: Recently, there has been significant interest in the high levels of rental cost burden being experienced across the United States. Much of this scholarship has focused…