FFIEC: Federal Bank Regulatory Agencies Release 2021 Small Business, Small Farm and Community Development Lending Data
The federal bank regulatory agencies, as members of the Federal Financial Institutions Examination Council (FFIEC), today released data on small business, small farm, and community development lending during 2021. The Community Reinvestment Act regulations require the agencies to annually disclose these data. The FFIEC also prepared aggregate disclosure statements of small business and small farm…
Federal Reserve: College Fed Challenge Winners Announced
Princeton University won the 19th annual national College Fed Challenge on Friday, a team competition that encourages undergraduate students to learn about the U.S. economy, monetary policymaking, and the role of the Federal Reserve System. Teams analyze economic and financial conditions and formulate a monetary policy recommendation, modeling the Federal Open Market Committee. The team, from Princeton,…
CFPB: Threshold for Smaller Loan Exemption for Appraisal Requirements for Higher-Priced Mortgage Loans Announced for 2023
The Consumer Financial Protection Bureau, the Federal Reserve Board, and the Office of the Comptroller of the Currency today announced that the 2023 threshold for exempting loans from special appraisal requirements for higher-priced mortgage loans will increase from $28,500 to $31,000. The threshold amount will be effective January 1, 2023, and is based on the…
CFPB: Dollar Thresholds in Regulation Z and Regulation M for Exempt Consumer Credit and Lease Transactions Announced for 2023
The Federal Reserve Board and the Consumer Financial Protection Bureau today announced the dollar thresholds used to determine whether certain consumer credit and lease transactions in 2023 are exempt from Regulation Z (Truth in Lending) and Regulation M (Consumer Leasing). By law, the agencies are required to adjust the thresholds annually based on the annual…
Federal Reserve: Current Bank Application Filing System Replacement Announced for Later This Month
The Federal Reserve Board announced on Thursday that it will replace its current bank application filing system with a new and upgraded system later this month. The substantive requirements of applications will remain the same with the new system making the filing process more intuitive and minimizing paper applications and communications. The new cloud-based system,…
Federal Reserve: Six of the Nation’s Largest Banks to Participate in Pilot Climate Scenario Analysis
Exercise designed to enhance the ability of supervisors and firms to measure and manage climate-related financial risks The Federal Reserve Board on Thursday announced that six of the nation’s largest banks will participate in a pilot climate scenario analysis exercise designed to enhance the ability of supervisors and firms to measure and manage climate-related financial…
Federal Reserve: FedNow Service Release Timing Updated to Mid-2023, Marking the Beginning of Full-Scale Pilot Testing
The Federal Reserve Banks have narrowed the timing of the FedNow Service launch to mid-year 2023, specifically targeting a production rollout of the service in the May to July timeframe. This further defines the previously communicated 2023 launch window for the anticipated instant payments service and comes as the FedNow Pilot Program prepares to enter…
Federal Reserve: Board Provides Additional Information for Banks on Crypto-Asset-Related Activities
The Federal Reserve Board on Tuesday provided additional information for banking organizations engaging or seeking to engage in crypto-asset-related activities. The emerging crypto-asset sector presents potential opportunities to banking organizations, their customers, and the overall financial system; however, crypto-asset-related activities may also pose risks related to safety and soundness, consumer protection, and financial stability. The…
Federal Reserve: “Does Giving CRA Credit for Loan Purchases Increase Mortgage Credit in Low-to-Moderate Income Communities?” FEDS Notes Discussion
Finance and Economics Discussion Series (FEDS) Author: Kenneth P. Brevoort Abstract: Under the Community Reinvestment Act (CRA) banks can fulfill their affirmative obligation to meet local credit needs by lending in low-to-moderate-income (LMI) communities or by purchasing loans made by others. This paper evaluates whether giving CRA credit for purchases has had its intended effect…
Federal Reserve: “Strengthening the CRA: A Conversation with Representatives of Native Communities”
Speech delivered at National Native Coalition Virtual Series on the Community Reinvestment Act Notice of Proposed Rulemaking (via webcast) by Vice Chair Lael Brainard Good afternoon.1 I am happy to join you today for the National Native Coalition listening session to discuss the Community Reinvestment Act (CRA). I want to thank the National Congress of American…