The Federal Deposit Insurance Corporation (FDIC) is issuing this Financial Institution Letter to inform supervised institutions of recent changes regarding the Home Mortgage Disclosure Act (HMDA) reporting threshold for closed-end mortgage loans and the FDIC’s supervisory approach for enforcing related requirements. For FDIC-supervised institutions that meet Regulation C’s coverage requirements, […]
CFPB: Rule Proposed to Rein in Excessive Credit Card Late Fees
Proposed rule seeks to close loophole exploited by companies to hike fees with inflation Today, the Consumer Financial Protection Bureau (CFPB) proposed a rule to curb excessive credit card late fees that cost American families about $12 billion each year. Major credit card issuers continue to profit off late fees […]
Federal Reserve: Changes to HMDA Loan Volume Reporting Threshold for Closed-End Mortgage Loans
This letter addresses the impact on financial institutions supervised by the Federal Reserve of recent changes as a result of litigation related to the HMDA reporting threshold for closed-end mortgage loans. Background In May 2020, the Consumer Financial Protection Bureau (CFPB) published a final rule amending Regulation C (Home Mortgage […]
FEMA: Twenty Tribes and All Inhabited U.S. Territories Now Eligible for FEMA’s Safeguarding Tomorrow Revolving Loan Fund Grant Program
FEMA is expanding the eligibility for a new grant program that provides capitalization grants to fund revolving loans for resilience-related activities. The Safeguarding Tomorrow Revolving Loan Fund grant program has been expanded to give insular areas the same eligibility to apply as states, the District of Columbia and Puerto Rico. This means […]
HUD: FHA Assistance Options Expanded for Borrowers Struggling to Make Mortgage Payments
Updated loss mitigation options will help borrowers struggling with their mortgage payments to avoid foreclosure. Today, the Federal Housing Administration (FHA) is announcing that it is expanding and enhancing its set of loss mitigation options used to help borrowers struggling to make mortgage payments on their FHA-insured mortgages. The enhancements extend FHA’s […]
HUD: $15 Million Loan Guarantee Announced for Cleveland, OH Affordable Housing Rehabilitation Project
Today, the U.S. Department of Housing and Urban Development (HUD) announced a $15 million loan guarantee to the City of Cleveland, Ohio. The loan guarantee, offered through the Section 108 Loan Guarantee Program (Section 108), will be used to finance the construction of the Centennial Project in downtown Cleveland. Cleveland […]
ABA: Bank Economists Expect Credit Conditions to Weaken over Next Six Months as Inflation Moderates
Bank economists expect credit conditions to soften over the next six months as the economy slows and the Federal Reserve considers additional steps to rein in inflation, according to the American Bankers Association’s latest Credit Conditions Index released today. The latest report finds slightly less pessimistic near-term expectations for business […]
CFPB: Public Input Sought on Consumer Credit Market
Feedback from consumers, industry, advocates will help inform biennial credit card market report The Consumer Financial Protection Bureau (CFPB) issued a request for information today seeking public feedback on how the consumer credit market is functioning as part of a biennial review of the industry. The CFPB is seeking more […]
OCC: Research on Emerging Risks in the Banking System Solicited
The Office of the Comptroller of the Currency (OCC) is soliciting academic research papers on emerging risks in the banking system or related policy and supervisory issues for submission by March 3, 2023. The OCC will invite authors of selected papers to present to OCC staff and invited academic and […]
FHFA: Updates to the Enterprises’ Single-Family Pricing Framework Announced
The Federal Housing Finance Agency (FHFA) today announced further changes to Fannie Mae’s and Freddie Mac’s (the Enterprises) single-family pricing framework by introducing redesigned and recalibrated upfront fee matrices for purchase, rate-term refinance, and cash-out refinance loans. “These changes to upfront fees will strengthen the safety and soundness of the […]