FHFA: Agency Announces Decision to Stop Credit Score Initiative
The Federal Housing Finance Agency (FHFA) today announced that the Agency will not make a decision in 2018 about updating the credit score model used by Fannie Mae and Freddie Mac (the Enterprises) as previously announced and, instead, is shifting its focus to implementation of Section 310 of the Economic Growth, Regulatory Relief, and Consumer…
CFPB: Veterans with Severe Disabilities May Be Eligible for Federal Student Loan Discharge Tax-Free
The Departments of Education and Veterans Affairs (VA) have teamed up to notify veterans with severe disabilities that they may be eligible to have their federal student loans discharged tax-free. The Bureau has previously highlighted for years the opportunity to obtain a disability discharge. So, we are pleased to share with you the details of…
OCC: Minority Depository Institutions Advisory Committee Charter Renewed
The Office of the Comptroller of the Currency (OCC) has renewed the charter of its Minority Depository Institutions Advisory Committee (MDIAC), which advises the agency on issues and opportunities facing minority depository institutions. “The Minority Depository Institutions Advisory Committee has a long history of offering the OCC an invaluable perspective on the business environment affecting…
ABA: Report Shows Consumer Delinquencies Rise in First Quarter 2018
The first quarter of 2018 saw installment loan and bank card delinquencies resume a slow return to normal levels after falling across the board in the previous quarter, according to results from the American Bankers Association’s Consumer Credit Delinquency Bulletin. The composite ratio, which tracks delinquencies in eight closed-end installment loan categories, rose 9 basis…
CFPB: Statement on the Implementation of the Economic Growth, Regulatory Relief, and Consumer Protection Act Amendments to HMDA
Read statements from other agencies: Federal Deposit Insurance Agency Federal Reserve Board Office of the Comptroller of the Currency Today the Bureau of Consumer Financial Protection (Bureau) issued the following statement: On May 24, 2018, the President signed the Economic Growth, Regulatory Relief, and Consumer Protection Act (the Act), a section of which amends the…
CFPB: New Research Report on Student Loan Repayment and Broader Household Borrowing
Student loans make up an increasing share of the debt held by borrowers around the country, particularly for younger borrowers. Our previous research has shown that borrowers vary greatly in their ability to pay off their loans, how quickly they can do so, and the potential hurdles they face. Today, we released a new Data…
Federal Reserve: Findings Released from Study of Small Business Owners’ Perspectives on Online Lenders and Products
The Federal Reserve Board and the Federal Reserve Bank of Cleveland on Thursday published Browsing to Borrow: “Mom & Pop” Small Business Perspectives on Online Lenders. The report examines small business owners’ perceptions of online lenders and their understanding and interpretation of the information that online lenders use to describe their credit products. Among the…
SBA: Disaster Recovery Lending Increased for Small Businesses through Express Bridge Loan Pilot Program
The U.S. Small Business Administration prides itself in the efforts it takes to help small business owners recover from disasters. The SBA 7(a) Loan Program is aiding in that effort by offering the Express Bridge Loan Pilot Program. This Pilot Program was authorized on October 16, 2017 and is available through September 30, 2020. With…
FHFA: Foreclosure Preventions Top 4.1 Million In 2018 First Quarter
The Federal Housing Finance Agency (FHFA) today released its first quarter 2018 Foreclosure Prevention Report, which shows that Fannie Mae and Freddie Mac (the Enterprises) completed 68,378 foreclosure prevention actions in the first quarter of 2018, bringing the total number of foreclosure prevention actions to 4,108,636. The Enterprises’ serious delinquency rate dropped to 1.1 percent…
OCC: Mortgage Performance Unchanged in First Quarter 2018
Performance of first-lien mortgages remained unchanged during the first quarter of 2018 compared with a year earlier, according to the Office of the Comptroller of the Currency’s (OCC) quarterly report on mortgages. The OCC Mortgage Metrics Report, First Quarter 2018, showed 95.6 percent of mortgages included in the report were current and performing at the…