CFPB: New Rule Updates Fair Credit Reporting Act Model Consumer Disclosures
The Bureau of Consumer Financial Protection (Bureau) today issued an interim final rule updating two model disclosures to reflect changes made to the Fair Credit Reporting Act (FCRA) by recent legislation. In May 2018, Congress passed the Economic Growth, Regulatory Relief, and Consumer Protection Act, which requires nationwide consumer reporting agencies to provide “national security…
SBA: Decrease in Surety Bond Guarantee Fees Announced
The U.S. Small Business Administration announces the first fee decrease in Surety Bond Guarantees in 12 years. The fee decrease will be in effect for guaranteed bonds approved during fiscal year 2019, taking effect October 1, 2018 and ending September 30, 2019. The Surety Bond Guarantee (SBG) program is reducing the Surety fee from 26…
FDIC: CRA Examination Schedules for Fourth Quarter 2018 and First Quarter 2019 Issued
The Federal Deposit Insurance Corporation (FDIC) today issued the lists of institutions scheduled for a Community Reinvestment Act (CRA) examination during the fourth quarter of 2018 and first quarter of 2019. CRA regulations require each federal bank and thrift regulator to publish its quarterly CRA examination schedule at least 30 days before the beginning of…
CFPB: Rule Issued to Implement and Clarify New HMDA Amendments
Today the Bureau of Consumer Financial Protection (Bureau) issued an interpretive and procedural rule to implement and clarify the requirements of section 104(a) of the Economic Growth, Regulatory Relief, and Consumer Protection Act (the Act), which amended the Home Mortgage Disclosure Act (HMDA). The Bureau also released updates to the Filing Instructions Guide (FIG) for…
FHFA: Index Shows Mortgage Rates Increased in July 2018
Nationally, interest rates on conventional purchase-money mortgages increased from June to July, according to several indices of new mortgage contracts. The National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders Index was 4.60 percent for loans closed in late July, up 1 basis point from 4.59 percent in June. The average interest…
FHFA: Fannie Mae and Freddie Mac to Conclude Single-Family Rental Pilot Programs
The Federal Housing Finance Agency (FHFA) today announced that Fannie Mae and Freddie Mac (the Enterprises) will conclude their single-family rental pilot programs and then terminate their participation in the single-family rental market except through their previously existing investor programs – Fannie Mae’s Multiple Financed Properties and Freddie Mac’s Investment Property Mortgages. In the last…