CFPB: Fall 2016 Rulemaking Calendar
An important part of the CFPB’s statutory mandate from the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) is to make rules governing consumer finance markets more effective and to create new rules when warranted. Under the Regulatory Flexibility Act, federal agencies must publish regulatory agendas twice a year. As an independent regulatory…
FDIC: New Resource Announced for Community Banks – Affordable Mortgage Lending Guide Part II
The Federal Deposit Insurance Corporation (FDIC) published a new guide to help community bankers learn more about grant and mortgage loan programs offered by State Housing Finance Agencies. The Affordable Mortgage Lending Guide, Part II: State Housing Finance Agencies describes programs offered by State Housing Finance Agencies across the country. The guide focuses on first-lien mortgage…
OCC: Responsible Innovation Framework Released
WASHINGTON — The Office of the Comptroller of the Currency (OCC) today announced it will establish an office dedicated to responsible innovation and implement a formal framework to improve the agency’s ability to identify, understand, and respond to financial innovation affecting the federal banking system. “The OCC supports responsible innovation that enhances the safety and…
CFPB: Updated Exam Procedures for Military Lending Act Released
CFPB to Evaluate Military Lending Act Violations in its Exams of Creditors and Will Use Its Enforcement Authority in Cases of Substantial Consumer Harm WASHINGTON, D.C. – Today the Consumer Financial Protection Bureau (CFPB) issued the procedures its examiners will use in identifying consumer harm and risks related to the Military Lending Act rule which was…
CFPB: FFIEC Announces Availability of 2015 Data on Mortgage Lending (HMDA)
The Federal Financial Institutions Examination Council (FFIEC) today announced the availability of data on mortgage lending transactions at 6,913 U.S. financial institutions covered by the Home Mortgage Disclosure Act (HMDA). Covered institutions include banks, savings associations, credit unions, and mortgage companies. The HMDA data made available today cover 2015 lending activity and include: applications, originations,…
CDFI Fund: U.S. Treasury Awards $185 Million for Community Development in Low-Income Communities
Funds Support CDFI Investment and Revitalization Activity in Distressed Urban, Rural and Native Communities Washington-The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) awarded 196 Community Development Financial Institutions (CDFIs) $185.7 million in grants and loans today. The awards, through the fiscal year (FY) 2016 rounds of the Community Development Financial…
CDFI Fund: US Treasury Announces Over $90 Million in Awards for Affordable Housing
Over $900 Million in Private Sector Investment to be Leveraged by Capital Magnet Awards The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) awarded 32 organizations nearly $91.5 million in grants today for the development of affordable housing and community facilities in low-income communities. These awards were made through the fiscal…
ABA: Top Ag Banking Awards Go to Indiana Banker and Kansas Ag Professor
WASHINGTON — The American Bankers Association today announced the recipients of both the Bruning and Blanchfield Awards, the association’s premier awards presented for contributions to agricultural banking. Gene Miles, president and CEO of First Farmers Bank and Trust Company, Converse, Ind., will receive the Bruning Award, and Kansas State University ag economics emeritus professor Barry…
FDIC: Resources Unveiled to Help Community Banks Learn More about Affordable Housing Programs
The Federal Deposit Insurance Corporation (FDIC) on Thursday published a guide and launched an online resource center to help community bankers learn more about single-family housing products offered by federal agencies and government-sponsored enterprises. The Affordable Mortgage Lending Guide, Part I: Federal Agencies and Government Sponsored Enterprises describes federal programs for single-family housing lending that support…
CFPB: The Significant Impact of Student Debt on Communities of Color
Rising student debt is one of the more painful aftershocks of the Great Recession. Millions of Americans lost their jobs and homes, while others lost much of their household wealth. This decrease in household wealth has continued to put a strain on the ways families pay for higher education expenses, often shifting the burden of…