CFPB: New Proposed Rule Issued on Small Business Lending Data Collection Under Equal Credit Opportunity Act (Regulation B)
The Bureau of Consumer Financial Protection (Bureau) is publishing for public comment a proposed rule amending Regulation B to implement changes to the Equal Credit Opportunity Act (ECOA) made by section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). Consistent with section 1071, the Bureau is proposing to require covered…
CFPB: Proposed Rule to Shine New Light on Small Businesses’ Access to Credit
Proposal Would Increase Transparency in a $2.4 Trillion Sector of the American Economy and Bolster Fair Lending The Consumer Financial Protection Bureau (CFPB) today proposed a new rule designed to help small businesses gain access to the credit they need and deserve by increasing transparency in the lending marketplace. This rule, mandated by Congress in…
CFPB: New Report Finds Mortgage Refinance Loans Drove an Increase in Closed-End Originations in 2020
A new Home Mortgage Disclosure Act (HMDA) data report on residential mortgage lending trends released today by the Consumer Financial Protection Bureau finds that the total number of closed-end originations as well as applications increased substantially between 2019 and 2020. Closed-end originations (excluding reverse mortgages) increased in 2020 by 65.2 percent, from 8.3 million in 2019 to…
SBA: PPP Direct Borrower Forgiveness Portal Surpasses Expectations and Accepts More than 340,000 Submissions in First Two Weeks
SBA portal significantly outpacing top PPP lenders not utilizing the Agency’s direct forgiveness tool in forgiveness submissions Since the opening of the Paycheck Protection Program (PPP) Direct Borrower Forgiveness Portal on August 4, the U.S. Small Business Administration has received more than 340,000 submissions from borrowers with PPP loans of $150,000 or less, highlighting Administrator Isabella Casillas Guzman’s priority of rushing relief to the smallest of small businesses and far exceeding expectations. In providing its new, streamlined portal, the SBA is also executing…
FHFA: 2022-2024 Housing Goals for Fannie Mae and Freddie Mac Published
Stakeholder comments requested for proposed goals which establish benchmarks, promote equitable access to affordable housing Today, the Federal Housing Finance Agency (FHFA) proposed housing goals for Fannie Mae and Freddie Mac (the Enterprises) for 2022 to 2024. The proposed housing goals are designed to ensure the Enterprises responsibly promote equitable access to affordable housing that reaches…
ABA: Report Finds Credit Conditions Remained Strong in First Quarter 2021
Credit conditions remained strong in the first quarter of 2021, as U.S. consumers continued to drive the economic recovery, according to the American Bankers Association’s latest quarterly Credit Card Market Monitor. While monthly purchase volumes were mostly unchanged compared to the fourth quarter of 2020 and were roughly equivalent to early 2019 levels, credit card…
FHFA: Results of Fannie Mae and Freddie Mac Dodd-Frank Stress Tests Announced
Today, the Federal Housing Finance Agency (FHFA) released reports providing the results of the 2020 and 2021 annual stress tests Fannie Mae and Freddie Mac (the Enterprises) are required to conduct under the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). The Dodd-Frank Act, as amended in 2019, requires certain financial institutions that are regulated by a…
FHFA: Inclusion of Rental Payment History in Fannie Mae’s Underwriting Process Announced
To expand access to credit in a safe and sound manner, the Federal Housing Finance Agency (FHFA) today announced that Fannie Mae will consider rental payment history in its risk assessment processes. With the update to Fannie Mae’s systems, future borrowers will have the benefit of a positive rental payment history being included in an…
CFPB: Interpretive Rule Issued on Certain Mortgage and Disclosure Timing Requirements for the 2021 Juneteenth Federal Holiday
Interpretive Rule will Help Mortgage Industry Determine How to Handle the June 19, 2021 Holiday The Consumer Financial Protection Bureau (CFPB) today released an interpretive rule to assist the mortgage industry in determining whether to treat June 19, 2021, as a federal holiday or a business day for purposes of compliance with certain time-sensitive borrower…
HUD: FHA Extends Single Family Eviction Moratorium
Today’s announcement extends the eviction moratorium through September 30 for foreclosed borrowers and other occupants and notes expiration of the foreclosure moratorium on July 31. The Federal Housing Administration (FHA) on July 30, 2021, announced an extension of its moratorium on evictions for foreclosed borrowers and their occupants through September 30, 2021, and noted the expiration of the foreclosure moratorium on…