FHFA: Update to Servicers Announced to Maintain Fair Lending Data on Loans
The Federal Housing Finance Agency (FHFA) today announced that Fannie Mae and Freddie Mac (the Enterprises) will require servicers to obtain and maintain fair lending data on their loans, and for this data to transfer with servicing throughout the mortgage term. The fair lending data to be maintained includes borrowers’ age, race, ethnicity, gender, and…
CFPB: Agency Warns that Digital Marketing Providers Must Comply with Federal Consumer Finance Protections
Tech firms that use behavioral targeting of individual consumers regarding financial products are liable for violations Today, the Consumer Financial Protection Bureau (CFPB) issued an interpretive rule laying out when digital marketing providers for financial firms must comply with federal consumer financial protection law. Digital marketers that are involved in the identification or selection of…
HUD: Nearly $3 Million in Loan Guarantee Announced for Bablyon, NY to Create a Multi-Purpose Greenhouse Public Facility
The U.S. Department of Housing and Urban Development (HUD) today awarded the Town of Babylon in the State of New York a $2,963,000 loan guarantee for the Geiger Park Botanical Garden project. The Geiger Park Botanical Garden project is part of the town’s long-term, multi-phased plan to renovate an existing park known as Geiger Memorial…
SBA: Paycheck Protection Program and Bank Fraud Enforcement Harmonization Act and the COVID-19 Economic Injury Disaster Loan Fraud Statute of Limitations Act Signed into Law
Today, Administrator Isabella Casillas Guzman, head of the U.S. Small Business Administration (SBA) and the voice for America’s 33 million small businesses in President Biden’s cabinet, issued the following statement on today’s signing of the Paycheck Protection Program and Bank Fraud Enforcement Harmonization Act and the COVID-19 Economic Injury Disaster Loan Fraud Statute of Limitations Act. “America’s 33 million small…
CFPB: Justice Department and CFPB Caution Auto Finance Companies about Servicemember Protections
Joint Letter Reminds Auto Finance Companies of Key Federal Protections The Department of Justice and the Consumer Financial Protection Bureau (CFPB) issued a joint letter today reminding auto finance companies of their responsibilities to recognize important legal protections for military families under the Servicemembers Civil Relief Act (SCRA). While servicemembers have the same rights as…
CDFI Fund: Request for Public Comment Issued Regarding Minority Lending Institution Designation Criteria
The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) is soliciting public comment regarding the criteria to designate a certified Community Development Financial Institution (CDFI) as a Minority Lending Institution (MLI). Pursuant to Section 523 of Division N of the Consolidated Appropriations Act, 2021 (Act; Pub. L. 116-260), an MLI is…
EDA: $46 Million in American Rescue Plan Funds Invested Last Week
Last week, the following grants were made under the American Rescue Plan Funds program and the CARES Act Recovery Assistance program: July 27, 2022 – U.S. Department of Commerce Invests $3.3 Million in American Rescue Plan Funds for Infrastructure Upgrades to Support Business and Job Growth in Douglas, Massachusetts July 27, 2022 – U.S. Department of Commerce…
CFPB: Analysis Published on Potential Impacts of Medical Debt Credit Reporting Changes
Removing Paid Collections Will Have Limited Benefit Across Consumer Groups Today, the Consumer Financial Protection Bureau (CFPB) published an analysis of how actions announced by the three largest national consumer reporting companies – Experian, Equifax, and TransUnion – will affect people who have allegedly unpaid medical debt on their credit reports. Nearly half of those…
OCC: Research Solicited on Implications of Financial Technology for Banking
The Office of the Comptroller of the Currency (OCC) is soliciting academic-and policy-focused research on the impact of financial technology (fintech) entities and nonbanks on banking and the markets for lending, deposit-taking, and payment services through August 21, 2022. The OCC will invite authors of selected papers to present to OCC staff and invited guests…
Federal Reserve: “Does Giving CRA Credit for Loan Purchases Increase Mortgage Credit in Low-to-Moderate Income Communities?” FEDS Notes Discussion
Finance and Economics Discussion Series (FEDS) Author: Kenneth P. Brevoort Abstract: Under the Community Reinvestment Act (CRA) banks can fulfill their affirmative obligation to meet local credit needs by lending in low-to-moderate-income (LMI) communities or by purchasing loans made by others. This paper evaluates whether giving CRA credit for purchases has had its intended effect…