FHFA: Updated Equitable Housing Finance Plans for Fannie Mae and Freddie Mac Announced
Agency also releases updated Enterprise fair lending data The Federal Housing Finance Agency (FHFA) today announced updates to Fannie Mae and Freddie Mac’s (the Enterprises) Equitable Housing Finance Plans for 2023. The updates build upon the inaugural plans first announced last year and make adjustments based on initial research and findings. The Equitable Housing Finance…
FDIC: Consumer Compliance Supervisory Highlights Including CRA Issued
The Federal Deposit Insurance Corporation (FDIC) issued the March 2023 edition of the Consumer Compliance Supervisory Highlights. The purpose of this publication is to enhance transparency regarding the FDIC’s consumer compliance supervisory activities and to provide a high–level overview of consumer compliance issues identified in 2022 through the FDIC’s supervision of state non–member banks and thrifts….
OCC: Mortgage Performance Report for Fourth Quarter 2022 Released
The Office of the Comptroller of the Currency (OCC) reported a slight decline in the performance of first-lien mortgages in the federal banking system during the fourth quarter of 2022 compared to the previous quarter. The OCC Mortgage Metrics Report, Fourth Quarter 2022 showed that 97.1 percent of mortgages included in the report were current and performing…
OCC: Office of Financial Technology Established
The Office of the Comptroller of the Currency (OCC) today announced the establishment of its Office of Financial Technology and the selection of Prashant Bhardwaj to lead the office as Deputy Comptroller and Chief Financial Technology Officer, effective April 10, 2023. In October 2022, the OCC announced that it would expand upon its Office of Innovation and…
CFPB: Final Rule Issued to Create New Data Set on Small Business Lending Under Section 1071 Requirements
Rule will fulfill congressional mandate and shine light on key engine of American economy The Consumer Financial Protection Bureau (CFPB) has finalized a rule required by Congress to increase transparency in small business lending, promote economic development, and combat unlawful discrimination. Lenders will collect and report information about the small business credit applications they receive,…
ABA: Statement on CFPB Small Business Data Collection Rule Released
“America’s banks oppose discrimination in any form and support enforcement of fair lending laws and the goals of Section 1071. Banks of all sizes have a long history of lending to creditworthy small businesses across the country, and ABA supports bank efforts to lend to underserved small businesses. “While today’s final rule implementing Section 1071 includes a…
SBA: Statement on the CFPB Action to Finalize Section 1071 Rule
Today, Administrator Isabella Casillas Guzman, head of the U.S. Small Business Administration (SBA) and the voice in President Biden’s Cabinet for America’s 33 million small businesses, issued the following statement on the Consumer Financial Protection Bureau (CFPB)finalizing Section 1071, a rule that aims to increase transparency in small business lending, promote economic development, and combat unlawful discrimination: “The CFPB’s important work to advance transparency and improve data collection in small business lending enables the…
FHFA: Enhanced Payment Deferral Policies Announced for Borrowers Facing Financial Hardship
The Federal Housing Finance Agency (FHFA) today announced that Fannie Mae and Freddie Mac (the Enterprises) will enhance their payment deferral policies to allow borrowers facing financial hardship to defer up to six months of mortgage payments. The enhanced payment deferral policies will promote sustainable homeownership and will further support the safety and soundness of…
EDA: $1 Million Invested to Capitalize Revolving Loan Fund to Support Small Businesses in Northeast Ohio
Today, U.S. Secretary of Commerce Gina Raimondo announced the Department’s Economic Development Administration (EDA) is awarding a $1 million grant to Valley Economic Development Partners, Youngstown, Ohio, to capitalize and administer a Revolving Loan Fund that will serve small businesses in Mahoning and Trumbull counties, a region impacted by fluctuations in the energy economy. This…
ABA: Credit Card Market Continued to Normalize in Third Quarter 2022
Consumers continued to effectively manage their credit obligations despite economic headwinds in the third quarter of 2022, according to the American Bankers Association’s latest quarterly Credit Card Market Monitor. The report found that the effective finance charge yield (which measures interest payments relative to total outstanding credit) increased, reflecting the Federal Reserve’s interest rate hikes…