FHFA: Updated Minimum Financial Eligibility Requirements for Enterprise Seller/Services and Ginnie Mae Issuers Announced
Today, the Federal Housing Finance Agency (FHFA) and Government National Mortgage Association (Ginnie Mae) issued a joint announcement of their updated minimum financial eligibility requirements for seller/servicers and issuers. Prompted by the changing nature of the U.S. housing finance system, these enhanced eligibility requirements reflect Ginnie Mae’s and FHFA’s shared goals to promote confidence in…
FHFA: 2023-2024 Multifamily Housing Goals Proposed for Fannie Mae and Freddie Mac
Today, the Federal Housing Finance Agency (FHFA) proposed new benchmark levels for the multifamily housing goals for Fannie Mae and Freddie Mac (the Enterprises) for 2023 and 2024. The rule proposes a new methodology for measuring the Enterprise multifamily housing goals. Rather than measuring the multifamily housing goals based on a number of units, the proposed rule would use…
FHFA: Results of Fannie Mae and Freddie Mac Dodd-Frank Act Stress Tests Released
The Federal Housing Finance Agency (FHFA) today released a report providing the results of the annual stress tests that 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). As amended, the Dodd-Frank Act requires certain financial institutions with more than $250…
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…