FHFA: Fannie Mae and Freddie Mac Duty to Serve Underserved Markets Plans for 2022-2024 Announced
The Federal Housing Finance Agency (FHFA) today published the 2022-2024 Underserved Markets Plans for Fannie Mae and Freddie Mac (the Enterprises) under the Duty to Serve (DTS) Program. The DTS Plans demonstrate a strengthened commitment to serving manufactured housing, affordable housing preservation, and rural housing. The targets and strategies in the Plans build on lessons…
CFPB: Agency Invokes Dormant Authority to Examine Nonbank Companies Posing Risks to Consumers
Bureau Seeks Comment on Updated Procedures The Consumer Financial Protection Bureau (CFPB) announced that it is invoking a largely unused legal provision to examine nonbank financial companies that pose risks to consumers. The CFPB believes that utilizing this dormant authority will help protect consumers and level the playing field between banks and nonbanks. The CFPB…
HUD: Disaster Assistance Announced for Massachusetts Disaster Survivors
The U.S. Department of Housing and Urban Development (HUD) today announced the implementation of federal disaster assistance to supplement Commonwealth, tribal, and local recovery efforts in the areas of Massachusetts affected by the severe winter storm and snowstorm from January 28 to January 29, 2022. On April 18, President Biden issued a major disaster declaration for the…
HUD: FHA Adds 40-Year Mortage Modification with Partial Claim to Home Retention Options for Struggling Borrowers
Addition to loss mitigation home retention options allows servicers to assist additional FHA forward mortgage borrowers who are behind on mortgage payments due to COVID-19. The Federal Housing Administration (FHA) announced on Monday that it is adding a new, 40-year mortgage modification option for mortgage servicers to use in conjunction with its partial claim option to assist…
CFPB: New Proposed Rule Seeks to Halt Negative Credit Reporting for Survivors of Human Trafficking
Proposed rule will aid survivors seeking to open bank accounts, access credit, and gain employment Today, the Consumer Financial Protection Bureau (CFPB) is using its rulemaking authority to propose that consumer reporting agencies (CRAs) do not prevent survivors of human trafficking from achieving financial independence. The proposed rule would protect survivors of human trafficking by…
ABA: Credit Market Conditions Expected to Weaken Amid High Inflation
The six-month outlook for consumer and business credit markets softened this quarter, according to the American Bankers Association’s latest Credit Conditions Index released today. Bank economists expect the credit environment to normalize following a period of unusually strong credit availability and quality, which were underpinned by robust consumer savings amid federal stimulus payments and low…
FHFA: Foreclosure Suspension Announced for Borrowers Applying for Relief through the Homeowner Assistance Fund
Servicers with mortgages backed by Fannie Mae and Freddie Mac must delay the foreclosure process for up to 60 days The Federal Housing Finance Agency (FHFA) announced today that Fannie Mae and Freddie Mac (the Enterprises) will require servicers to suspend foreclosure activities for up to 60 days if the servicer has been notified that…
CFPB: Research Finds Payday Borrowers Continue to Pay Significant Rollover Fees Despite State-Level Protections and Payment Plans
Research suggests deceptive industry practices drive cycles of costly reborrowing A report published today by the Consumer Financial Protection Bureau (CFPB) shows few payday loan borrowers are benefiting from no-cost extended payment plans, which are required to be offered to borrowers in the majority of states that do not prohibit payday lending. Instead of using…
OCC: FFIEC’s 2022 “A Guide to HMDA Reporting: Getting It Right!” Released
The Office of the Comptroller of the Currency (OCC) is announcing the issuance of the Federal Financial Institutions Examination Council’s (FFIEC) revised “A Guide to HMDA Reporting: Getting It Right!” (2022 guide). The 2022 guide provides resources to help banks1 comply with the Home Mortgage Disclosure Act (HMDA) and Regulation C, its implementing regulation (12 CFR…
EDA: $24.6 Million in American Rescue Plan Funds Invested in Communities Across the Nation
Today, U.S. Secretary of Commerce Gina M. Raimondo announced that the Department’s Economic Development Administration (EDA) is awarding the following new grants funded by the American Rescue Plan. U.S. Department of Commerce Invests $1.6 Million in American Rescue Plan Funds to Support Small Businesses in Southwestern Oregon U.S. Department of Commerce Invests $500,000 in American…