Federal Reserve: Speech by Governor Brainard on Modernizing and Strengthening CRA Regulations
At The Chicago Community Trust, Chicago, Illinois Good morning. I want to thank Dr. Helene Gayle for inviting me to join this conversation, along with the staff, grantees, and partners of the Chicago Community Trust and President Charlie Evans of the Federal Reserve Bank of Chicago. I appreciate the opportunity to discuss economic inclusion and…
SBA: Small Business Size Standard Revisions in Five Industrial Sectors Proposed
Change Aimed at Increasing Eligibility for Contracting and Loan Programs. Public Comments Due by Jan. 26, 2021 The U.S. Small Business Administration is seeking public comments on a proposed rule that would revise the small business size standards for businesses in five North American Industrial Classification System (NAICS) sectors to increase small business eligibility for SBA’s loan and contracting…
Federal Reserve: Board Announces Extension Through March 31, 2021 for Several of Its Lending Facilities
Facilities were generally scheduled to expire on or around December 31 The Federal Reserve Board on Monday announced an extension through March 31, 2021, for several of its lending facilities that were generally scheduled to expire on or around December 31. By backstopping critical short-term funding markets, these facilities are supporting market functioning and enhancing…
CFPB: No Action Letter Issued to Upstart Network, Inc. to Facilitate the Use of Artificial Intelligence in Loan Pricing and Underwriting
The Consumer Financial Protection Bureau (Bureau) granted a no-action letter (NAL) to Upstart Network, Inc. (Upstart), regarding its automated model for underwriting and pricing applicants for unsecured, closed-end loans. Issued under the updated NAL Policy from last year, NALs provide increased regulatory certainty that the Bureau will not bring a supervisory or enforcement action against…
FHFA: Conforming Loan Limits Announced for 2021
Fannie Mae and Freddie Mac Baseline Limit Will Increase to $548,250 The Federal Housing Finance Agency (FHFA) today announced the maximum conforming loan limits for mortgages to be acquired by Fannie Mae and Freddie Mac in 2021. In most of the U.S., the 2021 maximum conforming loan limit (CLL) for one-unit properties will be $548,250,…
OCC: Proposed Rule Would Ensure Fair Access to Bank Services, Capital and Credit
The Office of the Comptroller of the Currency (OCC) today proposed a rule to ensure fair access to banking services provided by national banks, federal savings associations, and federal branches and agencies of foreign bank organizations. The proposal would codify more than a decade of OCC guidance stating that banks should provide access to services,…
Federal Reserve: New York Fed Releases Report About Credit Access and Debt Payment for Low-Income Americans
The Federal Reserve Bank of New York today released a report on the effects COVID-19 has had on low-income Americans’ ability to access credit and pay down debt. The report, “State of Low-Income America: Credit Access & Debt Payment,” uses data from the New York Fed’s Consumer Credit Panel, which is based on Equifax credit…
FHFA: Final Capital Rule Announced for Fannie Mae and Freddie Mac
Today, the Federal Housing Finance Agency (FHFA) sent to the Federal Register for publication a final rule that establishes a new regulatory capital framework for Fannie Mae and Freddie Mac (the Enterprises). The final rule makes certain changes to the proposed rule published in the Federal Register on June 30, 2020 (proposed rule).[1] That proposed rule…
FHFA: 2021 Multifamily Loan Purchase Caps for Fannie Mae and Freddie Mac Announced
50 Percent of Cap Must be Mission-driven, Affordable Housing and Manufactured Housing Community Tenant Protections Added The Federal Housing Finance Agency (FHFA) today announced that the 2021 multifamily loan purchase caps for Fannie Mae and Freddie Mac (the Enterprises) will be $70 billion for each Enterprise. The cap structure allows the Enterprises to offer a…
ABA: Farmer Mac and ABA Joint Ag Lender Survey Reveals Top Concerns in an Uncertain Year
As the farm economy continues to work through a prolonged downturn in the midst of an unparalleled, global economic dislocation, ag lenders remain focused on credit quality, according to the Fall 2020 Agricultural Lender Survey report produced jointly by the American Bankers Association and the Federal Agricultural Mortgage Corporation, more commonly known as Farmer Mac. When it…