Federal Reserve: Extension of PPP Liquidity Facility for Final Time Announced through July 30, 2021
The Federal Reserve Board on Friday announced it will extend for a final time its Paycheck Protection Program Liquidity Facility, or PPPLF, by an additional month to July 30, 2021. The extension is being made as an operational accommodation to allow additional processing time for banks, community development financial institutions, and other financial institutions to…
FHFA: COVID-19 Foreclosure and REO Eviction Moratoriums Extended until July 31, 2021
Today, the Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac (the Enterprises) are extending the moratoriums on single-family foreclosures and real estate owned (REO) evictions until July 31, 2021. The foreclosure moratorium applies to Enterprise-backed, single-family mortgages only. The REO eviction moratorium applies to properties that have been acquired by an…
FDIC: “Fintech: A Bridge to Economic Inclusion” Virtual Conference Scheduled for June 29th
June 29th event to address how technology can create greater opportunities The Federal Deposit Insurance Corporation (FDIC) will host a virtual conference on Tuesday, June 29, 2021, to explore how financial technology and innovation can create a more diverse, equitable and inclusive banking system. Fintech: A Bridge to Economic Inclusion will feature leading voices in the world of…
OCC: Acting Comptroller’s Statement on Vote to Overturn OCC True Lender Rule
Acting Comptroller of the Currency Michael J. Hsu issued the following statement on the U.S. House of Representative’s vote to overturn the agency’s true lender rule. Today, the House voted to overturn the Office of the Comptroller of the Currency’s true lender rule, which was finalized in October of last year. This follows similar action taken…
ABA: New Report Shows Credit Card Rewards Provide Value to Consumers of All Income Levels, Merchants
New study shows why so many consumers choose to participate in rewards programs Credit card rewards are accessible, valuable, and well-understood by consumers across all income levels according to a new report from the American Bankers Association. ABA examined rewards cards and their value to various participants in the credit card market, including merchants and consumers, segmented…
FHFA: First Quarter 2021 Foreclosure Prevention and Refinance Report Released
More than 5.8 million homeowners helped since conservatorship The Federal Housing Finance Agency (FHFA) today released its first quarter 2021 Foreclosure Prevention and Refinance Report, which shows that Fannie Mae and Freddie Mac (the Enterprises) completed 224,646 foreclosure prevention actions in the first quarter of 2021, bringing the total number of homeowners who have been…
HUD: FHA Takes Steps to Remove Barriers to Homeownership for Those with Student Loan Debt
Updates to Single Family student loan monthly payment calculation expand access to FHA-insured mortgage financing for creditworthy individuals, particularly in communities of color The Federal Housing Administration (FHA) on Friday announced updates to its student loan monthly payment calculations to take steps to remove barriers and provide more access to affordable single family FHA-insured mortgage financing for…
FFIEC: 2020 Data on Mortgage Lending Availability Announced
The Federal Financial Institutions Examination Council (FFIEC) today announced the availability of data on 2020 mortgage lending transactions at 4,475 U.S. financial institutions reported under the Home Mortgage Disclosure Act (HMDA). Covered institutions include banks, savings associations, credit unions, and mortgage companies. The HMDA data are the most comprehensive publicly available information on mortgage market…
CFPB: Availability of 2020 HMDA Data on Mortgage Lending Announced
The Federal Financial Institutions Examination Council (FFIEC) today announced the availability of data on 2020 mortgage lending transactions at 4,475 U.S. financial institutions reported under the Home Mortgage Disclosure Act (HMDA). Covered institutions include banks, savings associations, credit unions, and mortgage companies. The HMDA data are the most comprehensive publicly available information on mortgage market…
CFPB: Interpretive Rule Issued on Authority to Resume CFPB Examinations Regarding the Military Lending Act
The Consumer Financial Protection Bureau (CFPB) issued aninterpretive rule today that explains the basis for its authority to examine supervised financial institutions for risks to active duty servicemembers and their dependents (i.e. military borrowers) from conduct that violates the Military Lending Act (MLA). “The Military Lending Act is an essential law protecting the finances of our…