OCC: Project REACh Announced to Promote Greater Access to Capital and Credit for Underserved Populations
The Office of the Comptroller of the Currency today announced the launch of Project REACh to promote financial inclusion through greater access to credit and capital. REACh stands for Roundtable for Economic Access and Change and brings together leaders from the banking industry, national civil rights organizations, business, and technology to identify and reduce barriers…
CFPB: Report on Debt Settlements and Credit Counseling Released
The Consumer Financial Protection Bureau (Bureau) released a report today examining recent trends in debt settlement and credit counseling. Many Americans struggle with their debts, especially during times of crisis. Today’s report documents changes over time in how consumers have used these debt relief options for unsecured debt. Using the Bureau’s Consumer Credit Panel (CCP),…
Federal Reserve: New Examination Procedures for CARES Act Released
The Board of Governors of the Federal Reserve (Board) recently developed the attached examination procedures for the credit reporting and mortgage servicing provisions of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act)1. The CARES Act was signed into law on March 27, 2020, to provide relief to those who are impacted by the…
CFPB: Final Rule on Small Dollar Lending Issued
The Consumer Financial Protection Bureau today issued a final rule concerning small dollar lending in order to maintain consumer access to credit and competition in the marketplace. The final rule rescinds the mandatory underwriting provisions of the 2017 rule after re-evaluating the legal and evidentiary bases for these provisions and finding them to be insufficient….
SBA: Paycheck Protection Program Loan Data Released
The U.S. Small Business Administration, in consultation with the Treasury Department, today announced it was releasing detailed loan-level data regarding the loans made under the Paycheck Protection Program (PPP). This disclosure covers each of the 4.9 million PPP loans that have been made. “The PPP is providing much-needed relief to millions of American small businesses,…
EDA: Over $21 Million in CARES Act Funding Invested to Support Recovery from Coronavirus Pandemic
The U.S. Department of Commerce’s Economic Development (EDA) administration has awarded over $10 Million in CARES Act Funding to support economic development and economic recovery in response to the coronavirus pandemic. Investments include: $4.4 million to help West Virginia $400,000 to help the Eastern Panhandle Region of Virginia $400,000 to help 10-county Southwestern Pennsylvania Region…
OCC: Agency Highlights Key Risks for Federal Banking System
The Office of the Comptroller of the Currency (OCC) today reported the key issues facing the federal banking system and the effects of the COVID-19 pandemic on the federal banking industry in its Semiannual Risk Perspective for Spring 2020. Banks entered the national health emergency related to COVID-19 in sound condition but face weak economic conditions…
CFPB: Tech Sprints Will Empower Consumers, Reduce Regulatory Burden
The Consumer Financial Protection Bureau (Bureau) today announced its first-ever Tech Sprints to reduce regulatory burden and improve consumer understanding of financial services. The Bureau’s Tech Sprints program will bring together regulators, technologists, software providers, consumer groups, and financial institutions to develop technological solutions to shared compliance challenges. The first Tech Sprint will kick off…
CFPB: FFIEC Announces Availability of 2019 HMDA Data on Mortgage Lending
The Federal Financial Institutions Examination Council (FFIEC) today announced the availability of data on 2019 mortgage lending transactions at 5,508 U.S. financial institutions covered by 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…
FHFA: First Quarter Foreclosure Prevention and Refinance Report Released for the Enterprises
The Federal Housing Finance Agency (FHFA) today released its first quarter 2020 Foreclosure Prevention and Refinance Report. The report shows that Fannie Mae and Freddie Mac (the Enterprises) completed 26,910 foreclosure prevention actions in the first quarter of 2020, bringing to 4.4 million the number of troubled homeowners who have been helped during conservatorships. Of…