ABA: Financial Services and Consumer Coalition Launches Borrower Awareness Campaign
‘Not Ok? That’s Ok’ Designed to Spur Borrowers Facing Hardship to Call Their Servicer or a Counselor Today, a broad coalition of financial services stakeholders – including mortgage servicers, trade associations, housing counseling agencies, governmental agencies, and think tanks – launched a consumer awareness campaign to reach borrowers who have missed one or more mortgage…
FDIC: New Report Highlights the Contributions of Community Banks to the Paycheck Protection Program
An analysis of call report data from FDIC-insured banks finds that community banks are playing a vital role in supporting small businesses through the Small Business Administration’s Paycheck Protection Program (PPP). Community banks hold nearly a third of all bank-held PPP loans, compared to holding only 15 percent of all bank loans, according to a…
ABA: Record Number of Consumers Pay Off Credit Cards in Full as Spending Falls in Second Quarter 2020
As consumer spending contracted sharply and credit card purchase volumes fell across risk tiers in this year’s second quarter, the share of U.S. cardholders that paid their balance in full reached record levels, according to the American Bankers Association’s latest quarterly Credit Card Market Monitor. The November 2020 Monitor, which reflects credit card data from…
CFPB: Final Rule Issued to Implement the Fair Debt Collection Practices Act
The Consumer Financial Protection Bureau (Bureau) today issued a final rule to restate and clarify prohibitions on harassment and abuse, false or misleading representations, and unfair practices by debt collectors when collecting consumer debt. The rule focuses on debt collection communications and gives consumers more control over how often and through what means debt collectors…
SBA: Historic Small Business Lending for Fiscal Year 2020 Achieved
The U.S. Small Business Administration announced Fiscal Year 2020 summary loan data of the financial assistance provided through traditional loan program lending as well as aid provided via the CARES Act. Loans guaranteed through traditional SBA lending programs exceeded $28 billion; however, enactment of the CARES Act dramatically increased loan volume guaranteed by the Agency: In FY20,…
FHFA: Strategic Plan for FY 2021-2024 Finalized
The Federal Housing Finance Agency (FHFA) today issued the FHFA Strategic Plan: Fiscal Years 2021-2024. The Strategic Plan establishes new goals needed for FHFA to fulfill its statutory duties, which include responsibly ending the conservatorships of Fannie Mae and Freddie Mac (the Enterprises). FHFA carefully reviewed all comments submitted on the Plan. The Agency fulfilled…
OCC: Final True Lender Rule Issued
The Office of the Comptroller of the Currency (OCC) today issued a rule that determines when a national bank or federal savings association (bank) makes a loan and is the “true lender,” including in the context of a partnership between a bank and a third party. Banks’ lending relationships with third parties can facilitate access…
HUD: FHA Launches New Automated Underwriting System for Single Family Forward Mortgages
New FHA Catalyst functionality offers lenders the option to obtain automated mortgage insurance eligibility indicators directly from FHA The Federal Housing Administration (FHA) today announced the launch of its new automated underwriting system (AUS) for use by lenders originating mortgages for FHA insurance. Built on the FHA Catalyst technology platform, the new FHA Catalyst: Single Family…
ABA: Statement on House Coronavirus Subcomittee Report on PPP
“Working with the federal government, banks of all sizes worked day and night to get the Paycheck Protection Program off the ground in the middle of a pandemic. The size, scale and speed of their response was unprecedented, delivering more than $500 billion in PPP loans that have allowed struggling small businesses affected by COVID-19…
HUD: FHA Launches FHA Catalyst Electronic Multifamily Application Submission Capabilities
First FHA Catalyst module for Multifamily lenders will eliminate paper-based submissions of FHA insurance applications The Federal Housing Administration (FHA) today announced the availability of the first module on its FHA Catalyst technology platform for Multifamily lenders doing business with FHA. The FHA Catalyst: Multifamily Applications module will allow eligible Multifamily lenders to electronically submit applications for FHA…