OCC: Report Shows Slight Improvement in Mortgage Performance in Fourth Quarter 2019
The Office of the Comptroller of the Currency (OCC) reported a slight improvement in the performance of first-lien mortgages in the federal banking system during the fourth quarter of 2019. The OCC Mortgage Metrics Report, Fourth Quarter 2019 showed 96.5 percent of mortgages included in the report were current and performing at the end of the quarter,…
Federal Banking Agencies Provide Banks Additional Flexibility to Support Households and Businesses
The federal bank regulatory agencies today announced two actions to support the U.S. economy and allow banks to continue lending to households and businesses. They are: A statement encouraging banks to use their resources to support households and businesses; and A technical change to phase in, as intended, the automatic distribution restrictions gradually if a…
Federal Banking Agencies Encourage Banks to Use Federal Reserve Discount Window
The federal bank regulatory agencies today released a statement encouraging banks to use the Federal Reserve’s “discount window” so that they can continue supporting households and businesses. The discount window provides short-term loans to banks and plays an important role in supporting the liquidity and stability of the banking system. By providing ready access to…
SBA: Disaster Assistance Loans Available for Small Businesses Impacted by Coronavirus (COVID-19)
SBA Administrator Jovita Carranza issued the following statement today in response to the President’s address to the nation: “The President took bold, decisive action to make our 30 million small businesses more resilient to Coronavirus-related economic disruptions. Small businesses are vital economic engines in every community and state, and they have helped make our economy the strongest…
EDA: $500,000 Invested to Establish Business Revolving Loan Fund to Serve Twelve County, Disaster-Impacted Region in South Dakota
Today, the U.S. Department of Commerce’s Economic Development Administration (EDA) is awarding a $500,000 grant to Northeast Council of Governments (NECOG) in Aberdeen, South Dakota, to establish a new Revolving Loan Fund (RLF) to support small businesses with recovering and rebuilding following a natural disaster. The EDA project, of which a portion is located in…
FHFA: CFPB and FHFA Release Additional Data from the National Survey of Mortgage Originations for Public Use
Details Borrower’s Experiences Obtaining a Mortgage The Federal Housing Finance Agency (FHFA) and the Consumer Financial Protection Bureau (CFPB) today released additional loan-level data for public use collected through the National Survey of Mortgage Originations (NSMO). The data provide insights into borrowers’ experiences in getting a residential mortgage. The NSMO is a component of the National Mortgage…
FDIC: FFIEC Issues 2020 Version of Guide to HMDA Reporting: Getting It Right!
Summary: The Federal Financial Institutions Examination Council (FFIEC) has issued the 2020 edition of A Guide to HMDA Reporting Getting It Right! for Home Mortgage Disclosure Act-related data collected in 2020 and reported in 2021. This compliance resource can help financial institutions better understand HMDA requirements, including the data collection and reporting provisions. Statement of Applicability to…
FHFA: Fannie Mae and Freddie Mac Announce Update on LIBOR Transition
The Federal Housing Finance Agency today announced additional steps Fannie Mae and Freddie Mac (the Enterprises) are taking as they transition from the London Interbank Offered Rate (LIBOR), the world’s most widely used interest rate benchmark: New language will be required for single-family Uniform Adjustable Rate Mortgage (ARM) instruments closed on or after June 1,…
FDIC: Comprehensive History of Risk-Based Pricing Published
First in a series of staff studies chronicles 85-year evolution of deposit insurance premiums In the first of a series of staff studies to be released to the public, the Federal Deposit Insurance Corporation (FDIC) today published a comprehensive history of how the agency assessed banks to build FDIC’s now 85-year-old Deposit Insurance Fund (DIF)…
CFPB: U.S. Department of Education and CFPB Sign Memorandum of Understanding to Better Serve Student Loan Borrowers
The Consumer Financial Protection Bureau (Bureau) and the U.S. Department of Education (ED) announced a new coordination agreement in order to better serve student loan borrowers. Under the newly signed Memorandum of Understanding (MOU) the agencies will share complaint information from borrowers and meet quarterly to discuss observations about the nature of complaints received, characteristics…