Agencies Finalize Interagency Guidance on Reconsiderations of Value for Residential Real Estate Valuations
Five federal regulatory agencies today issued final guidance addressing reconsiderations of value (ROVs) for residential real estate transactions. The guidance advises on policies and procedures that financial institutions may implement to allow consumers to provide financial institutions with information that may not have been considered during an appraisal or if deficiencies are identified in the…
OCC: Acting Comptroller Discusses Trends Reshaping Banking
Acting Comptroller of the Currency Michael J. Hsu today discussed three key long-term trends that are reshaping banking in remarks at the Exchequer Club. Mr. Hsu’s written remarks in support of his appearance discussed the increasing number and size of large banks, the complexity of bank-nonbank relationships, and the rise in polarization. The Acting Comptroller…
Agencies Issue Final Rule to Help Ensure Credibility and Integrity of Automated Valuation Models
Six federal regulatory agencies today issued a final rule, pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act, designed to help ensure the credibility and integrity of models used in valuations for certain mortgages secured by a consumer’s principal dwelling. In particular, the rule will implement quality control standards for automated valuation models…
Agencies Release List of Distressed or Underserved Nonmetropolitan Middle-Income Geographies
Federal bank regulatory agencies today released the 2024 list of distressed or underserved nonmetropolitan middle-income geographies where certain bank activities are eligible for Community Reinvestment Act (CRA) credit. Under the CRA, the agencies assess a bank’s record of meeting the credit needs of its entire community, including low- and moderate-income neighborhoods, consistent with safe and…
OCC: Minority Depository Institutions Advisory Committee Renewed and Nominations Open
The Office of the Comptroller of the Currency (OCC) has renewed the charter of its Minority Depository Institutions Advisory Committee (MDIAC) and is seeking nominations for its members. The MDIAC provides advice to the Comptroller of the Currency about minority depository institutions, their current condition, potential regulatory changes that may promote their health and viability,…
OCC: Mortgage Performance Report for First Quarter 2024 Released
The Office of the Comptroller of the Currency (OCC) reported on the performance of first-lien mortgages in the federal banking system during the first quarter of 2024. The OCC Mortgage Metrics Report, First Quarter 2024 showed that 97.4 percent of mortgages included in the report were current and performing at the end of the quarter, an increase…
OCC: Final Rule on Automated Valuation Models Approved
The Office of the Comptroller of the Currency today approved a final rule to implement quality control standards for automated valuation models used by mortgage originators and secondary market issuers in valuing residential real estate collateral securing mortgage loans. The rulemaking supports Acting Comptroller of the Currency Michael J. Hsu’s priority to reduce inequality and…
OCC: FFIEC 2024 “A Guide to HMDA Reporting: Getting It Right!” Released
The Office of the Comptroller of the Currency (OCC) is announcing the issuance of the Federal Financial Institutions Examination Council’s (FFIEC) revised “A Guide to HMDA Reporting: Getting it Right!” (2024 guide). The 2024 guide provides resources to help banks1 comply with the Home Mortgage Disclosure Act (HMDA) and Regulation C, its implementing regulation (12 CFR…
OCC: Acting Comptroller Discusses Improving Consumer Financial Health
Acting Comptroller of the Currency Michael J. Hsu today discussed improving customer financial health during a presentation at the Emerge Financial Health conference in Chicago. Mr. Hsu’s written remarks in support of his presentation discussed the Office of the Comptroller of the Currency’s work to describe financial health and develop measures of financial health that…