Agencies Announce Dollar Thresholds for Smaller Loan Exemption from Appraisal Requirements for Higher-Priced Mortgage Loans
The Consumer Financial Protection Bureau, the Federal Reserve Board, and the Office of the Comptroller of the Currency today announced that the 2025 threshold for higher-priced mortgage loans that are subject to special appraisal requirements will increase from $32,400 to $33,500. The threshold amount will be effective January 1, 2025, and is based on the…
SBA: Final Rule Issued to Lower Costs for Small Businesses
After Interest Rate Cuts Generate Automatic Savings for Hundreds of Thousands of SBA Borrowers, 504 Program Changes Will Lower Costs Further for More Small Businesses Today, Administrator Isabel Casillas Guzman, head of the U.S. Small Business Administration (SBA) and the voice in President Biden’s Cabinet for America’s more than 34 million small businesses, announced a new rule that…
FHFA: Rule Proposed to Expand Access to Liquidity for the Federal Home Loan Banks
The Federal Housing Finance Agency (FHFA) issued a notice of proposed rulemaking on Federal Home Loan Bank (FHLBank) Unsecured Credit Limits. The proposed rule would improve the FHLBanks’ ability to provide liquidity to members by aligning the treatment of interest-bearing deposit accounts (IBDAs) and other authorized overnight investments with the treatment of Federal Funds sales….
CFPB: Amendment Proposed to Remittance Transfer Rule
Proposed changes will make it more efficient when consumers have questions Today, the Consumer Financial Protection Bureau (CFPB) issued a proposed rule with a narrow amendment to disclosure requirements for certain international money transfers, or remittances. The proposed amendment would provide consumers clearer information about the types of inquiries that may be better handled by…
FDIC: Board of Directors Approve Final Statement of Policy on Bank Merger Transactions
The Federal Deposit Insurance Corporation (FDIC) Board of Directors today approved a final Statement of Policy on Bank Merger Transactions (Final SOP). The Final SOP addresses the scope of transactions subject to FDIC approval, the FDIC’s process for evaluating merger applications, and the principles that guide the FDIC’s consideration of the applicable statutory factors as…
OCC: Final Rule and Policy Statement on Bank Mergers Approved
The Office of the Comptroller of the Currency (OCC) today approved a final rule updating its regulations for business combinations involving national banks and federal savings associations and a policy statement clarifying its review of applications under the Bank Merger Act (BMA). The final rulemaking is part of the OCC’s effort to enhance transparency around…
Agencies Extend Comment Period on Request for Information on Bank-Fintech Arrangements
The federal bank regulatory agencies announced today that they will extend until October 30, 2024, the comment period on a request for information on bank-fintech arrangements involving banking products and services. The agencies are seeking input on the nature and implications of bank-fintech arrangements and effective risk management practices. Extending the comment period will allow…
HUD: Regulations Updated to Lower Housing Costs and Build Safe and Affordable Manufactured Homes
HUD marks 50 years of the Manufactured Home Construction and Safety Standards, while announcing the most extensive updates in more than three decades to modernize manufactured home features, increase consumer demand, and expand America’s affordable housing supply. The U.S. Department of Housing and Urban Development (HUD) announced today the most extensive update to the Manufactured Home Construction…
FHFA: 2025-2027 Housing Goals for Fannie Mae and Freddie Mac Proposed
The Federal Housing Finance Agency (FHFA) issued a proposed rule today that would establish the housing goals for 2025-2027 that Fannie Mae and Freddie Mac (the Enterprises) would be required to meet on an annual basis. FHFA is requesting comments on all aspects of the proposed rule during the 60-day public comment period. The housing…
CDFI Fund: Public Comments Sought on CDFI ERP-Related Changes to the Transaction Level Report
The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) is soliciting public comment on changes to the Transaction Level Report (TLR) that will capture data on transactions related to the Community Development Financial Institutions Equitable Recovery Program (CDFI ERP). In 2023, the CDFI Fund allocated $1.73 billion in federal financial assistance…