CFPB: Plan Announced to Issue ANPR on Consumer-Authorized Access to Financial Data
The Consumer Financial Protection Bureau (Bureau) today announced that it plans to issue an advance notice of proposed rulemaking (ANPR) later this year on consumer-authorized access to financial records. The announcement follows a symposium the Bureau held earlier this year on the topic, which included experts from consumer groups, fintechs, trade associations, financial institutions and…
HUD: Secretary Carson Terminates 2015 Affirmatively Furthering Fair Housing Rule
Removal of rule returns power to localities in effort to advance fair housing nationwide U.S. Department of Housing and Urban Development (HUD) Secretary Ben Carson today announced the Department will ultimately terminate the Obama Administration’s Affirmatively Furthering Fair Housing (AFFH) regulation issued in 2015, which proved to be complicated, costly, and ineffective— so much so…
FDIC: Input Sought on Voluntary Certification Program to Promote New Technologies
Public/Private standard-setting partnership could foster innovation and cut costs The Federal Deposit Insurance Corporation (FDIC) today announced that it is seeking the public’s input on the potential for a public/private standard-setting partnership and voluntary certification program to promote the efficient and effective adoption of innovative technologies at FDIC-supervised financial institutions. Given rapid technological developments and…
OCC: Proposed True Lender Rule Issued
The Office of the Comptroller of the Currency (OCC) today proposed a rule that would determine when a national bank or federal savings association (bank) makes a loan and is the “true lender” in the context of a partnership between a bank and a third party. Banks’ lending relationships with third parties can facilitate access…
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….
FFIEC: Agencies Release List of Distressed or Underserved Nonmetropolitan Middle-Income Geographies
The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency today announced the availability of the 2020 list of distressed or underserved nonmetropolitan middle-income geographies. These are geographic areas where revitalization or stabilization activities are eligible to receive Community Reinvestment Act (CRA)…
FDIC: Final Rule Issued to Mitigate the Deposit Insurance Assessment Effect of Participation in the PPP, the PPP Liquidity Facility, and the Money Market Mutual Fund Liquidity Facility
The Federal Deposit Insurance Corporation (FDIC) today approved a final rule that mitigates the deposit insurance assessment effects of participating in the Paycheck Protection Program (PPP) established by the U.S. Small Business Administration and the Paycheck Protection Program Liquidity Facility (PPPLF) and Money Market Mutual Fund Liquidity Facility (MMLF) established by the Board of Governors…
OCC: Comments Requested on Proposed Rules to Update Activities and Operations and Digitial Activities
The Office of the Comptroller of the Currency (OCC) today released two issuances for public comment. The OCC published a Notice of Proposed Rulemaking (NPR) for public comment to update its rules for national bank and federal savings association activities and operations. The agency also released an Advance Notice of Proposed Rulemaking (ANPR) seeking comment…
FHFA: Final Rule Published on the FHLBank’s Housing Goals
Rule provides greater availability of mortgage financing for underserved borrowers To help underserved borrowers, the Federal Housing Finance Agency (FHFA) today sent to the Federal Register for publication a final rule on the Federal Home Loan Banks’ (FHLBanks) Housing Goals. The new goals take effect in 2021 and enforcement of the rule will be phased…
FHFA: Re-Proposed Capital Rule for Fannie Mae and Freddie Mac Released
Today, the Federal Housing Finance Agency (FHFA) announced that it is seeking comments on a notice of proposed rulemaking that establishes a new regulatory capital framework for Fannie Mae and Freddie Mac (the Enterprises). The proposed rule is a re-proposal of the notice of proposed rulemaking published in July 2018. Comments will be due 60…