OCC: Final Rule Issued to Strengthen and Modernize CRA Regulations
The Office of the Comptroller of the Currency (OCC) today released a final rule strengthening and modernizing the agency’s regulations under the Community Reinvestment Act (CRA). The final rule will increase bank CRA-related lending, investment, and services in low- and moderate-income communities where there is significant need for credit, more responsible lending, and greater access…
SBA: New Regulations Issued for Women-Owned Small Business Federal Contracting Program
The U.S. Small Business Administration today published Women-Owned Small Business Federal Contracting program regulations that will provide a free, online certification and eligibility application process for women-owned small businesses and economically-disadvantaged women-owned small businesses. The timeline for implementation of changes to SBA’s WOSB program has been delayed to accommodate those affected by the current pandemic. Starting July 15, 2020, SBA will…
Federal Reserve: Rule Change Announced to Bolster the Effectiveness of the SBA’s Paycheck Protection Program
The Federal Reserve Board on Friday announced a rule change to bolster the effectiveness of the Small Business Administration’s (SBA) Paycheck Protection Program (PPP). The change will temporarily modify the Board’s rules so that certain bank directors and shareholders can apply for PPP loans for their small businesses. To prevent favoritism, Board rules limit the…
CFPB: Final Rule Issued Raising Data Reporting Thresholds Under HMDA
The Consumer Financial Protection Bureau (Bureau) issued a final rule raising the loan-volume coverage thresholds for financial institutions reporting data under the Home Mortgage Reporting Act (HMDA). The final rule, amending Regulation C, increases the permanent threshold for collecting and reporting data about closed-end mortgage loans from 25 to 100 loans effective July 1, 2020….
CDFI Fund: Request for Public Comment – CDFI Program, NACA Program and NMTC Program Annual Reports
The Department of the Treasury, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take this opportunity to comment on proposed and/or continuing information collections, as required by the Paperwork Reduction Act of 1995. Currently, the Community Development Financial Institutions Fund (CDFI Fund),…
FHFA: Request for Input on Federal Home Loan Bank Membership Issued
Today, the Federal Housing Finance Agency (FHFA) issued a Request for Input (RFI) on Federal Home Loan Bank (FHLBank) membership. The RFI, part of a holistic review of FHLBank membership, seeks public input on whether FHFA’s existing regulation on FHLBank membership ensures the FHLBank System, consistent with statutory requirements, remains safe and sound, provides liquidity…
FDIC: FDiTech Releases New Guide to Help FinTechs Connect with Banks
FDIC seeks to promote innovation in banking to meet growing consumer demand In its continuing effort to encourage technological innovation in the banking sector, the Federal Deposit Insurance Corporation’s technology lab (FDiTech) is releasing a new guide to help financial technology companies and others partner with banks. Conducting Business with Banks: A Guide for Third…
FDIC & OCC: 30-day Extension of Comment Period for Proposed Changes to CRA Regulations Announced
The Federal Deposit Insurance Corporation (FDIC) and Office of the Comptroller of the Currency (OCC) today extended the public comment period for proposed changes to the regulations implementing the Community Reinvestment Act (CRA) until April 8, 2020. On December 12, 2019, the FDIC and OCC announced a proposal to modernize the regulations under the CRA…
OCC: FDIC & OCC Announce 30-day Extension of Comment Period for Proposed Changes to CRA Rules
The Federal Deposit Insurance Corporation (FDIC) and Office of the Comptroller of the Currency (OCC) today extended the public comment period for proposed changes to the rules implementing the Community Reinvestment Act (CRA) until April 8, 2020. On December 12, 2019, the FDIC and OCC announced a proposal to modernize the regulations under the CRA…
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…