HUD: Proposed Rule Issued to Make Section 3 More Efficient and Effective
Section 3 is a HUD statute that requires recipients of HUD funding to the greatest extent feasible employ low- and very-low income persons and businesses in the communities HUD serves The U.S. Department of Housing and Urban Development (HUD) today published a proposed rule to improve the effectiveness and efficiency of Section 3 of the…
Interagency: Proposed Rule to Limit Impact of Large Bank Failures
The federal banking agencies on Tuesday proposed a rule to limit the interconnectedness of large banking organizations and reduce the impact from failure of the largest banking organizations. The proposal would complement other measures that the banking agencies have taken to limit interconnectedness among large banking organizations. Global systemically important bank holding companies, or GSIBs,…
CFPB: HMDA Modified Loan Application Registers from 2018 Released
Today, the Home Mortgage Disclosure Act (HMDA) Modified Loan Application Registers (LARs) data were published for approximately 5,400 financial institutions. This is the first year in which additional data reported by certain institutions under the 2015 HMDA rule will be available. The Modified LARs contains loan level information for 2018 on individual HMDA filers, modified…
FHFA: Final Rule Issued on Uniform Mortgage-Backed Security
The Federal Housing Finance Agency (FHFA) has issued a final rule that requires Fannie Mae and Freddie Mac (the Enterprises) to align programs, policies, and practices that affect the cash flows of “To-Be-Announced” (TBA)-eligible Mortgage-Backed Securities (MBS). The issuance of the final rule is a major step forward, significantly improving the predictability of cash flows…
CFPB: Notice of Proposed Rulemaking on Payday Lending Released
The Consumer Financial Protection Bureau today is proposing to rescind certain provisions of its 2017 final rule governing “Payday, Vehicle Title, and Certain High-Cost Installment Loans.” Specifically, the Bureau is proposing to rescind the rule’s requirements that lenders make certain underwriting determinations before issuing payday, single-payment vehicle title, and longer-term balloon payment loans. The Bureau…
OCC: CRA Regulation Revision of Small and Intermediate Small Bank and Savings Association Asset Thresholds
OCC BULLETIN 2019-1 Summary On December 27, 2018, the Office of the Comptroller of the Currency (OCC) published in the Federal Register revisions to its Community Reinvestment Act (CRA) regulations that became effective January 1, 2019. The revisions adjust the asset-size threshold amounts used to define “small bank,” “small savings association,” “intermediate small bank,” and “intermediate…
CFPB: Policy Guidance Announced on Disclosure of Home Mortgage Data
The Consumer Financial Protection Bureau (Bureau) today announced final policy guidance describing the Home Mortgage Disclosure Act (HMDA) data the Bureau intends to make available to the public beginning in 2019, including modifications to protect consumers’ privacy. HMDA requires lenders to collect, report, and publicly disclose loan-level data about their mortgage applications, originations, and purchases. …
FHFA: Proposed Rule Issued on Validation and Approval of Credit Score Models
The Federal Housing Finance Agency (FHFA) is seeking public comment on a proposed rule that would establish standards and criteria for the validation and approval of third-party credit score models used by Fannie Mae and Freddie Mac (the Enterprises). This proposed rule is required by Section 310 of the Economic Growth, Regulatory Relief, and Consumer…
FHFA: Final Rule Issued Amending Federal Home Loan Banks’ Affordable Housing Program Regulation
The Federal Housing Finance Agency (FHFA) has published a final rule amending its regulation for the Federal Home Loan Banks’ (FHLBanks) Affordable Housing Program (AHP). The final rule provides additional flexibility at the local level for the FHLBanks, in consultation with their Advisory Councils, to allocate their AHP funds and to design their project selection…
Joint Release: Agencies Announce Threshold for Smaller Loan Exemption from Appraisal Requirements for Higher-Priced Mortgage Loans
The Bureau of Consumer Financial Protection, Federal Reserve Board of Governors, and Office of the Comptroller of the Currency today announced that the threshold for exempting loans from special appraisal requirements for higher-priced mortgage loans during 2019 will increase from $26,000 to $26,700. The threshold amount will be effective Jan. 1, 2019, and is based…