Regulatory Updates

HUD: New Rule Proposed to Govern the Sale of FHA Mortgage Notes

Proposed rule to establish a permanent Single Family Sale Program, including exclusive first look opportunities for prospective homeowners Today, the U.S. Department of Housing and Urban Development (HUD) is proposing a new rule to govern the sale of seriously delinquent single family mortgage loans insured by the Federal Housing Administration (FHA). These rules will help expand available…

CFPB: New Rule Proposed to Help Homeowners Avoid Foreclosure

Proposed rules would require servicers to help homeowners before foreclosing, give servicers more flexibility by reducing paperwork requirements, and improve communication with homeowners The Consumer Financial Protection Bureau (CFPB) today proposed new rules to make it easier for homeowners to get help when they are struggling to pay their mortgage. The proposal, if finalized, would…

CDFI Fund: Public Comment Sought on the CMF Performance Report

The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) is soliciting public comment on changes to the Capital Magnet Fund (CMF) Performance Report. The CDFI Fund’s CMF Application and Performance Report Paperwork Reduction Act (PRA) approval will expire in July 2024. Although the PRA approval for the forms in the CMF…

CFPB: Interim Final Rule Issued to Extend Compliance Dates for Small Business Lending Rule Under Section 1071

Interim final rule extends compliance dates pursuant to court orders Today, the Consumer Financial Protection Bureau (CFPB) issued an interim final rule to extend compliance deadlines for the small business lending rule. After the CFPB issued the small business lending rule on March 30, 2023, a federal court in Texas stayed the rule pending the Supreme Court’s decision in CFPB…

CDFI Fund: Revisions to Capital Magnet Fund Interim Rule Published

Comments due to the CDFI Fund by August 26, 2024 The U.S. Department of the Treasury is issuing a revised Interim Rule for the Capital Magnet Fund (CMF), administered by the Community Development Financial Institutions Fund (CDFI Fund). Changes incorporated by the revised Interim Rule include, among other things:   This revised Interim Rule also reflects…

FDIC: Final Revised Rule Approved to Strengthen Resolution Planning for Large Banks

The Federal Deposit Insurance Corporation (FDIC) Board of Directors today approved a final rule to strengthen resolution planning for insured depository institutions (IDIs) with at least $50 billion in total assets. After careful consideration of comments received, the FDIC issued a final rule that incorporates several changes from the agency’s proposed rule published in September…

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…

CDFI Fund: Submission Deadlines Extended for Revised CDFI Certification Application

The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) has extended the application deadlines for when currently Certified Community Development Financial Institutions (CDFIs) must reapply for CDFI Certification using the revised version of the CDFI Certification Application.  In December 2023, the CDFI Fund released the final revised CDFI Certification Application. Non-certified organizations that wish…

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…

SBA: Extension of Moratorium Announced on 8(a) Eligibility Requirement for Small Disadvantaged Businesses

Bona Fide Place of Business Moratorium Extension Until Sept. 30, 2025, Will Increase the Opportunity for SDBs to Grow Their 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 33 million small businesses, announced that the moratorium on the 8(a) Business Development Program’s Bona…