Congressman Williams Introduces 1071 Repeal to Protect Small Business Lending Act
Today, Congressman Roger Williams (TX-25) introduced legislation to repeal the small business loan data collection requirements established under Section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. This bill seeks to eliminate costly regulatory burdens on financial institutions, ensuring greater access to credit for small businesses. “Small businesses are the backbone of the American…
CFPB: Pilot Study Finds Differential Treatment in Small Business Lending Markets
Lenders less likely to encourage Black entrepreneurs and more often steer them toward alternative financing Today, the Consumer Financial Protection Bureau (CFPB) released a study revealing significant disparities in how lenders treat Black and white small business owners seeking loans. The research found that Black entrepreneurs received less encouragement to apply for a loan and…
HUD: Disaster Aid Offered to Vermont Storm Victims
Federal aid supports state, Tribal and local recovery for July 9-11, 2024 The U.S. Department of Housing and Urban Development (HUD) today announced the implementation of federal disaster assistance for the State of Vermont and ordered federal aid to supplement state and local recovery efforts in the areas affected by a severe storm, flooding, landslides,…
FFIEC: 2023 HMDA Data on Mortgage Lending Published
The Federal Financial Institutions Examination Council (FFIEC) today published data on 2023 mortgage lending transactions reported under the Home Mortgage Disclosure Act (HMDA) by 5,113 U.S. financial institutions, including banks, savings associations, credit unions, and mortgage companies. The HMDA data are the most comprehensive source of publicly available information on mortgage market activity. The data…
CFPB: FFIEC Publishes 2023 Data on Mortgage Lending
The Federal Financial Institutions Examination Council (FFIEC) today published data on 2023 mortgage lending transactions reported under the Home Mortgage Disclosure Act (HMDA) by 5,113 U.S. financial institutions, including banks, savings associations, credit unions, and mortgage companies. The HMDA data are the most comprehensive source of publicly available information on mortgage market activity. The data…
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…
FHFA: Fair Lending Final Rule Released
The Federal Housing Finance Agency (FHFA) today released its Fair Lending, Fair Housing, and Equitable Housing Finance Plans Final Rule, together with Fannie Mae and Freddie Mac’s (the Enterprises) Equitable Housing Finance Plan updates for 2024 and Performance Reports for 2023. The final rule codifies in regulation FHFA’s fair lending oversight requirements for the Enterprises…
OCC: Acting Comptroller Discusses Elevating Fairness in Banking
Acting Comptroller of the Currency Michael J. Hsu today discussed the importance of fairness in remarks given at the National Community Reinvestment Coalition Just Economy Conference 2024. Mr. Hsu highlighted bank progress in overdraft protection program reforms since the OCC issued guidance last April and provided an update on Project REACh accomplishments regarding credit invisibles,…
CFPB: 2023 HMDA Loan-Level Data on Mortgage Lending Now Available
The Home Mortgage Disclosure Act (HMDA) Modified Loan Application Register (LAR) data for 2023 are now available on the Federal Financial Institutions Examination Council’s (FFIEC) HMDA Platform for approximately 5,089 HMDA filers. The published data contain loan-level information filed by financial institutions and modified to protect consumer privacy. To increase public accessibility, the annual loan-level…