Joint Statement Issued Cautioning that Financial Institutions May Not Use Immigration Status to Illegally Discriminate Against Credit Applicants
Borrowers report being denied loans because of their immigration status The Consumer Financial Protection Bureau (CFPB) and Justice Department today issued a joint statement that reminds financial institutions that all credit applicants are protected from discrimination on the basis of their national origin, race, and other characteristics covered by the Equal Credit Opportunity Act, regardless…
CFPB: Exams Return $140 Million to Consumers Hit by Illegal Junk Fees in Banking, Auto Loans and Remittances
New report shows most institutions have eliminated NSF fees, saving consumers $2 billion every year Today, the Consumer Financial Protection Bureau (CFPB) released a special edition of its Supervisory Highlights focused on the agency’s efforts to protect consumers from illegal junk fees. The junk fees discussed in the report – including fees for fake paper…
FHFA: Report Announced on the Sale of Non-Performing Loans by the Enterprises
The Federal Housing Finance Agency (FHFA) today released the latest report on the sale of non-performing loans (NPLs) by Fannie Mae and Freddie Mac (the Enterprises). The Enterprise Non-Performing Loan Sales Report includes sales information about NPLs sold through December 31, 2022. Borrower outcomes reflect NPLs sold through June 30, 2022. The sale of NPLs…
SBA: Over $139 Million in Disaster Assistance Loans Provided to Maui Wildfires
Today, U.S. Small Business Administrator Isabella Casillas Guzman announced that the SBA has approved more than $139 million in federal disaster loans for Hawaii businesses, nonprofits, and residents impacted by Maui wildfires. Since the fires began, the SBA has approved $40,620,400 for businesses and $ 98,615,000 for residents to help rebuild and recover from the disaster. “The SBA,…
EDA: $7.7 Million Invested for Flood Protection Infrastructure in Dubuque, IA
Today, U.S. Secretary of Commerce Gina Raimondo announced the Department’s Economic Development Administration (EDA) is awarding a $7.7 million grant to the city of Dubuque, Iowa, to make flood prevention infrastructure improvements needed to protect businesses from future flooding. This grant will expand and replace existing flood gates and pumps to reduce the impacts of…
OCC: Verison 2.0 of Lease Financing Booklet Released
The Office of the Comptroller of the Currency (OCC) today issued version 2.0 of the “Lease Financing” booklet of the Comptroller’s Handbook. This booklet discusses risks and risk management practices associated with lease financing. This booklet also provides examiners with a framework for evaluating a bank’s1 lease financing activities. Rescissions The revised booklet replaces version 1.2 of…
OCC: Mortgage Performance Report for Second Quarter 2023 Released
The Office of the Comptroller of the Currency (OCC) reported on the performance of first-lien mortgages in the federal banking system during the second quarter of 2023. The OCC Mortgage Metrics Report, Second Quarter 2023 showed that 97.3 percent of mortgages included in the report were current and performing at the end of the quarter, compared with…
CFPB: Mortgage Report Finds Jumps in Closing Costs and Denials for Insufficent Income; Growing Proportion of Cash-Out Refinances
Overall mortgage lending falls amid significant rise in interest rates and discount points Today, the Consumer Financial Protection Bureau (CFPB) released its annual report on residential mortgage lending activity and trends. In 2022, mortgage applications and originations declined markedly from the prior year, while rates, fees, discount points, and other costs increased. Overall affordability declined…
HUD: $25 Million Loan Guarantee Announced for Birmingham, AL Loan for Black, Indigenous, People of Color Fund
Today, the U.S. Department of Housing and Urban Development (HUD) awarded the City of Birmingham, Alabama a $25.2 million loan fund under its loan guarantee program for the Community Development Block Grant Program, Section 108. The City of Birmingham plans to use these funds to establish a $25 million citywide Loan Pool to provide financing…
SBA: Data Shows Major Increase in Loans to Black-Owned Businesses Since 2020
The number and share of SBA-backed 7(a) and 504 loans going to Black-Owned businesses more than doubled since 2020 Administrator Isabella Casillas Guzman, head of the U.S. Small Business Administration (SBA), joined Congressman Steven Horsford at the 2023 Congressional Black Caucus Foundation’s Annual Legislative Conference today to announce new data showing the rate of SBA-backed loans going to Black-owned businesses…