ABA: Statement on OCC’s CRA Final Rule
“The modernization of CRA’s outdated rules is long overdue, and we are very grateful to Comptroller Otting and the OCC staff for their commitment to this important effort. Stakeholders on all sides have acknowledged that the current CRA regime has failed to keep pace with the evolution of banking and community needs. We appreciate that…
HUD and Census Bureau: Residential Construction Activity Report for April 2020
The U.S. Department of Housing and Urban Development (HUD) and the U.S. Census Bureau jointly announced the following new residential construction statistics for April 2020. Building Permits Privately owned housing units authorized by building permits in April were at a seasonally adjusted annual rate of 1,074,000. This is 20.8 percent (±0.9 percent) below the revised…
OCC: Bulletin Clarifies Documentation of SBA Paycheck Protection Program Loans
The Office of the Comptroller of the Currency (OCC) is issuing this bulletin to clarify its statement in OCC Bulletin 2020-44, which is hereby rescinded. Loans made by banks1 under the Small Business Administration’s (SBA) Paycheck Protection Program (PPP) are an important part of the federal COVID-19 response program for small business and may qualify for…
OCC: Credit Administration Bulletin Documentation on SBA Paycheck Protection Program Loans
Summary The Office of the Comptroller of the Currency (OCC) is encouraging banks1 providing loans under the Small Business Administration’s (SBA) Paycheck Protection Program (PPP) to prudently document their implementation and lending decisions. Additionally, banks are encouraged to identify and track the PPP loans made to small business borrowers that have annual revenues of $1 million…
OCC: Paycheck Protection Program Listening Sessions Announced
The Office of the Comptroller of the Currency (OCC) today announced that its Office of Innovation will host three listening sessions on April 16, 20, and 21, to discuss issues and potential solutions relating to the Paycheck Protection Program (PPP) as established by the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Listening sessions are used to inform…
Federal Banking Agencies to Defer Appraisals and Evaluations for Real Estate Transactions Affected by COVID-19
The federal banking agencies today issued an interim final rule to temporarily defer real estate-related appraisals and evaluations under the agencies’ interagency appraisal regulations. The Federal Reserve Board, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency are providing this temporary relief to allow regulated institutions to extend financing to…
OCC: Comptroller Thanks Stakeholders for Comments on the Proposal to Modernize CRA Regulations
Comptroller of the Currency Joseph M. Otting today issued the following statement thanking stakeholders for their comments on the proposal to strengthen and modernize the regulatory framework implementing the Community Reinvestment Act. I want to thank all of the stakeholders who have submitted more than 7,400 thoughtful and helpful comments regarding the Office of the…
Federal Bank Regulators Issue Interim Final Rule for Paycheck Protection Program
The federal bank regulatory agencies today announced an interim final rule to encourage lending to small businesses through the Small Business Administration’s Paycheck Protection Program, or PPP. The PPP was established by the Coronavirus Aid, Relief, and Economic Security Act, or CARES Act, and provides loans to small businesses so that they can keep their…
Revised Interagency Statement on Loan Modifications for Working with Customers Affected by the Coronavirus
The federal financial institution regulatory agencies (the agencies), in consultation with state financial regulators, issued a revised interagency statement encouraging financial institutions to work constructively with borrowers affected by COVID-19 and providing additional information regarding loan modifications. The revised statement also provides the agencies’ views on consumer protection considerations. The revised statement clarifies the interaction…