Links in “Agencies”
- FHFA Drops Membership Limits Based on Residential Mortgages
The Federal Housing Finance Agency has issued a final rule regarding membership with the Federal Home Loan Bank that does not include a provision that would have required members to maintain at least 10% of their loan assets in residential mortgage loans. The 10% requirement was seen as a road block for some credit unions. [1/13/16]
- HUD Comes Down on Foreclosure Rescue Companies for Scamming Hispanic Homeowners
HUD is charging three California-based home loan modification companies for violations of the Fair Housing Act, through targeting Hispanic homeowners for unfair loan audit and modification assistance. HUD alleges that the companies lured Hispanic homeowners into paying thousands of dollars for home loan audits which homeowners never received, as well as modification services with little to no value. Details of HUDâs charge are located here. [1/13/16]
- CFPB Wants Submissions Regarding HMDA Resubmission
The Consumer Financial Protection Bureau is soliciting comments from the public regarding its guidelines for correcting and resubmitting HMDA data. [1/12/16]
- What to Expect from the CFPB in 2016
2015 was a big year for the CFPB. 2016 is looking even bigger. [1/11/16]
- CFPB Issues Possible Last Call for HMDA Resubmissions Input
In its call for comment on changes to its HMDA Resubmission Guidelines, the CFPB states that it will not separately propose and solicit comments on changes before finalizing and publishing changes. In other words, the current comment period may be the industry's only chance to submit comments. [1/11/16]
- New CRA Asset Size Thresolds for CRA Examination Released
The OCC announced the new asset size thresholds for CRA examinations. Beginning 1/1/16, the new asset size for intermediate small bank is $1.216 billion (down from $1.221) with a small bank requiring assets of $304 million (down from $305 million). These amounts represent a decrease from last year thresholds as a result of the -0.42 decrease in the CPI. [1/8/16]
- Agencies to Hold CRA Conference
The Federal Reserve, the FDIC, and the OCC will be holding a conference on the Community Reinvestment Act. [1/8/16]
- CFPB Looks to Enhance HMDA Resubmission Provisions
The CFPB is looking to the public for feedback on the resubmission guidelines of mortgage lending data reported under the Home Mortgage Disclosure Act (HMDA). The existing rules don't provide a good fix for new HMDA and will likely require significant changes to promote accuracy and meet timing requirements. [1/8/16]
- FDIC CRA Scoreboard: O’s to NI’s 5-2
FDIC released its January CRA examination list. Most banks were rated "Satisfactory," but five received the coveted "Outstanding," and Pearland State Bank in Texas and The Bancorp Bank received the far less coveted "Needs to Improve." [1/8/16]
- FTC Scores Hit on Payday Lenders
Two payday lenders have agreed to pay the FTC $4.4 million and to waive $68 million in loan fees to settle claims that they illegally charged inflated and undisclosed fees to consumers. In one case, the lender advertised that a $300 loan would only cost $290 to repay, when in fact borrowers paid $975. The payday lenders were also cited for Reg. Z violations for failing to accurately disclose the APR and other loan terms. [1/7/16]
