Links in “Agencies”

The CFPB is looking to provide tools and guidance to better protect children in the foster care system from credit reporting problems that could compromise their future credit. Key guidance promotes understanding and resolution of credit reporting limitations and errors as well as protections provided for foster care youth. [5/2]

The OCC promoted small business lending as part of the State Small Business Credit Initiative (SSBCI) Conference in effort to supporting efforts to fund small business finance programs, which leverage private bank loans or provide venture capital funds. [5/2]

The OCC released its ratings for 41 covered banks for the month of April rating 5 Outstanding and 36 Satisfactory. [5/2]

CFPB proposal seeks adjustments to mortgage rules to ensure access to credit by certain nonprofit organizations that work with underserved populations. The proposal notes the limited circumstances where lenders that exceed the points and fees cap can refund the excess amount to consumers and still have the loan be considered a Qualified Mortgage. [5/1]

CFPB Blog highlights key points presented in report to Congress on efforts of the Bureau related to Fair Lending. Key efforts including refinement of supervisory review of Fair Lending laws, enforcement actions taken, release of key tools including the HMDA Database and expanding use of the CFPB Complaint system that advocates for consumers impacted by various issues including Fair Lending. [5/1]

A look at the average compensation at the regulatory agencies, where limo drivers (they have limo drivers?) make $82K and human resource management trainees make $111K. [5/1]

The NCUA is proposing a revision to the chartering and field of membership rules addressing associations formed for the express purpose of expanding membership without meeting NCUA requirements. Retention of automatic qualification for certain categories of groups that NCUA has approved in the past are retained. [5/1]

The NCUA issued its final rule requiring federally insured credit unions with assets of $10 billion or more to develop and maintain capital plans. The rule also provides for annual stress tests of those credit unions. Importance of understanding requirements and taking appropriate actions to implement for the other 99.6% of CUs is evident. [4/30]

The OCC reminds member banks on guidance to assist financial institutions and customers affected by extreme weather, such as the recent tornadoes in the south central and central United States. Promoted alternatives included such actions as reducing or waiving ATM fees and other penalties, restructuring debt obligations, expediting lender decisions and reevaluation of community credit needs. [4/30]

The SBA is proposing (comments due 6/30/2014) a new Risk Rating System for each active 7(a) Lender and Certified Development Company (CDC). The redeveloped model expands specific products into various categories (e.g., 5 for the 7a program) as well as number of factors used to expand risk. The scoring system is designed to provide a more predictive outlook on portfolios. [4/29]