Links in “Lending”

To received "qualified mortgage" status under the proposed HUD rules, borrowers will not be required to have debt-to-income ratio of 43% or less, unlike CFPB rule, one of two key differences. [10/1]

In response to lawmaker and industry concerns about shutting down even fully compliant online lenders, FDIC issues letter saying that institutions that correctly manage their third-party relationships "are neither prohibited nor discouraged" from processing payments for legal entities. [9/30]

NCUA has submitted a request to the Office of Management and Budget for approval to gather information from credit unions regarding a host of credit union activities, including: CUSO lending and investment authority, federal credit union reimbursement policies, supervisory committee audit and verification requirements, and the circumstances and conditions under which members can inspect and copy board minutes, credit union books and records. [9/27]

With release of HMDA data for 2012, CFPB emphasizes that the data can "shine a spotlight on lending disparities." [9/24]

Some cheer "Invest in Boston" bill as a way to encourage banks seeking to do business with the city to pay attention to their mortgage and small business lending practices, CRA, personal lending, and hiring; others consider the new bill superfluous to federal and state oversight. Boston is 4th major city to pass such a law. [9/20]

While CFPB releases a lovely visual tool, key analysis on comparative performance and other more sophisticated fair lending reviews for the nearly 7,500 financial institution HMDA reporters can begin in earnest. [9/19]

Credit unions have always led the way in offering small consumer loans. Take a look at some of the innovative small loans that have brought big rewards to their credit unions. [9/18]

Former EVP and senior loan officer of the since-failed Bank of the Commonwealth gets 17 years for conspiracy to commit bank fraud; among his misdeeds was taking out loans on properties to make payments on other past due loans to prevent them from appearing on the bank's past due loan reports. [9/18]

FHA issues a final rule that streamlines the financial statement reporting requirement for credit unions and other lenders supervised by federal banking agencies. In exchange for submitting annual audited financial statements, FHA-approved lenders with less than $500 million in assets will be able to submit their unaudited financial regulatory reports that align with their fiscal year-end. [9/17]

New rule aligns with other regulatory requirements for small lenders/mortgagees (under $500 million) that allows for Call Report type information to be submitted to HUD for FHA lenders. [9/17]