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09/02/2020

OCC CRA exam schedule released

The Office of the Comptroller of the Currency has released its schedule of Community Reinvestment Act (CRA) evaluations to be conducted in the fourth quarter 2020 and first quarter 2021.

09/02/2020

Agencies' statement on Hurricane Laura and California wildfires

The OCC, Fed, FDIC, NCUA, and Conference of State Bank Supervisors issued a joint press release to state they recognize the serious impact of Hurricane Laura and the California wildfires on the customers and operations of many financial institutions and will provide appropriate regulatory assistance to affected institutions subject to their supervision. The agencies encourage institutions operating in the affected areas to meet the financial services needs of their communities.

09/02/2020

Agencies extend comment period on Flood Insurance Q&As

The Fed, FDIC, NCUA, OCC, and the Farm Credit Administration have announced they will extend the comment period on a proposal to revise the Interagency Questions and Answers Regarding Flood Insurance to end on November 3, 2020.

The agencies are extending the comment period because of the extent of the revisions proposed by the agencies and in light of the challenges associated with the COVID-19 pandemic. The extension will allow interested parties additional time to analyze the issues and to prepare comments. The proposed Interagency Questions and Answers, which were issued in July 2020, provide information addressing technical flood insurance-related compliance issues. The previous deadline for comments was September 4, 2020.

09/02/2020

North Korea ballistic missile procurement advisory

The Treasury Department has announced it has issued a North Korea Ballistic Missile Procurement Advisory to alert industry worldwide to North Korea’s ballistic missile procurement activities. This advisory identifies three key North Korean procurement entities:

  • Korea Mining Development Trading Corporation (KOMID), aka Changgwang Sinyong Corporation, External Technology General Corporation, Korea Kumryong Trading Company, Korean Mining and Industrial Development Corporation
  • Munitions Industry Department (MID), aka Military Supplies Industry Department
  • Second Academy of Natural Sciences (SANS), aka National Defense Academy

The advisory also describes deceptive techniques employed by North Korean proliferators and procurement networks, provides an overview of U.S. sanctions authorities related to DPRK proliferation, and lists North Korea-related sanctions enforcement resources:

09/02/2020

Assistance for Hurricane Laura victims

HUD has announced federal disaster assistance for the State of Louisiana to provide support to homeowners and low-income renters displaced from their homes in areas affected by Hurricane Laura. On August 28, President Trump issued a major disaster declaration for Allen, Beauregard, Calcasieu, Cameron, and Jefferson Davis parishes. The declaration allows HUD to offer foreclosure relief and other assistance to impacted families living in these counties, including:

  • Providing immediate foreclosure relief - HUD’s automatic 90-day moratorium on foreclosures of Federal Housing Administration (FHA)-insured home mortgages commenced for the Louisiana counties covered under the Presidential declaration on the date of the declaration. Borrowers can call their loan servicer or FHA’s Resource Center at 1-800-CALL FHA (1-800-225-5342) for assistance.
  • Making mortgage insurance available - HUD's Section 203(h) program provides FHA insurance to disaster victims whose homes were destroyed or damaged to such an extent that reconstruction or replacement is necessary and are facing the daunting task of rebuilding or buying another home. Section 203(h) borrowers are eligible for 100 percent financing, including closing costs;
  • Making insurance available for both mortgages and home rehabilitation - HUD's Section 203(k) loan program enables those who have lost their homes to finance the purchase or refinance of a house along with its repair through a single mortgage. It also allows homeowners who have damaged houses to finance the rehabilitation of their existing single-family home. Call FHA’s Resource Center at 1-800-CALL FHA (1-800-225-5342) for a list of area lenders.
    Making information on housing providers and HUD programs available - The Department will share information with the Federal Emergency Management Agency (FEMA) and the state on housing providers that may have available units in the impacted counties. This includes public housing agencies and multi-family owners. The Department will also connect FEMA and the state to subject matter experts to provide information on HUD programs and providers.

09/01/2020

Bureau report on early effects of COVID-19 on consumer credit

The CFPB has released a special data-point brief describing trends in delinquency rates, payment assistance, credit access, and account balance measures with a focus on the period since the start of the COVID-19 pandemic (March 2020). Based on the credit outcomes analyzed, this report shows that through June 2020 consumers did not experience many of the negative credit consequences that might be expected during periods of high unemployment and large income shocks.

The analysis shows that between March and June of 2020 delinquencies declined on auto loan, mortgage, student loan, and credit card accounts, while the number of accounts with zero payment due (assistance) increased. Financial institutions also appear to have responded by increasing closures of credit card accounts and halting limit increases, but these actions have not significantly limited overall access to credit. As of June 2020, consumers also do not appear to have responded to adverse financial conditions by increasing balances, consistent with reports showing significant decreases in consumer spending since the start of the COVID-19 pandemic.

09/01/2020

FDIC posts CRA exam schedules

The FDIC has released its CRA examination schedules for the fourth quarter of 2020 and first quarter of 2021. CRA regulations require each federal bank and thrift regulator to publish its quarterly CRA examination schedule at least 30 days before the beginning of each quarter.

08/31/2020

FDIC guidance - California wildfires relief

In FIL-85-2020, The FDIC has announced steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of California affected by wildfires that began August 14 and are continuing.

  • The Federal Emergency Management Agency (FEMA) declared a federal disaster for selected areas affected in California on August 22, 2020. FEMA may make additional designations after damage assessments are completed in the affected areas. A current list of designated areas is available at www.fema.gov
  • The FDIC is encouraging banks to work constructively with borrowers experiencing difficulties beyond their control because of damage caused by the wildfires.
  • Banks that extend repayment terms, restructure existing loans, or ease terms for new loans in a manner consistent with sound banking practices, can contribute to the health of the local community and serve the long-term interests of the lending institution.
  • Banks may receive favorable Community Reinvestment Act consideration for community development loans, investments, and services in support of disaster recovery.
  • The FDIC also will consider regulatory relief from certain filing and publishing requirements.

08/31/2020

Public listening sessions regarding Fannie and Freddie capital rules

To allow interested parties to elaborate on their public comment letters on the re-proposed capital rule for Fannie Mae and Freddie Mac (the Enterprises), the Federal Housing Finance Agency (FHFA) will host two listening sessions on September 10, 2020 and September 14, 2020. These listening sessions are opportunities for interested parties to elaborate on specific subjects and do not substitute for formal comment letters.

The first session will be held on September 10, 2020 at 10:00 a.m. EDT and will focus on credit risk transfers.

The second session will be held on September 14, 2020 at 10:00 a.m. EDT and will focus on affordable housing access.

Interested parties must request a speaking slot.

08/28/2020

CFPB analysis of HMDA data

The CFPB has published a second data point article analyzing 2019 HMDA data. Some of the key findings in the article include:

  • The top 25 open-end lenders accounted for about 573,000 open-end originations, or 53.6 percent of all open-end originations reported under HMDA.
  • Conventional jumbo loans have the highest mean and median credit scores among closed-end mortgages, with a mean score of 765 and a median of 773.
  • FHA borrowers have the lowest mean and median scores among closed-end mortgages, with a mean score of 668 and a median of 663.
  • Among Black and Hispanic White homebuyers seeking conventional conforming loans, the median combined loan-to-value and debt-to-income ratios are higher than their Asian and non-Hispanic White counterparts.

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