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Top Story Lending Related

11/06/2019

FDIC CRA evaluations

The FDIC has released a list of Community Reinvestment Act (CRA) performance Evaluations that became public in November. Of the 82 institutions listed, 76 were rated satisfactory. Congratulations to these six institutions, which were rated outstanding (links are to their evaluation reports):

11/05/2019

FEMA to suspend Montana communities

FEMA has published a notice in today's Federal Register identifying Montana communities to be suspended on November 15 from the National Flood Insurance Program for noncompliance with the floodplain management requirements of the program. The communities scheduled for suspension are the City of Roundup and unincorporated areas of Rosebud County.

11/05/2019

October SLOOS

The October 2019 Senior Loan Officer Opinion Survey (SLOOS) on Bank Lending Practices addressed changes in the standards and terms on, and demand for, bank loans to businesses and households over the past three months, which generally corresponds to the third quarter of 2019. Regarding loans to businesses, respondents indicated that, on balance, they left their standards on commercial and industrial (C&I) loans basically unchanged, while demand for C&I loans weakened. Banks also reportedly tightened standards on commercial real estate (CRE) loans, while demand for most categories of CRE loans changed little on balance. For loans to households, banks reportedly left their standards basically unchanged on most categories of residential real estate (RRE) loans, while demand strengthened for most categories of such loans. Meanwhile, banks reported tightening their standards on credit card loans, while demand for most consumer loan categories strengthened.

11/05/2019

Small business access to capital discussed in Federal Reserve series

The November 4, 2019, issue of the Federal Reserve Board's Consumer & Community Context covers the topic of small businesses' access to capital, and includes articles on experiences of small business owners when searching for financing online, disparities in small business credit approval by race and ethnicity, and small businesses' access to financial services in low- and moderate-income communities.

11/05/2019

Calabria calls for reform of mortgage finance system

In prepared remarks issued at yesterday’s Structured Finance Association Residential Mortgage Finance Symposium in New York City, FHFA Director Dr. Mark A. Calabria called for the reform of the mortgage finance system. He stated, “Today’s mortgage finance system poses significant risk not only to taxpayers, but also to borrowers, renters, homeowners, and our entire financial system. Yet, since 2008, mortgage finance reform has received much discussion but very little action.” He discussed the new Strategic Plan and Scorecard released in September by the Treasury and HUD which has the following objectives:

  • Focus on their mission of fostering competitive, liquid, efficient, and resilient national housing finance markets.
  • Operate in a safe and sound manner appropriate for entities in conservatorship.
  • Prepare for their eventual exits from the conservatorships.

Calabria noted the new Strategic Plan and Scorecard are also focused on preparing for the transition from LIBOR to alternative reference rates.

11/05/2019

FHFA asks for input on Fannie and Freddie pooling

The Federal Housing Finance Agency (FHFA) has issued a Request for Input about Fannie Mae’s and Freddie Mac’s (the Enterprises’) pooling practices for the formation of To-Be-Announced-eligible Uniform Mortgage-Backed Securities (UMBS). FHFA is also seeking public input about other policies and practices that might affect UMBS fungibility, including the Enterprises’ oversight of UMBS prepayment speeds and alignment.

11/04/2019

OCC CRA evaluations

The OCC has released a list of Community Reinvestment Act (CRA) performance evaluations that became public in October. Of the 37 institutions listed, 28 were rated satisfactory, one was rated need to improve, and these eight bank were rated outstanding (links are to their evaluation reports):

11/04/2019

NMLS annual review period underway

The NMLS Annual Renewal Period began on November 1 and ends on December 31. According to federal regulations, both institutions and most individual mortgage loan originators (MLOs) must be renewed through NMLS annually. If the renewal process is not completed prior to December 31st, the MLO is placed in an “Inactive” registration status both on NMLS and NMLS Consumer Access. Inactive registrations must be reactivated in order to have an “active” registration status. NMLS requires a $30 processing fee for each MLO seeking to renew or reactivate a registration. MLOs who are submitted for renewal but did not complete renewal attestation prior to December 31 need to be reactivated, incurring an additional $30 processing fee at the time of reactivation.

11/01/2019

Free credit monitoring for some members of the military

The FTC has reported that, starting October 31, many members of the military will have access to free electronic credit monitoring to help them spot identify theft. The nationwide credit reporting agencies—Equifax, Experian, and TransUnion—are providing free electronic credit monitoring services to some active duty service members who are assigned to service away from their usual duty station and all active duty National Guard members. Credit monitoring services can alert consumers to mistakes or problems with their credit reports that might stem from the unauthorized use of their personal information to obtain credit.

There is a limitation on coverage for active duty service members to those assigned to service away from their usual duty stations, due to the wording of the Fair Credit Reporting Act amendments made by the 2018 Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA). That limitation was not applied in the EGRRCPA amendments to National Guard members.

11/01/2019

Discount rate decreased

The Federal Reserve Board approved actions yesterday by the Boards of Directors of the Federal Reserve Banks of Boston, New York, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St. Louis, Kansas City, and Dallas decreasing the discount rate (the primary credit rate) at the Banks from 2-1/2 percent to 2-1/4 percent, effective immediately.

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