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Exception Tracking Spreadsheet (TicklerTrax™)
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01/14/2021

OCC finalizes Fair Access Rule

The OCC this morning released its finalized rule to ensure fair access to banking services provided by large national banks, federal savings associations, and federal branches and agencies of foreign bank organizations. The rule codifies more than a decade of OCC guidance stating that banks should conduct risk assessment of individual customers, rather than make broad-based decisions affecting whole categories or classes of customers, when provisioning access to services, capital, and credit.

The rule applies to the largest banks with more than $100 billion in assets that may exert significant pricing power or influence over sectors of the national economy. Under the rule, banks still determine their product lines and geographic markets and are free to make legitimate business decisions about what and whom to serve. The rule requires covered banks to make those products and services they choose to offer available to all customers in the communities they serve, based on consideration of quantitative, impartial, risk-based standards established by the bank.

The rule will become effective April 1, 2021.

01/14/2021

CFPB statement on financial inclusion of LEP consumers

The CFPB has published a “Statement Regarding the Provision of Financial Products and Services to Consumers with Limited English Proficiency." The Statement provides principles and guidelines to inform and assist financial institutions seeking to better serve LEP consumers in non-English languages.

01/14/2021

January 2021 Beige Book

The Federal Reserve Board has released the January 2021 Beige Book, a compilation of comments on U.S. economic activity received from contacts outside the Federal Reserve System..

Most Federal Reserve Districts reported that economic activity increased modestly since the previous Beige Book period, although conditions remained varied: Two Districts reported little or no change in activity, while two others noted a decline. Reports on consumer spending were mixed. Some Districts noted declines in retail sales and demand for leisure and hospitality services, largely owing to the recent surge in COVID-19 cases and stricter containment measures. Most Districts reported an intensification of the ongoing shift from in-person shopping to online sales during the holiday season.

Auto sales weakened somewhat since the previous report, while activity in the energy sector was said to have expanded for the first time since the onset of the pandemic. Manufacturing activity continued to recover in almost all Districts, despite increasing reports of supply chain challenges. Residential real estate activity remained strong, but accounts of weak conditions in commercial real estate markets persisted. Banking contacts saw little or no change in loan volumes, with some anticipating stronger demand from borrowers in coming months for new government-backed lending programs. Although the prospect of COVID-19 vaccines has bolstered business optimism for 2021 growth, this has been tempered by concern over the recent virus resurgence and the implications for near-term business conditions

01/14/2021

Paycheck Protection Program reopening

The SBA and Treasury have announced the re-opening of the Paycheck Protection Program (PPP) loan portal to PPP-eligible lenders with $1 billion or less in assets for First and Second Draw applications on Friday, January 15, 2021 at 9 am ET. The portal will fully open on Tuesday, January 19, 2021, to all participating PPP lenders to submit First and Second Draw loan applications to SBA. Updated PPP Lender forms, guidance, and resources are available at www.sba.gov/ppp and www.treasury.gov/cares.

01/13/2021

CDFI application Information

The NCUA has announced that federally insured, low-income credit unions seeking Community Development Financial Institution certification can apply to use the National Credit Union Administration’s streamlined qualification process beginning January 24.

CDFI certification makes credit unions eligible for CDFI Fund training and competitive award programs that enhance their capacity to provide underserved communities with access to insured, affordable financial services. The Consolidated Appropriations Act, 2021 authorizes additional COVID-19 relief funding for community development financial institutions that predominantly serve minority communities. Approximately a third of this additional funding includes a set-aside for smaller financial institutions with less than $2 billion in assets.

01/13/2021

Minutes of Fed Board discount rate meetings

The Federal Reserve Board has released the minutes of its interest rate meetings from November 16 through December 16, 2020.

01/13/2021

2021 NMLS annual conference agenda

The NMLS has posted the agenda for or the 2021 NMLS Annual Conference & Training. The conference will be a virtual experience.

01/13/2021

HUD proposes national standards for real estate inspection

The Department of Housing and Urban Development has published at 86 FR 2582 a proposed rule that would implement a new approach to defining and assessing housing quality: The National Standards for the Physical Inspection of Real Estate (NSPIRE). This proposed rule is part of a broader effort across HUD to revise the way HUD-assisted housing is inspected and evaluated. The purpose of NSPIRE is to reduce regulatory burden and improve HUD oversight through the alignment and consolidation of the inspection regulations used to evaluate HUD housing across multiple programs, which are currently evaluating housing quality through differing standards, protocols, and frequencies. The goal of this alignment and consolidation is to create a unified assessment of housing quality.

Comments on the proposal will be accepted for 61 days, through March 15, 2021.

01/13/2021

Flood insurance program suspensions in 5 states

The Federal Emergency Management Agency has given notice in a final rule published today [86 FR 2558] that communities in five states have been scheduled for suspension from the National Flood Insurance Program on Friday, January 15.

  • Colorado: Arvada, Berthoud, Jefferson County (unincorporated areas), and Johnstown
  • Iowa: Ames, Cambridge, Collins, Huxley, Maxwell, McCallsburg, Nevada, Slater, Story City, and Zearing
  • South Dakota: Union County (unincorporated areas)
  • Tennessee: Charlotte, Clarksville, Dover, Stewart Count (unincorporated areas), and Tennessee Ridge
  • Texas: Palacios

01/12/2021

Free digital e-learning platform launched by SBA

SBA Administrator Carranza yesterday announced the launch of Ascent, a first-of-its-kind, free digital e-learning platform geared to help women entrepreneurs grow and expand their businesses. Ascent has valuable content such as tips on preparing and recovering from disasters, strategic marketing and business financial strategy development. The platform is a joint initiative between the White House, the SBA, the U.S. Department of Labor’s Women’s Bureau, and the U.S. Department of the Treasury.

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