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Top Story Lending Related

01/15/2021

NCUA Board actions

The NCUA Board (NCUA) has held its first open meeting of 2021 and announced its approval of approved six items:

  • A proposed rule that would raise the asset threshold for defining a credit union as “complex” for purposes of being subject to any risk-based net worth requirement
  • An advance notice of proposed rulemaking that solicits comments on two approaches to simplify risk-based capital requirements
  • A proposed rule that would add the “S” component to the existing CAMEL rating system and redefine the “L” component
  • A proposed rule expanding the list of permissible activities and services for credit union service organizations
  • A final rule clarifying that corporate credit unions may purchase subordinated debt instruments
  • The NCUA’s 2021 Annual Performance Plan

01/15/2021

OCC Virtual Bank Director Workshops announced

The OCC has announced its 2021 schedule of free, virtual workshops for directors of national banks and federal savings associations. Four virtual workshops are offered:

  • Building Blocks: Keys to Success for Directors and Senior Management
  • Risk Governance: Improving Director Effectiveness
  • Credit Risk: Directors Can Make a Difference
  • Operational Risk: Navigating Rapid Changes

The schedule of the workshops and registration are available on the OCC's website.

01/15/2021

New letter of agreement required for PPPLF

A new letter of agreement (LOA) is required to receive new advances from the Paycheck Protection Program Liquidity Facility (PPPLF). The program will continue to be available to eligible participants that pledge any SBA-guaranteed Paycheck Protection Program (PPP) Loans that they have originated or purchased, which may include second draw loans or loans that are increased pursuant to the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (Economic Aid Act). All PPP loans pledged to the PPPLF must meet all applicable SBA and PPPLF requirements. Any institution that plans to request a new advance under the PPPLF must execute an updated LOA as amended on January 14, 2021.

01/15/2021

Fannie and Freddie stock purchase agreements amended

The Department of the Treasury and the Federal Housing Finance Agency have announced an agreement to amend the Preferred Stock Purchase Agreements (PSPAs) between Treasury and Fannie Mae and Freddie Mac (the Government Sponsored Enterprises or GSEs) to move the GSEs toward capitalization levels consistent with their size, risk, and importance to the U.S. economy, and to codify several existing FHFA conservatorship practices, including providing small lender protections and limiting future increases in certain higher risk lending practices. The agreement also outlines a plan for Treasury, in consultation with the FHFA, to develop a proposal for continued GSE reform.

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.

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