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Top Story Lending Related

04/08/2021

Vets business outreach center application deadline extended

The SBA has announced that private organizations, colleges and universities, private sector firms, nonprofit organizations, and state, local or tribal governmental agencies in Pennsylvania, Delaware, Washington, D.C., Maryland, Northern California, and Nevada have an extended deadline to apply for funding no later than 11:59 p.m. EDT on Sunday, April 25, 2021. This grant opportunity assists with training and counseling to aspiring and existing veteran small business owners as a Veterans Business Outreach Center.

The grant awardees will provide training to service members and military spouses through the Boots to Business entrepreneurship training program, which is part of the Department of Defense’s Transition Assistance Program. Additionally, applicants will provide counseling, technical and financial skill development, comprehensive business assessments, and mentoring services to veterans, transitioning and active-duty service members, Reserve, National Guard, and military spouses interested in starting or growing a small business.

04/08/2021

February Consumer Credit data posted

The Federal Reserve has posted February 2021 G.19 Consumer Credit data. Consumer credit increased at a seasonally adjusted annual rate of 7.9 percent. Revolving credit increased at an annual rate of 10.1 percent, while nonrevolving credit increased at an annual rate of 7.3 percent.

04/08/2021

CFPB proposes delay of debt collection rules

The CFPB announced on Wednesday a proposed rule that would delay by 60 days the effective dates of its two recent rules amending Regulation F under the Fair Debt Collection Practices Act. The two rules are to become effective November 30, 2021. The proposal would postpone the effective date of those rules to January 29, 2022, to give affected parties more time to comply due to the ongoing COVID-19 pandemic.

The first debt collection rule, issued in October 2020, focuses on the use of communications related to debt collection, and clarifies prohibitions on harassment and abuse, false or misleading representations, and unfair practices by debt collectors when collecting consumer debt.

The second debt collection rule, issued in December 2020, clarifies disclosures debt collectors must provide to consumers at the beginning of collection communications. The rule also prohibits debt collectors from making threats to sue, or from suing, consumers on time-barred debt. The rule requires debt collectors to take specific steps to disclose the existence of a debt to consumers before reporting information about the debt to a consumer reporting agency.

Comments on the proposal to delay the effective date to January 29, 2022, will be accepted for 30 days following its publication in the Federal Register.

04/07/2021

HUD awards $36M+ in ROSS grant funds

HUD has awarded $36.9 million to public housing authorities, public housing resident associations, Native American tribes, and nonprofit organizations across the nation. Grantees will use these Resident Opportunity and Self-Sufficiency (ROSS) grant funds to hire and/or retain Service Coordinators to help public and Native American housing families meet their professional, financial, health, and educational goals. In so doing, ROSS Service Coordinators will help remove barriers so that residents can improve their economic mobility, health outcomes, and overall quality of life.

04/07/2021

$689M for Housing Trust Fund from HUD

HUD yesterday announced the allocation of $689,565,492.92 through the nation’s Housing Trust Fund (HTF) for affordable housing. The Housing Trust Fund is capitalized through the contributions made by Fannie Mae and Freddie Mac. This year’s allocation is a significant increase in funding from last year’s allocation of $322,564,267.66. This program is specifically focused on housing for some of our most vulnerable populations. HUD annually allocates HTF funds by formula. A state must use at least 80 percent of each annual grant for rental housing; up to 10 percent for homeownership; and up to 10 percent for the grantee's reasonable administrative and planning costs. HTF funds may be used for the production or preservation of affordable housing through the acquisition, new construction, reconstruction, and/or rehabilitation of non-luxury housing with suitable amenities. All HTF-assisted units will be required to have a minimum affordability period of 30 years.

04/07/2021

CFPB issues consent order to debt collector

The CFPB announced Tuesday it had issued a consent order against a debt collector and its owner for harassing consumers, falsely threatening them with legal action. The CFPB found that Yorba Capital Management, LLC (Yorba) and its former owner, Daniel Portilla, Jr., violated the Consumer Financial Protection Act of 2010 (CFPA) and that Yorba violated the Fair Debt Collection Practices Act (FDCPA). The consent order permanently bans both Yorba and Portilla from the debt collection business, and orders restitution and penalties. Yorba and Portilla agreed to the order without admitting or denying any of the findings of fact, conclusions of law, or wrongdoing.

The order calls for Yorba and Portilla to make consumer redress of $860,000, but that provision is suspended based on a purported inability to pay, except that any reimbursement or indemnification they receive, whether under an insurance policy, as a tax deduction or tax credit, or otherwise, must be transferred in full to the CFPB. The CFPB will use any such funds for consumer redress or will pay them to the U.S. Treasury. The order also requires Yorba and Portilla to pay a $2,200 civil money penalty.

04/06/2021

$5M for lead hazard reduction and weatherization

HUD yesterday awarded $5 million in demonstration grants to five local government and non-profit organizations to help households with young children or seniors promote energy efficiency and healthy housing. The funding announced today promotes the coordinated delivery of services by local HUD-funded Lead Hazard Reduction and Weatherization Assistance Programs funded by the U.S. Department of Energy (DOE). This model will provide additional benefits to low-income households in the form of lower energy costs and a reduction in residential health and safety hazards.

04/06/2021

Proposed mortgage servicing changes to mitigate foreclosure surge

The Consumer Financial Protection Bureau on Monday announced it has proposed a set of rule changes intended to help prevent avoidable foreclosures as COVID-19 emergency federal foreclosure protections expire. The CFPB’s proposal, if finalized, would:

  • Give borrowers time: To make sure borrowers aren’t rushed into foreclosure when a potentially unprecedented number of borrowers exit forbearance at around the same time this fall, the proposed rule would provide a special pre-foreclosure review period that would generally prohibit servicers from starting foreclosure until after December 31, 2021. The CFPB is seeking public input on that date, as well as whether there are more limited ways to achieve the same purpose. For example, the CFPB is considering whether to permit earlier foreclosures if the servicer has taken certain steps to evaluate the borrower for loss mitigation or made efforts to contact an unresponsive borrower. This provision, like the rest of the proposal, would only apply to loans secured by a borrower’s principal residence.
  • Give servicers options: The proposed rule would permit servicers to offer certain streamlined loan modification options to borrowers with COVID-19-related hardships based on the evaluation of an incomplete application. Normally, with certain exceptions, Regulation X requires servicers to review a borrower for all available options at once, which can mean borrowers have to submit more documents before a servicer can make a decision. Allowing this flexibility could allow servicers to get borrowers into an affordable mortgage payment faster, with less paperwork for both the servicer and the borrower. This provision would only be available for modifications that do not increase a borrower’s monthly payment and that extend the loan’s term by no more than 40 years from the modification’s effective date.
  • Keep borrowers informed of their options: The CFPB also proposes temporary changes to certain required servicer communications to make sure that, during this crisis, borrowers receive key information about their options at the appropriate time.

The proposed rule would only apply to a mortgage loan that is secured by a property that is a borrower's principal residence. It would not apply to small servicers as defined in section 1026.41(e)(4) of Regulation Z. If finalized as proposed, the rule would be effective on August 31, 2021. Comments will be accepted through May 10, 2021.

04/05/2021

FDIC releases CRA evaluation ratings

The FDIC has issued its list of 51 state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA). The list covers evaluation ratings that the FDIC assigned to institutions in January 2021. Forty-eight evaluations were rated Satisfactory. The evaluations of these three banks were rated Outstanding:

04/02/2021

OCC publishes interest rate risk statistics

OCC Bulletin 2021-18 announces the OCC's publication of the Spring 2021 edition of the semiannual Interest Rate Risk Statistics Report. The report presents interest rate risk data gathered during examinations of OCC-supervised midsize and community banks and federal savings associations. The statistics are for informational purposes only and do not represent OCC-suggested limits or exposures. The report provides statistics on interest rate risk exposures and risk limits for different midsize and community bank populations, including—

  • all OCC-supervised midsize and community banks with reported data
  • banks by asset size
  • banks by charter type
  • minority depository institutions

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