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Exception Tracking Spreadsheet (TicklerTrax™)
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Top Story Lending Related

06/03/2021

June Beige Book released

The June 2, 2021, edition of the Beige Book has been posted by the Federal Reserve Board. The National Summary reports that the national economy expanded at a moderate pace from early April to late May, a somewhat faster rate than the prior reporting period. Several Districts cited the positive effects on the economy of increased vaccination rates and relaxed social distancing measures, while they also noted the adverse impacts of supply chain disruptions. The effects of expanded vaccination rates were perhaps most notable in consumer spending in which increases in leisure travel and restaurant spending augmented ongoing strength in other spending categories.

Light vehicle sales remained solid but were often constrained by tight inventories. Factory output increased further even as significant supply chain challenges continued to disrupt production. Manufacturers reported that widespread shortages of materials and labor along with delivery delays made it difficult to get products to customers.

Similar challenges persisted in construction. Homebuilders often noted that strong demand, buoyed by low mortgage interest rates, outpaced their capacity to build, leading some to limit sales. Nonresidential construction increased at a moderate pace, on balance, even as contacts in several Districts said that supply chain disruptions pushed costs higher and, in some cases, delayed projects.

Demand for professional and business services increased moderately, while demand for transportation services (including at ports) was exceptionally strong. Lending volumes increased modestly, with gains in both household and business loans. Overall, expectations changed little, with contacts optimistic that economic growth will remain solid.

06/03/2021

$35M HUD grant for Camden, NJ redevelopment

HUD Secretary Marcia Fudge has announced a $35 million Choice Neighborhoods Implementation Grant awarded to the Housing Authority of the City of Camden and the City of Camden Cramer Hill Neighborhood. The award will be used to redevelop severely distressed housing and spur comprehensive revitalization under HUD’s Choice Neighborhoods Program.

06/03/2021

Fed to wind down SMCCF

The Federal Reserve Board announced on Wednesday plans to begin winding down the portfolio of the Secondary Market Corporate Credit Facility (SMCCF), a temporary emergency lending facility that closed on December 31st, 2020. The SMCCF proved vital in restoring market functioning last year, supporting the availability of credit for large employers, and bolstering employment through the COVID-19 pandemic.

SMCCF portfolio sales will be gradual and orderly, and will aim to minimize the potential for any adverse impact on market functioning by taking into account daily liquidity and trading conditions for exchange traded funds and corporate bonds. The Federal Reserve Bank of New York, which manages the operations of the SMCCF, will announce additional details soon and before sales begin.

The SMCCF was established with the approval of the Treasury Secretary and equity provided by the Treasury Department under the CARES Act.

06/02/2021

VA COVID-19 partial claim program

The Department of Veterans Affairs has published [86 FR 28692] a final rule to establish the COVID-19 Veterans Assistance Partial Claim Payment program (COVID-VAPCP), a temporary program to help veterans return to making normal loan payments on a VA-guaranteed loan after exiting a forbearance for financial hardship due, directly or indirectly, to the COVID-19 national emergency.

Under the rule, which becomes effective July 27, 2021:

  • The partial claim maximum limit will be 30 percent of the unpaid principal balance of the guaranteed loan as of the date the veteran entered into a COVID-19 forbearance
  • The partial claim subordinate loan from the VA will be interest-free, and repayment will not be required until the veteran transfers title to the property or refinances or pays in full the associated guaranteed loan (payments of the subordinate loan in whole or in part, however, pay be made without penalty or charge)
  • No financial evaluation of the veteran is required and documentation requirements are minimal
  • Servicers must submit a partial claim payment request to the VA within 120 days of the termination of forbearance
  • The program is not an “option of last resort." Servicers may use the partial claim payment option even if other home retention options are feasible, provided that the partial claim payment option is in the veteran’s financial interest.
  • Applications under the program will not be accepted after the date that is 180 days after the date the COVID-19 national emergency ends under the National Emergencies Act, 50 U.S.C.161.

06/02/2021

FDIC guidance after severe storm damage in West Virginia

The FDIC has released FIL-38-2021 with guidance concerning regulatory relief to financial institutions and their facilitation of recovery in areas of West Virginia affected by severe weather from February 27–March 4, 2021.

06/01/2021

FDIC CRA exam schedule released

The FDIC has issued the lists of institutions scheduled for a Community Reinvestment Act (CRA) examination during the third quarter and fourth quarter of 2021 .

05/28/2021

Bureau proposes settlement in Driver Loan case

The Bureau has filed a proposed settlement with Driver Loan, LLC, and its CEO, Angelo Jose Sarjeant. If entered by the court, the settlement would require the defendants to refund about $1 million in deposits plus advertised interest to harmed consumers, stop deceptive practices, and pay a $100,000 civil penalty. A complaint filed by the CFPB alleges that Driver Loan and Sarjeant violated federal law by misrepresenting the risks associated with their deposit product and the annual percentage rate (APR) associated with the consumer loans they make.

05/28/2021

CFPB report on manufactured housing financing

The Bureau has published a report that provides new insights into manufactured housing financing. Manufactured housing is a small segment of the overall housing supply, but it is one of the most affordable types of housing available to low-income consumers and makes up 13% of the housing stock in small towns and rural America. Those low acquisition costs, however, often come coupled with higher interest rates and limited opportunity to refinance.

Consumers who do not own the underlying land are more likely to see their homes depreciate and have fewer protections if they fall behind on payments. These factors combined can make this affordable housing a potentially risky avenue for homeownership. The CFPB’s report uses new information collected under the Home Mortgage Disclosure Act to shed light on the experiences of these borrowers and their families..

05/28/2021

2021 CFPB Research Conference summary

The CFPB has posted a Bureau Blog summary of the CFPB's 2021 Research Conference held on May 6. The presentations included research by academics and policymakers covering various topics in household and consumer finance. The keynote address was given by Dr. Raphael Bostic, President and CEO of the Federal Reserve Bank of Atlanta, who discussed a number of pressing research areas, including disparities in homeownership and access to mortgage credit, improving our understanding of the Community Reinvestment Act, and the evolution of credit scores across economic cycles.

The conference covered timely issues related to the effects of the COVID-19 pandemic on consumer finances and credit markets in its opening session. Other topics included - racial disparities in consumer and household finance and how refinancing patterns vary across borrower race. Video recordings of the conference are available.

05/28/2021

Agencies extend period for CRA credit for Hurricane Maria-related efforts

The federal bank regulatory agencies yesterday issued a joint statement that they are extending the period for giving favorable consideration under Community Reinvestment Act regulations to institutions located outside of Puerto Rico and the U.S. Virgin Islands, for bank activities that continue to help revitalize or stabilize these areas devastated by Hurricane Maria. The agencies have determined that a 36-month extension through September 20, 2023, is appropriate given the continuing economic impact of Maria in Puerto Rico and the U.S. Virgin Islands.

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