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Exception Tracking Spreadsheet (TicklerTrax™)
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Top Story Lending Related

04/13/2021

HUD awards $90M+ to tribes and TDHEs

HUD has announced over $90 million in grant awards to 24 tribes and tribally designated housing entities (TDHEs) across the country to support new housing construction, housing rehabilitation, and critical infrastructure projects. The funds were awarded through HUD’s Indian Housing Block Grant (IHBG) competitive program to help construct new housing units for low-income families living in tribal communities. It is projected that this funding will support the construction of approximately 350 new housing units, which will help spur economic opportunities in these communities.

04/13/2021

Freddie and Fannie to limit loan eligibility to new QM rule

Fannie Mae, in Lender Letter LL-2021-09, and Freddie Mac, in Guide Bulletin 2021-13, announced that any loans purchased by the GSEs after July 1, 2021, must conform to the requirements outlined in the CFPB’s recently finalized QM final rule. Both GSEs clarified that they will continue to buy loans that fall under the "GSE patch" that have application dates on or before June 30 and settlement dates before September 1, and are purchased as whole loans before September 1, or in mortgage-backed securities pools with an issue date on or before August 1.

04/12/2021

HUD awards $13.7M for emergency safety and security

HUD has announced it has awarded $13.7 million to public housing authorities throughout the country to make needed capital improvements in public housing developments that serve to enhance safety and security for residents.

The funds are awarded through HUD’s Capital Fund Emergency Safety and Security Program, which supports public housing authorities as they address the safety of public housing residents. These grants may be used to install, repair, or replace capital equipment or systems that contribute to a safer living environment for residents, including security systems/surveillance cameras, fencing, lighting systems, emergency alarm systems, window bars, deadbolt locks, doors, and carbon monoxide detectors.

04/09/2021

FDIC Minority Depository Institutions subcommittee meets Monday

An open meeting of the FDIC Minority Depository Institutions (MDI) Subcommittee to the Advisory Committee on Community Banking will be held Monday, April 12, at 1 p.m. EDT. During the public portion of the meeting, the MDI Subcommittee members will share insights into key challenges and opportunities facing their communities and financial institutions. During the MDI Spotlight feature, Robert James II, Director of Strategic Initiatives and Board Member of Carver State Bank in Savannah, Georgia, will discuss collaboration best practices by a group of Black MDIs that came together to syndicate a $35 million loan to refinance the Atlanta Hawks Emory Sports Medicine Complex. Following the public meeting, MDI Subcommittee members will provide feedback on the FDIC’s strategies to preserve and promote MDIs. Topics include the U.S. Department of the Treasury’s new Emergency Capital Investment Program.

The subcommittee meeting will be webcast live at http://fdic.windrosemedia.com/.

04/09/2021

Missouri bank assessed $11,000 flood penalty

The Federal Reserve Board has announced its assessment of an $11,000 civil money penalty on a Missouri bank for violations of the National Flood Insurance Act.

04/09/2021

HUD allocates $5B in American Rescue Plan funds

HUD has announced the allocation of nearly $5 billion in American Rescue Plan funds to help communities across the country create affordable housing and services for people experiencing or at risk of experiencing homelessness. The supplemental funding is allocated through the HOME Investment Partnerships Program to 651 grantees, including states, insular areas, and local governments.

04/08/2021

March FOMC minutes posted

The Federal Reserve Board has released the minutes of the Federal Open Market Committee meeting held March 16–17, 2021.

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.

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