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NMLS systems maintenance July 21–26

The NMLS Federal Registry Resources News and Events page has a notice posted that NMLS and NMLS Consumer Access will be unavailable due to planned system maintenance from Wednesday, July 21 at 8:00 p.m. ET until Monday, July 26, at 7:00 a.m. ET.


Fed CRA evaluations

The Federal Reserve Banks released CRA evaluation ratings for 18 banks in June. Twelve of those banks received Satisfactory evaluation ratings.

We congratulate the six banks that earned Outstanding ratings:


CFPB COVID-19 consumer relief info toolkit

The Bureau has posted a blog article announcing its launch of a new digital housing insecurity media toolkit for those interested in providing information and resources—via blogs, newsletters, email blasts, and social media posts—to renters and mortgage borrowers who continue to struggle financially from the coronavirus pandemic.


Federal Open Market Committee June minutes

The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the minutes of the Committee meeting held on June 15–16, 2021.

The minutes for each regularly scheduled meeting of the Committee ordinarily are made available three weeks after the day of the policy decision and subsequently are published in the Board's based solely on the information that was available to the Committee at the time of the meeting.

A majority of members revised up their projections for real gross domestic product growth this year compared with projections from March on stronger consumer demand and improvements in vaccination rates. Members also commented that difficulty in hiring workers likely reflects factors such as early retirements, concerns about the virus, child care responsibilities and expanded unemployment insurance benefits. Inflation has increased more than the committee expected as supply constraints were more widespread and consumer demand larger than expected as the economy reopened.‌

Over the next year, the FOMC expects inflation caused by bottlenecks and supply constraints are expected to largely reverse and the demand growth is likely to slow. Inflation is projected to fall to slightly below 2% in 2022 before moving back up to a bit above 2% in 2023.


Pennsylvania credit union chartered

The National Credit Union Administration has granted a federal charter and National Credit Union Share Insurance Fund coverage to Community First Fund Federal Credit Union in Lancaster, Pennsylvania. According to its mission statement, Community First Fund Federal Credit Union intends to create financial equity through wealth-building opportunities for individuals and families, especially African Americans, Latinos, immigrants, and women. The credit union will serve the community of approximately 550,000 in Lancaster County.

Credit Union Times reports that the new credit union got part of its start-up funding from Community First Fund, which used part of a $10 million gift from MacKenzie Scott, ex-wife of former Amazon CEO Jeff Bezos.


FDIC issues three Outstanding CRA evaluations

The FDIC has released its July 2021 list of state non-member banks examined for CRA compliance. Of the 53 institutions listed, 50 received Satisfactory ratings. We congratulate the three banks that received a rating of Outstanding:


OCC issues five Outstanding CRA ratings

The Office of the Comptroller of the Currency has released a list of sixteen Community Reinvestment Act (CRA) performance evaluations that became public in June.

Eleven of the national banks, federal savings associations, and insured federal branches of foreign banks received ratings of Satisfactory.

We congratulate the five institutions that received Outstanding ratings:


FHFA issues fair lending policy statement

Yesterday, the Federal Housing Finance Agency issued a Policy Statement on Fair Lending, which communicates FHFA's commitment to comprehensive fair lending oversight of Fannie Mae, Freddie Mac, and the Federal Home Loan Banks and provides a foundation for building out FHFA's fair lending program. The Federal Housing Enterprises Financial Safety and Soundness Act empowers FHFA to help effectuate the Fair Housing Act and the Equal Credit Opportunity Act through monitoring and information-gathering, conducting supervisory examinations, and engaging in administrative enforcement activities.

The FHFA invites comments on the application of the Policy Statement within 60 days of its publication in the Federal Register.

The FHFA has also issued Orders on Fair Lending Reporting to Fannie Mae and Freddie Mac, that require them to submit quarterly reports to FHFA with fair lending information and data to improve the Agency's fair lending supervision and monitoring capabilities.

7/8/2021 Publication and comment period update: The Policy Statement is scheduled for publication in the Federal Register for 7/9/2021, with a comment period ending 9/7/2021.


New CECL tool to be released by Federal Reserve

The Federal Reserve Board announced yesterday it will soon release a new tool to help community banks implement the Current Expected Credit Losses (CECL) accounting standard. Known as the Scaled CECL Allowance for Losses Estimator or "SCALE," the spreadsheet-based tool draws on publicly available regulatory and industry data to aid community banks with assets of less than $1 billion in calculating their CECL allowances.


Tennessee bank pays for Flood Act violations

The Federal Reserve Board, on June 30, 2021, ordered a Tullahoma, Tennessee, bank to pay an $8,000 civil money penalty for its pattern or practice of unspecified violations of section 208.25 of Federal Reserve Board Regulation H, which implements the requirements of the National Flood Insurance Act.


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