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Top Story Lending Related


Treasury: Significant increase in Emergency Rental Assistance

Treasury reports the grantee performance data for June on the Emergency Rental Assistance (ERA) program shows a significant increase in the number of households served and the amount of funds provided to households as state and local programs continued to ramp up their efforts. More than $1.5 billion in assistance was delivered to eligible households in the month of June, more than the assistance provided all three previous reporting periods combined. The number of households served in June grew by about 85% over the previous month and nearly tripled since April. This represents significant progress, but there is still much further work to go to ensure tenants and landlords take advantage of the historic funding available to help cover rent, utilities, and other housing costs and keep people in their homes.


$19.4M to fight housing discrimination

HUD has announced it is making $19.4 million available to help HUD Fair Housing Initiatives Program (FHIP) agencies conduct activities that will address discriminatory housing practices related to the COVID-19 pandemic. The funds may also be used to address fair housing issues affecting individuals and families experiencing housing instability, including those who may face displacement due to discriminatory evictions and foreclosures.


Agencies extend review period on credit risk retention

The OCC, Federal Reserve, FDIC, FHFA, SEC, and HUD have published [86 FR 38607] a notice in today's Federal Register of the extension of the period for the review, and publication of determination of the review, of the definition of qualified residential mortgage; the community-focused residential mortgage exemption; and the exemption for qualifying three-to-four unit residential mortgage loans, in each case as currently set forth in the Credit Risk Retention Regulations (12 CFR Parts 43, 244, 373, and 1234; 17 CFR 246; and 24 CFR 267) as adopted by the agencies.

The period for completion of the review of the subject residential mortgage provisions and publication of notice disclosing the determination of this review is extended until December 20, 2021.


Agencies to act jointly on CRA rules modernization

The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency on Tuesday issued an interagency statement on Community Reinvestment Act (CRA) Joint Agency Action. The agencies said they are "committed to working together to jointly strengthen and modernize regulations implementing" the CRA. "Joint agency action will best achieve a consistent, modernized framework across all banks to help meet the credit needs of the communities in which they do business, including low- and moderate-income neighborhoods."

The OCC announced it will propose rescinding the Community Reinvestment Act (CRA) rule issued in May 2020 and is committed to working with the Federal Reserve Board and the FDIC to put forward a joint rulemaking that strengthens and modernizes the CRA. The decision to propose rescinding the 2020 rule follows the completion of a review initiated by Acting Comptroller of the Currency Michael Hsu shortly after he took office.


Proposed guidance published

The OCC, FDIC, and Federal Reserve have published [86 FR 38182] their proposed Interagency Guidance on Third-Part Relationships Risk Management, which was announced last week. Comments on the proposal are due by September 17, 2021.


FHFA cancels Adverse Market Refinance fee

The Federal Housing Finance Agency has announced that Fannie Mae and Freddie Mac will eliminate their controversial Adverse Market Refinance Fee for loan deliveries effective August 1, 2021.

To allow families to save more money, lenders will no longer be required to pay the Enterprises a 50-basis point fee when they deliver refinanced mortgages. The fee was designed to cover losses projected as a result of the COVID-19 pandemic. The success of FHFA and the Enterprises' COVID-19 policies reduced the impact of the pandemic and were effective enough to warrant an early conclusion of the Adverse Market Refinance Fee. FHFA's expectation is that those lenders who were charging borrowers the fee will pass cost savings back to borrowers.


Procedural notice on PPP guarantee purchases and charge-offs

The Small Business Administration has issued Procedural Notice 5000-812316, "PPP Guaranty Purchases, Charge-Offs, and Lender Servicing Responsibilities," on how lenders can apply to have SBA purchase and charge off Paycheck Protection Program loans for which the borrower has not applied for forgiveness or made payment on the loan.

The notice became effective July 15, 2021.


Fed report on credit card operations profitability

The Federal Reserve Board has submitted its July 2021 Report to the Congress on the Profitability of Credit Card Operations of Depository Institutions, which analyzes the profitability over time of depository institutions' credit card activities by examining the performance of larger institutions that specialize in such activities and of a sample of smaller commercial banks that offer a range of credit services. The report also reviews trends in credit card pricing, including changes in interest rates.

The report is mandated by section 8 of the Fair Credit and Charge Card Disclosure Act of 1988. The analysis in the report is based largely on information from the Call Reports and quarterly reports of credit card plans on from FR 2835a. The July 2021 report is based on reported data through December 31, 2020.


LendingClub pays $18M to settle FTC charges

The Federal Trade Commission has announced that online lender LendingClub Corporation has agreed to pay $18 million to settle charges that the company deceived consumers about hidden fees that it charged and about whether their loan applications were approved. The settlement also bars LendingClub from making misrepresentations to loan applicants and requires that the company clearly and conspicuously disclose the amount of any prepaid, up-front, or origination fee and the total amount of funds that borrowers will receive.

The Commission charged in April 2018 that the company falsely promised loan applicants that they would receive a specific loan amount with “no hidden fees,” when in reality the company deducted hundreds or even thousands of dollars in hidden up-front fees from the loans. The FTC also alleged that LendingClub told consumers they were approved for loans when they were not, and took money from consumers’ bank accounts without authorization.


FFIEC posts 2021 Median Family Income report

The FFIEC's 2021 Median Family Income (MFI) Report has been posted.


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