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Top Story Lending Related


CDC extends rental eviction moratorium

A press release from the Centers for Disease Control and Prevention has announced that CDC Director Dr. Rochelle Walensky has signed an extension to the eviction moratorium further preventing the eviction of tenants who are unable to make rental payments. The moratorium that was scheduled to expire on March 31, 2021 is now extended through June 30, 2021.

In related news, the Federal Trade Commission has issued guidance for consumers and businesses related to the national moratorium on evictions during the pandemic. A recent CFPB report showed that more than 8.8 million Americans are behind on rent payments. The tenants at risk of homelessness are disproportionately people of color, primarily Black and Hispanic families. Consumer Financial Protection Bureau Acting Director Dave Uejio and Federal Trade Commission Acting Chairwoman Rebecca Slaughter issued a joint statement regarding their agencies’ work to help stop illegal evictions and protect American consumers facing economic hardship due to COVID-19.


Agencies ask for info on institutions' use of artificial intelligence

In a joint press release, the Fed, CFPB, FDIC, NCUA, and OCC have announced they are seeking information from the public on how financial institutions use artificial intelligence (AI) in their activities, including fraud prevention, personalization of customer services, credit underwriting, and other operations.

The agencies announced their request for information to gain input from financial institutions, trade associations, consumer groups, and other stakeholders on the growing use of AI by financial institutions. More specifically, the RFI seeks comments to better understand the use of AI, including machine learning, by financial institutions; appropriate governance, risk management, and controls over AI; challenges in developing, adopting, and managing AI; and whether any clarification would be helpful.

Comments will be accepted for 60 days following publication in the Federal Register.

Publication and comment period update: Scheduled for Federal Register publication on 3/31/2021, with comments due by 5/31/2021.


CUSO Rule comment period extended

The NCUA Board has unanimously approved by notation vote a 30-day extension of the comment period for its proposed rule on credit union service organizations (CUSOs) Part 712.

The proposed rule, published at 86 FR 11645 on February 26, 2021, would expand the list of permissible activities and services for CUSOs. Specifically, it would:

  • Expand the list of permissible activities and services for CUSOs to include originating any type of loan that a federal credit union may originate; and
  • Grant the NCUA Board additional flexibility to approve permissible activities and services.

The comment period would have expired today, March 29, 2021. Notice extending the comment period will be published March 31, 2021, with comments now due by April 30, 2021.


OCC Bulletin on Tax Equity Finance transactions

The OCC has issued Bulletin 2021-15 to provide information to banks about written notifications or requests for tax equity finance (TEF) transactions under 12 CFR 7.1025. On December 22, 2020, the OCC issued a final rule codifying the authority of banks to engage in TEF transactions. The final rule is effective April 1, 2021.


Fourth quarter mortgage performance declines

The OCC Mortgage Metrics Report, Fourth Quarter 2020 showed that 93.3 percent of mortgages included in the report were current and performing at the end of the quarter, compared to 96.5 percent a year earlier. The decline is a result of the COVID-19 pandemic and actions taken by banks to comply with the CARES Act.


March SCOOS released

The March 2021 Senior Credit Officer Opinion Survey (SCOOS) on Dealer Financing Terms collected qualitative information on changes in credit terms and conditions in securities financing and over-the-counter derivatives markets between December 2020 and February 2021. In addition to the core questions, the survey included a set of special questions about the transition away from LIBOR (London interbank offered rate) for U.S. dollar-denominated OTC derivatives. The 23 institutions participating in the survey account for almost all dealer financing of dollar-denominated securities to non-dealers and are the most active intermediaries in OTC derivatives markets. The survey was conducted between February 8 and February 22, 2021. The core questions asked about changes between December 2020 and February 2021.


NMLS update scheduled for next week

The NMLS has scheduled an update to release 2021.3 for March 29, 2021. System enhancements can be reviewed in the NMLS 2021-3 Release Notes.


MLA site update scheduled

The News page of the official Department of Defense Military Lending Act records search website has announced that an update to version 5.8 of the research site has been scheduled for April 29, 2021. The update will make the site's password access controls more robust by increasing the number of characters required, requiring that new passwords be used for a minimum of 24 hours and a maximum of 60 days, and requiring more than minimal character alterations at each change. The system upgrade should not interrupt access to the system.


Lending limit increased for EIDL program

The SBA has announced it is increasing the maximum amount small businesses and non-profit organizations can borrow through its COVID-19 Economic Injury Disaster Loan (EIDL) program. Starting the week of April 6, 2021, the SBA is raising the loan limit for the EIDL program from 6-months of economic injury with a maximum loan amount of $150,000 to up to 24-months of economic injury with a maximum loan amount of $500,000.


Bureau may revive Payday Lending ATR requirement

The CFPB has posted a blog article by Acting Director Dave Uejio with a commitment to protect vulnerable borrowers. The article focused on consumer harms in the small dollar lending market, with particular concerns about any lender’s business model that is dependent on consumers’ inability to repay their loans. Uejio said that years of research by the CFPB found the vast majority of this industry’s revenue came from consumers who could not afford to repay their loans, with most short-term loans in reborrowing chains of 10 or more. One-in-five payday loans, and one-in-three vehicle title loans, ended in default, even including periods of reborrowing. And one-in-five vehicle title loan borrowers ended up having their car or truck seized by the lender.

Uejio noted that in 2020 the prior CFPB administration had revoked parts of its Payday Lending rule that would have addressed these harms. The later rule was challenged in court and the Bureau had a legal obligation to respond to the lawsuit. Accordingly, the Bureau has filed a brief addressing only the court’s jurisdiction to hear the case. The brief does not address the merits of the underlying rule, and the Bureau’s filing should not be regarded as an indication that the Bureau is satisfied with the status quo in this market. To the contrary, said Uejio, the Bureau believes that the harms identified by the 2017 rule still exist, and will use the authority provided by Congress to address these harms, including through vigorous market monitoring, supervision, enforcement, and, if appropriate, rulemaking.


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