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Top Story Lending Related

04/17/2017

FEMA corrects NFIP suspension info

The Federal Emergency Management Agency published in today's Federal Register a corrected list of communities in the State of Washington that were suspended on March 7, 2017, from the National Flood Insurance Program for non-compliance with the flood plain management requirements of the program. The list corrects the list published in FEMA's final rule published on March 13, 2017. The communities in the updated list are the cities of Lakewood and Ruston, both in Pierce County.

04/14/2017

OCC innovation 'office hours'

The OCC Office of Innovation will host two days of office hours for national banks, federal savings associations, and financial technology companies (fintech companies) wishing to discuss the OCC’s perspective on responsible innovation. This initial round of meetings will be held in the OCC's San Francisco Field Office on May 16 and 17, 2017. For more information see the agency's Innovation Home Page.

04/14/2017

Bureau proposes amendments to clarify HMDA rule

The Consumer Financial Protection Bureau has released a proposed rule to help financial institutions comply with the 2015 HMDA Final Rule by clarifying the information they will be required to collect and report about their mortgage lending. The proposed rule contains a number of clarifications, technical corrections, and minor changes to the HMDA regulation. These include clarifying certain key terms, such as "temporary financing" and "automated underwriting system." The proposal would also, for example, establish transition rules for reporting certain loans purchased by financial institutions. Another proposed change would facilitate reporting the census tract of a property, using a new geocoding tool the CFPB plans to provide online. Comments on the proposal will be accepted for 30 days after its publication in the Federal Register.

  • UPDATE:Published at 82 FR 19142 on April 25, 2017, with a comment deadline of May 25, 2017.

04/13/2017

OCC releases new retail lending booklet

The OCC has issued Bulletin 2017-15 to introduce a new “Retail Lending” booklet for the Comptroller’s Handbook. This new booklet, part of the “Safety and Soundness” category of the Handbook, discusses the risks associated with retail lending and provides a framework for evaluating retail credit risk management activities. This booklet supplements the core assessment sections of the “Large Bank Supervision,” “Community Bank Supervision,” and “Federal Branches and Agency Supervision” booklets of the Handbook. Examiners should refer to the “Retail Lending” booklet when specific retail lending products, services, activities or risks warrant review beyond the core assessment because they have a material impact on the risk profile and financial condition of national banks and federal savings associations.

04/12/2017

Cordray on the credit reporting market

In a presentation to the Operation Hope Global Forums Annual Meeting in Atlanta, CFPB Director Cordray discussed how the credit reporting market exerts a tremendous influence over consumers' financial lives. He said, "Credit reports, also known as consumer reports, can make or break whether someone gets a car loan, a credit card, a bank account, or a mortgage — and the interest rate they have to pay. They can also affect whether someone can rent an apartment or get a job." Cordray added, "Five years ago, the Consumer Bureau became the first government agency to supervise the nationwide credit reporting companies." Director Cordray concluded, "Our ultimate vision is a credit reporting market based on highly accurate information, where consumers who dispute erroneous information can get their disputes resolved timely and effectively."

04/12/2017

Discount rate meeting minutes

The Federal Reserve Board has released the minutes of its discount rate meetings from February 13–March 15, 2017.

04/11/2017

February survey of business lending terms

The Federal Reserve Board has released the results of the February 2017 E.2 Survey of Terms of Business Lending.

04/10/2017

February G.19 Consumer Credit report

The Federal Reserve has released the February 2017 G.19 Consumer Credit Report. Consumer credit increased at a seasonally adjusted annual rate of 4¾ percent. Revolving credit increased at an annual rate of 3½ percent, while nonrevolving credit increased at an annual rate of 5¼ percent.

04/07/2017

New info resource on FHLB products and programs

The FDIC has issued FIL-16-2017 announcing the publication of a new guide to help community bankers learn more about the programs and products offered by the Federal Home Loan Banks (FHLBs) to facilitate mortgage lending. The Affordable Mortgage Lending Guide, Part III: Federal Home Loan Banks describes many of the products and services offered by the FHLBs, including the Affordable Housing Program and the Community Investment Program, advances, the Mortgage Purchase Program, and the Mortgage Partnership Finance® program. The guide also describes FHLB products that support single-family home purchases, such as down payment and closing cost assistance, many of which can be used in conjunction with programs offered by other federal and state housing finance agencies and government-sponsored enterprises. The guide also describes alternatives for selling mortgages on the secondary market.

04/06/2017

NMLS call center to close early next week

The NMLS has posted a notice that its call center will close at 8:00 p.m. ET on Friday, April 14, 2017.

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