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Top Story Lending Related

02/24/2021

CFPB reconsidering QM rules

The Bureau has released a statement [scheduled for Federal Register publication on 2/26/2021] on the mandatory compliance date of the General QM Final Rule and possible reconsideration of that rule and the Seasoned QM Final Rule.

The Bureau is considering whether to initiate a rulemaking to revisit the Seasoned QM Final Rule. If the Bureau decides to do so, it expects that it will consider in that rulemaking whether any potential final rule revoking or amending the Seasoned QM Final Rule should affect covered transactions for which an application was received during the period from March 1, 2021, until the effective date of such a final rule.

The Bureau also expects to issue shortly a proposed rule that would delay the July 1, 2021, mandatory compliance date of the General QM Final Rule. If such a proposed rule were finalized, creditors would be able to use either the current General QM loan definition or the revised General QM loan definition for applications received during the period from March 1, 2021, until the delayed mandatory compliance date. Furthermore, the Bureau anticipates that the Temporary GSE QM loan definition will remain in effect until the new mandatory compliance date, except that the Temporary GSE QM loan definition would expire with respect to a GSE if that GSE ceases to operate under conservatorship prior to the new mandatory compliance date.

The Bureau will consider at a later date whether to initiate another rulemaking to reconsider other aspects of the General QM Final Rule. Acting Director Dave Uelio discussed the two rules and the Bureau's plans in a Bureau Blog post yesterday.

The CFPB also posted an update of its small entity compliance guide for the ATR/QM rule, to include the latest amendments to the rule.

02/24/2021

FDIC Quarterly Banking Profile posted

The Fourth Quarter 2020 Quarterly Banking Profile has been posted by the FDIC. It is a quarterly publication that provides the earliest comprehensive summary of financial results for all FDIC-insured institutions.

02/24/2021

FDIC releases fair lending assistance videos

The FDIC's FIL-10-2021 has announced the release of nine technical assistance videos on fair lending. The information in the videos is intended as a high-level overview to help FDIC-supervised institutions assess and mitigate fair lending risk, and to understand how FDIC examiners evaluate fair lending compliance. The videos range in length from approximately 10 to 28 minutes and are available on the FDIC Banker Resource Center.

  • Video 1 provides an overview of the federal fair lending laws and regulations and is intended for bank directors and senior managers.
    Video 2 focuses on how a bank’s compliance management system can mitigate fair lending risk and is intended for bank management and compliance staff.
  • Video 3 discusses how FDIC examiners evaluate fair lending risk during a consumer compliance examination and is intended for bank management and compliance staff.
  • Videos 4-9 discuss specific fair lending risk factors, as provided in the interagency fair lending examination procedures: overt discrimination, underwriting, pricing, steering, redlining, and marketing. These six videos are intended for bank management and compliance staff.

02/24/2021

NMLS 2020 Annual Report released

The 13th annual report on NMLS operations, performance and development efforts has been released in conjunction with the start of the NMLS Annual Conference & Training. The report, “Creating a Path to Modernization,” highlights NMLS modernization efforts, the State Examination System, and more.

02/24/2021

$2.7B awarded for public housing

HUD has announced the award of more than $2.7 billion in funding to nearly 2,900 public housing authorities in all 50 states and the District of Columbia, Guam, Puerto Rico and the U.S. Virgin Islands to make capital investments in their public housing units. The grants are provided through HUD's Capital Fund Program, which offers annual funding to all public housing authorities to build, renovate, and/or modernize the public housing in their communities. Housing authorities can use the funding to complete large-scale improvements such as replacing roofs or making energy-efficient upgrades to heating systems and installing water conservation measures.

02/24/2021

FHA extends 203(k) rehab projects

The Federal Housing Administration (FHA) has announced the extensions of a set of policy flexibilities for single family lenders and servicers designed to maintain new mortgage originations for homebuyers and allow 203(k) rehabilitation projects to continue during the COVID-19 pandemic. These temporary policies recognize the sustained need for flexibility during this critical time to ensure mortgage financing remains available for low- and moderate-income homebuyers, and that home rehabilitation work can continue. The temporary policies will be in place through June 30, 2021. For more information see Mortgage Letter 2021-06 and Mortgage Letter 2021-07.

02/23/2021

U.S. house prices up 10.8 percent over last year

The Federal Housing Finance Agency reports that U.S. house prices rose 10.8 percent from the fourth quarter of 2019 to the fourth quarter of 2020 according to the Federal Housing Finance Agency House Price Index. House prices were up 3.8 percent compared to the third quarter of 2020. FHFA's seasonally adjusted monthly index for December was up 1.1 percent from November.

“House prices nationwide recorded the largest annual and quarterly increase in the history of the FHFA HPI," said Dr. Lynn Fisher, Deputy Director of FHFA's Division of Research and Statistics. “Low mortgage rates, pent up demand from homebuyers, and a limited housing supply propelled every region of the country to experience faster growth in 2020 compared to a year ago despite the pandemic. In particular, house prices in western states and cities saw the highest rates of growth, where annual gains often rose above 10 percent."

02/23/2021

Regulators' supervisory practices following Texas storms

The OCC, FRB, FDIC, NCUA, and the Conference of State Bank Supervisors issued a statement Monday that they recognize the serious impact of Texas winter storms on the customers and operations of many financial institutions and will provide appropriate regulatory assistance to affected institutions subject to their supervision. The agencies encourage institutions operating in the affected areas to meet the financial services needs of their communities. A complete list of the affected disaster areas can be found HERE.

02/23/2021

Administration tweaks PPP for small business

The White House has issued a Fact Sheet to announce reforms to build on the success of the Payroll Protection Program by further targeting the program to the smallest businesses and those left behind in previous relief efforts. About $150 billion of the PPP funds are still available, but the program is currently scheduled to end March 31, 2021.

The reforms announced in the Fact Sheet include:

  • Instituting a 14-day period, starting February 24, during which only businesses with fewer than 20 employees can apply for relief through the Program
  • Revising the loan calculation formula for sole proprietors and independent contractors to offer more relief, and establishing a $1 billion set aside for businesses in this category without employees and located in low- and moderate-income areas
  • Consistent with a bipartisan bill in Congress, eliminating a restriction that bars small business owners with prior non-fraud felony convictions from the program
  • Eliminating a restriction that bars small business owners who are delinquent on their federal student loans from the program
  • Clarifying that non-citizen small business owners who are lawful U.S. residents may use ITINs to participate in the program

The Small Business Administration has confirmed it will take the actions described by the White House. The 14-day exclusivity period will begin tomorrow, February 24, 2021, at 9 a.m.; the other four changes will be implemented by the first week in March.

02/22/2021

FEMA to suspend communities from flood program on Friday

FEMA will publish in the Federal Register for February 23, 2021, a notice listing communities in Pennsylvania, Tennessee, and Virginia that it has scheduled for suspension from the National Flood Insurance Program on February 26, 2021, for noncompliance with the program's floodplain management requirements.

  • Pennsylvania: East Buffalo and Susquehanna
  • Tennessee: Brentwood, Cheatham County (unincorporated areas), Hendersonville, Pegram, Pleasant View, Ridgetop, and Robertson County (unincorporated areas)
  • Virginia: Culpeper, Culpeper County (unincorporated areas), and Rappahannock County (unincorporated areas)

If FEMA receives documentation that a listed community has adopted the required management measures before February 26, the community will not be suspended.

UPDATE: Published at 86 FR 10837 on 2/23/2021.

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