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The Conference of State Bank Supervisors has posted an NMLS Blog article reporting the results of a November 2023 survey of over 1,400 NMLS users to measure their satisfaction with the system. The survey consisted of two parts: customer satisfaction and system usability. Survey results suggested that, on average, 85% of users are satisfied with their NMLS experience. However, survey comments indicated there are aspects of the system where the user experience can be improved. This feedback is driving upcoming NMLS enhancements, according to the article.

The overall Customer Satisfaction (“CSAT”) score was 85% for the NMLS experience survey. This suggests that, on average, 85% of customers surveyed expressed satisfaction with NMLS. The highest CSAT scores were from mortgage loan originators (MLOs), and the lowest were from company users. This is expected since MLOs generally spend less time completing tasks and activities in NMLS than company users. An analysis of qualitative feedback revealed users feel NMLS is not user friendly or intuitive, difficult to navigate, and the password process is frustrating.

After completing the CSAT survey, respondents were given the option to complete the System Usability Scale (“SUS”) Survey, a 10-question survey for measuring NMLS usability. There were 981 respondents who completed this section. The total SUS score for the surveyed group was 61.64. This score falls within the “OK to Good” range, suggesting that on average, users find the system to be reasonably usable, but there is room for improvement. The highest scores were recorded for federal MLOs, whose score of 71.71 is slightly above the industry average. There were several ratings below a 20, which, along with the average score itself, should be a key metric to improve in the new system.

The Federal Reserve Board has announced the execution of:

• a cease and desist order issued with the consent of Mode Eleven Bancorp, the holding company of Summit National Bank, both located in Hulett, Wyoming, related to Bancorp's previous strategy focused on providing banking-related services to financial technology companies through certain nonbank subsidiaries
• a written agreement with Steele Bancshares, Inc., Tyler, Texas, and American State Bank, Arp, Texas, related to identified safety and soundness deficiencies at the bank.

The OCC has reported that Acting Comptroller of the Currency yesterday discussed the importance of fairness in remarks given at the National Community Reinvestment Coalition Just Economy Conference 2024.

Mr. Hsu highlighted bank progress in overdraft protection program reforms since the OCC issued guidance last April and provided an update on Project REACh accomplishments regarding credit invisibles, minority depository institutions and affordable housing. Additionally, he discussed the importance of ensuring fairness as it relates to artificial intelligence and fraud.

The NCUA has announced that low-income-designated credit unions can apply for 2024 Community Development Revolving Loan Fund grants between May 1 and July 1, 2024.

The 2024 CDRLF grant round is open to credit unions with a low-income designation. Minority depository institution credit unions are not eligible for funding in this year’s grant round if they do not have the low-income designation. Credit unions with questions about the low-income designation should contact the NCUA’s Office of Credit Union Resources and Expansion.

The NCUA will host a webinar in May to explain the grants process. The 2024 Notice of Funding Opportunity has been published in the Federal Register.

The Federal Housing Finance Agency yesterday provided an update on its implementation of the recommendations of the Federal Home Loan Bank (FHLBank) System at 100: Focusing on the Future report​​, which was published in November 2023 and followed the first comprehensive evaluation of the FHLBank System in decades. ​

A significant finding of the report is that the FHLBanks must appropriately support housing and community development in their districts, in addition to providing liquidity to members.

The FHFA has published a regulatory interpretation that clarifies how cooperativas in Puerto Rico can pursue membership in the FHLBank System. Cooperativas are a critical part of the financial system in Puerto Rico, and many are Treasury-certified Community Development Financial Institutions (CDFIs). To date, no cooperativa has become a member of the FHLBank System.

The FDIC has released its April 2024 list of FDIC-supervised banks whose latest CRA evaluations have recently been made public. Of the 50 banks listed, two — in Moulton, Texas, and Parker, Colorado — were rated "Needs to Improve," 45 were rated "Satisfactory," and these three received "Outstanding" ratings:

• The Bank of New Glarus, New Glarus, Wisconsin
• First General Bank, Rowland Heights, California
• Rockland Trust Company, Rockland, Massachusetts

The OCC has announced its support of National Financial Capability Month in April, and encouraged national banks and federal savings associations to support this annual commemoration by recommitting their focus on improving the financial capability and financial health of their customers.

Banks and FSAs can promote financial capability through high-quality financial literacy education, as well as through improved access to financial services for all consumers, especially those who are underserved.

The OCC is dedicated to making resources available to help banks deliver top-tier financial literacy education and services. The OCC’s Community Affairs office issues publications and provides resources to banks on financial capability and financial literacy topics including the recently updated Community Developments Fact Sheet on Financial Capability, the quarterly Financial Literacy Update and the Financial Literacy Resource Directory.

Our monthly review of the Federal Reserve Board's archive of Community Reinvestment Act evaluations has revealed that the Reserve Banks released 23 evaluations in March 2024. Of those evaluations, 21 received "Satisfactory" ratings. Two banks — First State Bank Southwest, Pipestone, Minnesota; and FirstBank, Lakewood, Colorado — received "Outstanding" ratings.

The OCC has released a list of 19 Community Reinvestment Act performance evaluations that became public during the month of March 2024. Two of the listed evaluations are rated "Needs to Improve," 13 are rated "Satisfactory," and the following four are rate "Outstanding":

• The Clinton National Bank, Clinton, IA
• Native American Bank, National Association, Denver, CO
• Rosedale FS & LA, Baltimore, MD
• TD Bank USA, National Association, Wilmington, DE

Bloomberg Law has reported that a federal judge in Texas has blocked banking regulators’ rewrite of their Community Reinvestment Act rules, giving banks a reprieve from new regulations that had been set to take effect today.

The Federal Reserve, the Federal Deposit Insurance Corp., and the Office of the Comptroller of the Currency went beyond the bounds of the 1977 Community Reinvestment Act in their final rules issued last October, Judge Matthew J. Kacsmaryk of the U.S. District Court for the Northern District of Texas said in a ruling on Friday.

The court enjoined the agencies from enforcing the regulations pending the resolution of a lawsuit brought in February by the ABA, the U.S. Chamber of Commerce and five national and state associations, and pushed back the April 1, 2024, effective date, along with all other implementation dates, day for day, for each day the court's injunction remains in place.