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FDIC guidance on recovery after Louisiana storms

The FDIC has issued FIL-40-2021 with guidance and steps to provide regulatory relief to financial institutions and facilitate recovery in areas of Louisiana affected by severe storms, tornadoes, and flooding May 17–21..


Reserve Banks released two outstanding CRA evals in May

The Federal Reserve Banks released two CRA evaluations rated Outstanding in May 2021. We congratulate:

The Reserve Banks also released 13 CRA evaluations in May with Satisfactory ratings.


Rural Housing Service proposes loan program amendments

The U.S. Department of Agriculture's Rural Housing Service has published [86 FR 30565] a proposed rule that would amend the current regulation for the Single Family Housing Guaranteed Loan Program (SFHGLP) at 7 CFR 3555 to update the requirements for Federally supervised lenders, minimum net worth and experience for non-supervised lenders, approved lender participation requirements, treatment of applicants with delinquent child support payments and builder credit requirements.

The changes are being proposed to promote an efficient and robust management and oversight structure of lenders in the SFHGLP, strengthen underwriting practices by denying loan guarantees for applicants who are subject to administrative offset to collect delinquent child support payments, and streamline requirements for screening builder-contractors by lenders.

Comments on the proposal are due by August 9, 2021.


Fed bank stress test results due June 24

The Federal Reserve Board announced on Monday that results from its bank stress tests will be released on Thursday, June 24, at 4:30 p.m. EDT.

Stress tests help ensure that banks have adequate capital to absorb losses so that they can lend to households and businesses even in a severe recession. For the 2021 stress tests, the resilience of large banks is being tested against a hypothetical recession featuring a severe global downturn with substantial stress in commercial real estate and corporate debt markets.

Banks with more than $100 billion in total consolidated assets are subject to the Board's stress tests. The smaller banks among those subject to the Board's stress test are only required to participate every other year with all firms participating last year. For this year's test, four firms voluntarily opted-in: BMO Financial Corp., MUFG Americas Holdings Corporation, RBC US Group Holdings LLC, and Regions Financial Corporation.


Federal Reserve consumer credit data

The Federal Reserve has posted April 2021 G.19 Consumer Credit data indicating that consumer credit increased at a seasonally adjusted annual rate of 5.3 percent. Revolving credit decreased at an annual rate of 2.4 percent, while nonrevolving credit increased at an annual rate of 7.6 percent.


Freddie Mac updates 2nd home and investment property requirements

Freddie Mac has posted Bulletin 2021-21 and Guide Bulletin 2021-21 announcing a new cap structure on the sale of mortgages secured by second homes and/or investment properties.

For Sellers that sell more than five loans secured by second homes and/or investment properties, such loans may not be more than 6.5% of total monthly unpaid principal balance (UPB) for July sales, and thereafter not more than 6%.

This new policy will help Freddie Mac manage to the acquisition limit that the amended and restated Senior Preferred Stock Purchase Agreement (PSPA) has placed on Freddie Mac. The amended PSPA requires Freddie Mac to limit its purchases of mortgages secured by second homes and/or investment properties to 7% of total purchases. This is measured by funded UPB on a rolling basis using the prior 52-week period.

This cap is intended to be temporary and may be revised as needed.


Credit union performance data released

The NCUA has released credit union financial performance data for the first quarter of 2021. The NCUA's Quarterly Data Summary Report indicates that federally insured credit unions reported net income growth of $11.3 billion, or 134.9 percent, over the year ending in the first quarter of 2021. The increase in net income was due in large part to strong growth in other operating income and a decline in the provisioning for loan, lease, and credit loss expenses. Insured shares and deposits rose $286 billion, or 22.4 percent, to $1.56 trillion over the same period.


OCC releases CRA evaluations made public in May

The Office of the Comptroller of the Currency has released a list of 18 Community Reinvestment Act performance evaluations of OCC-supervised institutions that became public in May 2021. Eleven of the evaluations listed were rated Satisfactory. We congratulate the seven institutions that received evaluation ratings of Outstanding:

  • Queensborough National Bank & Trust Company, Louisville, Georgia
  • Presidential Bank, FSB, Bethesda, Maryland
  • Riverwood Bank, Baxter, Minnesota
  • The Vinton County National Bank, McArthur, Ohio
  • First National Bank of Oklahoma, Oklahoma City, Oklahoma
  • Texas National Bank, Mercedes, Texas
  • Hilltop National Bank, Casper, Wyoming
  • 06/04/2021

    CFPB adds FAQs on escrow accounts

    The CFPB has added to its Mortgage Servicing FAQs webpage a set of 23 new FAQs that discuss selected topics relating to escrow accounts under Regulation X. The new FAQs provide a general overview of the escrow account provisions in Regulation X and address topics such as deficiencies, shortages, and surpluses. They were added under four topic groups:

    A current print-friendly version of the Mortgage Servicing FAQs is also available.


    FDIC releases June list of CRA evaluation ratings

    The FDIC has released its June 2021 List of Banks Examined for CRA Compliance. Of the 86 banks listed, 81 received Satisfactory ratings, one received a Needs to Improve rating, and these four banks received Outstanding ratings:


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