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Top Story Lending Related


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.


Agencies in some states eligible for SBA training funding grants

The SBA has announced private organizations, colleges and universities, private sector firms, nonprofit organizations and state, local or tribal governmental agencies across Pennsylvania, Delaware, Washington, D.C., Maryland, Northern California, and Nevada are eligible to apply for funding as Veterans Business Outreach Centers to provide training and counseling to aspiring and existing veteran small business owners.


Agencies publish ECIP investments rule

The Federal Reserve, FDIC and OCC have published [86 FR 15076] their previously announced interim final rule that makes Treasury's investments under the Emergency Capital Investments Program qualify as regulatory capital of insured depository institutions and holding companies.

The rule became effective yesterday, upon its Federal Register publication.


CFPB submits report on FDCPA administration to Congress

The XFPB has released its 2020 annual report to Congress on the administration of the Fair Debt Collection Practices Act (FDCPA). The report highlights efforts by the CFPB and the Federal Trade Commission (FTC) to protect consumers, particularly those who have suffered profound financial impacts due to the COVID-19 pandemic.


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