On March 19, 2020 the Board of Governors of the Federal Reserve System (Federal Reserve), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) (collectively, the agencies) issued a joint statement of policy regarding CRA Considerations for Coronavirus Activities. The Agencies recognize the potential for Coronavirus Disease (also referred to as COVID-19) to adversely affect the customers and operations of financial institutions. The agencies recognize that such efforts—when
HUD AND FHFA SUSPEND FORECLOSURES AND EVICTIONS
Category: Business Continuity Plan, Compliance Management, Coronavirus
On March 18, 2020, the U.S. Department of Housing and Urban Development (HUD) authorized the Federal Housing Administration (FHA) to suspend foreclosure and evictions for single family homeowners with FHA-insured mortgages for the next 60 days. Similarly, the Federal Housing Finance Agency (FHFA) has directed Fannie Mae and Freddie Mac (the Enterprises) to suspend foreclosures and evictions for at least 60 days for homeowners with an Enterprise-backed single-family mortgage. These actions are in response to
AGENCIES CONTINUE TO ISSUE COVID-19 RESOURCES
Category: Business Continuity Plan, Compliance Management, Coronavirus
As the status of the pandemic changes, banking agencies are continuing to release guidance and resources to help financial institutions meet the needs of consumers while operating in a safe and sound manner. We will do our best to keep you informed as information is released. In a previous post, we provided you with guidance from the OCC and FDIC encouraging banks to work with customers affected by COVID-19. Below are additional resources that were
On Friday, March 13, 2020, the OCC issued OCC Bulletin 2020-15 and the FDIC issued FIL-17-2020 encouraging banks to take steps to meet the financial services needs of customers affected by Coronavirus (COVID-19) related issues. Both agencies provide information on steps banks can take to assist customers and communities, way the Agencies will help reduce burden on banks, and note all efforts must be consistent with safe and sound banking practices and applicable laws. Notable
CFPB EXPANDS HMDA FAQS
Category: CFPB, HMDA, Regulation C
On March 6, 2020 the Consumer Financial Protection Bureau added a new question and answer to its Home Mortgage Disclosure Act FAQs. The new Question 7. appears under the heading Ethnicity, Race, and Sex and § 1003.4(a)(10)(i) Question: If a natural person applicant submits a mail, internet, or telephone application under Regulation C but does not provide race, ethnicity, or sex information, what should the financial institution report regarding whether this information was collected on
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