Archive

INTERAGENCY LENDING PRINCIPLES FOR OFFERING RESPONSIBLE SMALL-DOLLAR LOANS

On May 20, 2020 the Federal Reserve Board, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency and the National Credit Union Administration jointly issued the Interagency Lending Principles for Offering Responsible Small-Dollar Loans. The agencies: Recognize the important role that responsibly offered small-dollar loans can play in helping customers meet their ongoing needs for credit from temporary cash-flow imbalances, unexpected expenses, or income shortfalls, including during periods of economic stress, […]

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SO WHERE IS CRA HEADED NOW?

News has been leaking all week, now it is official: The Office of the Comptroller of the Currency (OCC) is publishing a final Community Reinvestment Act (CRA) rule today; Comptroller of the Currency Joseph Otting is resigning tomorrow; and The Federal Deposit Insurance Corporation is not joining the final CRA rule at this time. That leaves many unanswered questions, including what happens next to CRA? […]

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AGENCIES DEFER APPRAISALS

On April 14, 2020 the Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation,  Office of the Comptroller of the Currency,  National Credit Union Administration,  and the Consumer Financial Protection Bureau (jointly, the agencies) issued an interim final rule to temporarily defer real estate-related appraisals and evaluations under the interagency appraisal regulations. The agencies are providing this temporary relief to allow regulated institutions to extend financing to creditworthy households and businesses quickly […]

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AGENCY CRA MANEUVERS

There has been recent activity on the proposed Community Reinvestment Act (CRA) regulations, but it is not clear whether the process is moving in a positive direction or not. Brainard Explains FRB Position The Federal Reserve Board (FRB) decided not to join the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Company (FDIC) in issuing the proposed revisions to the CRA regulations. On January 8, 2020 FRB Governor Lael Brainard […]

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