President Trump has signed an Executive Order establishing the “White House Council on Eliminating Regulatory Barriers to Affordable Housing.”

The Consumer Financial Protection Bureau and the Federal Reserve Board today jointly published amendments to Regulation CC that implement a statutory requirement to adjust for inflation the amount of funds depository institutions must make available to their customers; the compliance date for the adjusted amounts is July 1, 2020.

This bulletin rescinds OCC Bulletin 2017-28 and is highlighting core lending principles in relation to programs to revitalize distressed communities.

FHFA has published a correction to the Uniform Mortgage-Backed Security filed March 5, 2019, to correct misstatements regarding servicer performance on quarterly Prepayment Monitoring Reports (PMRs). The corrected final rule is effective June 18 2019.

The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency have published the 2019 list of distressed or underserved nonmetropolitan middle-income geographies for CRA consideration.

Bloomberg--Austin Weinstein

FHFA is asking Congress for the passage of housing-finance reform that privatizes Fannie Mae and Freddie Mac.

Ballard Spahr LLP--Stacy H. Rubin

The FTC has rescinded several FCRA model forms and disclosures due to the CFPB issuing its own model forms and disclosures.

DS News--The Senate Banking Committee met yesterday and discussions included federal privacy law and possible changes to include the FCRA to provide real controls over personal information.

The CFPB has issued a final rule delaying the compliance date for the mandatory underwriting provisions of the 2017 Payday Lending Rule from August 19, 2019 to November 19, 2020.

June 5, 2019

Press Release

Media Contact: Greg Hernandez (202) 898-6984 ghernandez@fdic.gov

FDIC Issues List of Banks Examined for CRA Compliance

The Federal Deposit Insurance Corporation (FDIC) today issued its list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA).  The list covers evaluation ratings that the FDIC assigned to institutions in March 2019. 

The CRA is a 1977 law intended to encourage insured banks and thrifts to meet local credit needs, including those of low- and moderate-income neighborhoods, consistent with safe and sound operations.  As part of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA), Congress mandated the public disclosure of an evaluation and rating for each bank or thrift that undergoes a CRA examination on or after July 1, 1990.

A consolidated list of all state nonmember banks whose evaluations have been made publicly available since July 1, 1990, including the rating for each bank, can be obtained at www.fdic.gov or from the FDIC's Public Information Center, 3501 Fairfax Drive, Room E-1002, Arlington, VA 22226 (877-275-3342 or 703-562-2200).

A copy of an individual bank's CRA evaluation is available directly from the bank, which is required by law to make the material available upon request, or from the FDIC's Public Information Center.

Read the List

Ballard Sparh LLP--Richard J. Andreano, Jr

On June 3, 2019 the United States House of Representatives approved H.R. 2157, which provides for aid to address the consequences of various natural disasters and also includes an extension of the National Flood Insurance Program (NFIP) until September 30, 2019. 

Reviewing these questions and answers is not a substitute for reviewing TILA, RESPA, Regulation Z, or its official interpretations (also known as the commentary).