News By Edition

The Consumer Financial Protection Bureau released its supervisory highlights from the prioritized assessments conducted during the COVID-19 pandemic.

According to the report, the bureau used its supervision program to analyze pandemic-related market developments and determine issues most likely to pose risks to consumers. Markets included student loan servicing, consumer reporting and furnishing, debt collection, and small-business lending.

For details from the report, read on.

With the issues brought on by the pandemic, financial technology (fintech) companies have had the opportunity to step up their game and assist the industry in its sudden need to join the digital age.

Read on to learn more.

According the Fannie Mae’s economic and strategic research group, the U.S. economy is expected to grow 6.7 percent this year, up from last month’s forecast.

“If 2020 was the year of the virus, then 2021 will more than likely be the year of the vaccine,” Fannie Mae Senior Vice President and Chief Economist Doug Duncan said.

Read on for more details.

The Federal Deposit Insurance Corp. named its first chief innovation officer, tasked with promoting the adoption of innovative technologies across the financial services sector.

The agency also appointed a new deputy to the chairman for external affairs and director of the office of minority and women inclusion.

To learn more about these new team members, read on.

The Federal Housing Finance Agency released the 2021 scorecard for Fannie Mae, Freddie Mac (the Enterprises), and Common Securitization Solutions.

The scorecard requires the Enterprises to develop a plan to resolve business in the event they were to be placed in receivership and demonstrate how they would preserve their core businesses without disruption to housing and finance markets.

Read on for more details.

Freddie Mac announced nine 2020 Servicer Honors and Rewards Program winners.

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The Mortgage Bankers Association builder application survey for January showed an increase compared to the applications for last January and for December 2020.

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The U.S. Government Accountability Office released its audit of the Federal Deposit Insurance Corp.

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The Mortgage Bankers Association and 350 housing organizations sent a letter to Congress addressing additional homeowner assistance during the ongoing COVID-19 pandemic.

Their suggestions included $25 billion for direct assistance to homeowners experiencing hardships related to the crisis. The proposed amount also called for at least $100 million for housing counseling and almost $40 million for the Fair Housing Initiatives Program.

Read on for more details. 

The Office of the Comptroller of the Currency (OCC) has conditionally approved the Protego Trust Co.’s conversion to the Protego Trust Bank (PTBNA).

“As its core product offering, PTBNA will provide cryptocurrency custody services in a fiduciary capacity for its clients by holding the unique cryptographic keys associated with bitcoin and Ethereum,” the OCC’s approval letter stated.

For details on the conversion, read on.

The Federal Housing Finance Agency (FHFA) announced Fannie Mae and Freddie Mac have extended the foreclosure and real estate owned eviction moratoriums until March 31, 2021. The current moratoriums were set to expire at the end of February.

The FHFA is expecting the Enterprises to bear $1.5 billion to $2 billion in expenses in relation to the moratoriums.

Read on for more details.

Acopia LLC, a residential mortgage lender in Goodlettsville, Tenn., has appointed a new president.

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Florida-based Cloudstar has launched a new mortgage and fintech consulting department.

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The National Credit Union Administration issued a letter to boards of directors and CEOs announcing the deadline to file required Home Mortgage Disclosure Act reports.

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The Federal Trade Commission penned a letter to the Consumer Financial Protection Bureau (CFPB) containing a summary of the commission’s activities in 2020 enforcing the Equal Credit Opportunity Act.

Among the activities highlighted was an amici curiae brief filed in a case against Capital One and a response to a CFPB request for information regarding small-business lending.

Read on for more details.

The Independent Community Bankers of America (ICBA) wrote an open letter to Congress containing its 2021 community bank policy agenda.

“A thriving community banking industry is critical to restoring jobs, creating economic opportunity for all, and realizing our economic potential as a nation,” ICBA President and CEO Rebeca Romero Rainey wrote.

For highlights from the letter, read on.

Promontory MortgagePath LLC, a provider of digital mortgage and tech-driven fulfillment solutions, has hired a chief financial officer.

The new addition to the executive team is a financial industry veteran who has worked with publicly held and private companies of varying sizes to achieve financial targets and operational excellence.

Read on for more details.

The Independent Community Bankers of America (ICBA) has hired a new vice president, relationship manager to help ICBA Bancard clients in its eastern territory.

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Freddie Mac research showed the population between 2017-2019 grew in the South and the West faster than in the Northeast and Midwest.

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Fairway Independent Mortgage Corp. donated $1 million to the Mortgage Bankers Association Open Doors Foundation.

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The Office of the Comptroller of the Currency has finalized a rule to ensure fair access to banking services provided by large national banks, federal savings associations, and federal branches and agencies of foreign bank organizations.

The rule codifies previous agency guidance stating these entities should conduct risk assessment of customers on an individual basis, rather than making broad-sweeping decisions.

Read on for more details.

Cherry Creek Mortgage, a full-service mortgage provider, has promoted its vice president of compliance to chief compliance officer (COO). The addition to their executive team brings 20 years of experience with her.

The new COO is the youngest female president of the Colorado Mortgage Lenders Association and is a member of the Mortgage Bankers Association legal issues and regulatory compliance committee.

Read on for more details.

LoanLogics has launched a new HMDA software for lenders.

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The Federal Housing Finance Agency announced it has hired new general counsel, replacing Alfred Pollard, who will retire from the agency at the end of March.

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The National Credit Union Administration has a new chief of staff.

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The U.S Small Business Administration is working to improve the first draw Paycheck Protection Program loan review. The agency said this should give small businesses more time to access needed funds to keep doors open and employees on payroll.

The Biden administration is working with the agency to find solutions to quickly address eligibility, compliance, integrity issues and promote transparency.

Read on for more details. 

In a letter to boards of directors and CEOs, the National Credit Union Administration (NCUA) outlined the agency’s supervisory priorities for 2021.

“The NCUA remains committed to focusing its examination activities on the areas that pose the highest risk to the credit union industry and the National Credit Union Share Insurance Fund,” NCUA Chairman Rodney Hood wrote in the letter.

For highlights from the letter, read on.

Fannie Mae hired one of its board members as an executive vice president and chief risk officer.

This new addition brings over 30 years of experience in financial services and more than 20 years in risk management to the position, their resume including companies such as GE Capital and Wells Fargo.

Read on for more details.

Prior to her confirmation hearing for the position of Secretary of the Department of Housing and Urban Development, the Mortgage Bankers Association wrote a letter to the Senate committee on banking, housing, and urban affairs supporting Marcia Fudge.

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The Independent Community Bankers of America has announced its nominees for its 2021-2022 board of directors. 

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The Consumer Financial Protection Bureau, the National Credit Union Administration, and the Office of the Comptroller of the Currency have finalized their rules on the role of supervisory guidance.

Read on for more details. 

Fannie Mae’s economic and strategic research group expects the U.S. economy to grow in 2021, with a strong pickup over the spring months.

“COVID-19 remains the dominant force altering the path of the economy through the behaviors of people, businesses and policy makers,” Doug Duncan, Fannie Mae senior vice president and chief economist, said. “Therefore, the best policy for economic recovery is the broad distribution of an effective vaccine, which is underway.”

Read on for more details.

The Consumer Financial Protection Bureau has issued a final rule to exempt certain insured depository institutions and insured credit unions from the requirement to establish escrow accounts for certain higher-price mortgage loans.

The rule is in accordance with an Economic Growth, Regulatory Relief, and Consumer Protection Act requirement.

Read on to learn about the exemption requirements.

Freddie Mac’s multifamily business set a new record for loan purchase and guarantee volume in 2020, providing support in a volatile, COVID-19 market.

“The fact that we hit a record in the midst of a pandemic shows our commitment to be a consistent source of debt financing for multifamily operators in both good times and bad,” Debby Jenkins, Freddie Mac executive vice president and head of multifamily, said.

Read on for more details.

The Federal Housing Finance Agency and the U.S. Department of the Treasury announced amendments to the preferred stock purchase agreements that will allow Fannie Mae and Freddie Mac to continue to retain earnings until they satisfy the 2020 capital rule requirements.

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The Nation Credit Union Administration board has selected new general counsel and a new board secretary.

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The Federal Housing Finance Agency has issued a request for input regarding the current and future climate and national disaster risk to regulated entities.

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The Office of the Comptroller of the Currency (OCC) has issued a letter stating national banks and federal savings associations may participate in independent node verification networks (INVNs) and use stablecoins.

“Engaging in INVN within the federal banking system may enhance the efficiency, effectiveness, and stability of payments activities and achieve the benefits of real-time payments already enjoyed in other countries,” the OCC said.

Read on for more details.

In a letter to boards of directors and CEOs, Rodney Hood, chair of the National Credit Union Administration, encouraged credit unions to expand their services.

Read on for more details.

The Federal Deposit Insurance Corp. (FDIC) has issued a study on the state of the nation’s community banks.

“The FDIC recognizes the critical role community banks play in providing loan and deposit services to customers throughout the United States,” FDIC Chairman Jelena McWilliams said. “By continuing to study community banks, the FDIC can provide support to these institutions and the communities they serve.”

Read on for more details.