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  OCC rescinds 2020 CRA ruleThursday, July 22, 2021 The Office of the Comptroller of the Currency (OCC) announced it will propose rescinding the Community Reinvestment Act (CRA) rule issued in May 2020 and finalized June 2020. The agency stated it was committed to working with the Federal Reserve Board and the Federal Deposit Insurance Corp. to issue a joint rulemaking to “strengthen and modernize” the CRA. The decision followed a review initiated by acting Comptroller of the Currency Michael Hsu shortly after he took office. Read on for more details. |
 CFPB enters stipulation regarding Section 1071 NPRThursday, July 22, 2021 The Consumer Financial Protection Bureau entered a stipulation requiring the bureau to issue a notice of proposed rulemaking on the regulations to implement Section 1071 of the Dodd-Frank Act by Sept. 30, 2021. The stipulation and proposed order are related to a case in the U.S. District Court for the Northern District of California. Read on for more details. |
 Process streamlining, talent management top business prioritiesThursday, July 22, 2021 Fannie Mae’s Q2 2021 Mortgage Lender Sentiment Survey showed business process streamlining and talent management are the top priorities in the industry as it moves into a post-pandemic era. Over 200 senior mortgage executives were surveyed to gain a better view of lenders’ most pressing business priorities and challenges. Read on for more details. |
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NCUA charters new credit unionThursday, July 22, 2021 The National Credit Union Administration has granted its second federal credit union charter this year. Community First Fund Credit Union in Lancaster, Pa. is sponsored by Community First Fund, a nonprofit community development financial institution.
Read on for more details. |
Mortgage credit availability decreasedThursday, July 22, 2021 According to the Mortgage Bankers Association’s Mortgage Credit Availability Index, mortgage credit availability decreased in June. Read on for more details.
Economy shifts as inflation risks remainThursday, July 22, 2021 Fannie Mae’s Economic and Strategic Research Group forecasted a shift in the economy as historically high home price growth is expected to moderate. However, the home price growth is still expected to add to overall inflation pressure. Read on for more details.
NCUA charters new credit unionThursday, July 22, 2021 The National Credit Union Administration has granted its second federal credit union charter this year. Community First Fund Credit Union in Lancaster, Pa. is sponsored by Community First Fund, a nonprofit community development financial institution. Read on for more details.
 Adverse market refinance fee eliminatedMonday, July 19, 2021 The Federal Housing Finance Agency (FHFA) has eliminated the adverse market refinance fee put in place during the COVID-19 pandemic for loan deliveries to Fannie Mae and Freddie Mac, effective Aug. 1, 2021. The Mortgage Bankers Association and the Independent Community Bankers of America issued reactions to the decision. To learn why the FHFA eliminated the fee, read on.
 Agencies propose risk management guidance for third-party relationshipsMonday, July 19, 2021 The Office of the Comptroller of the Currency, Federal Reserve Board of Governors, and Federal Deposit Insurance Corp. have issued proposed guidance designed to help banking organizations manage the risks inherent to third-party relationships. It is intended to assist institutions in identifying and addressing risk, including in relationships with fintech-focused entities. Read on for more details.
Amid challenges, housing market expected to remain strongMonday, July 19, 2021 Freddie Mac’s quarterly forecast predicts the market will remain strong through 2021. “Of note, high house price growth has been buoyed by increased demand due to low mortgage rates, disposable after-tax income that has risen during the current recession and a major shortage of housing supply relative to our population,” Sam Khater, Freddie Mac chief economist, said. Read on for more details.
Oklahoma Bankers Association endorses Promontory MortgagePathMonday, July 19, 2021 Promontory MortgagePath, LLC announced its mortgage fulfillment services and proprietary point-of-sale technology called Borrower Wallet has been officially endorsed by the Oklahoma Bankers Association. Read on for more details.
NAMMBA announces partnership with MCTMonday, July 19, 2021 The National Association of Minority Mortgage Bankers of America has partnered with Mortgage Capital Trading to address the housing needs of underserved communities and encourage and develop a more diverse workforce in the mortgage sector. Read on for more details.
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