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Industry News

Top Bank Regulators to Modernize Community Lending Rules

On July 20, in a joint statement the Office of the Comptroller of the Currency (OCC), Federal Reserve, and Federal Deposit Insurance Corporation announced plans for interagency rulemaking to modernize the Community Reinvestment Act (CRA).

Industry News

Yellen Expected to Press for Global Minimum Tax Rate Higher Than 15%

Reuters reports U.S. Treasury Secretary Janet Yellen is expected to push for a global minimum corporate tax rate above the 15% that was previously agreed to by 130 countries last week. The deal is widely expected to be endorsed by G20 finance leaders when they meet this weekend in Venice, Italy for the International Conference on Climate.

Industry News

New Data Shows Reduction in Complaints to CFPB

On July 1, the CFPB issued a bulletin highlighting consumer complaints related largely to evictions and federal student loans. The new data shows a significant reduction in the number of complaints filed with the CFPB signaling that government actions in the form of stimulus checks, eviction moratorium, and forbearance programs have aided struggling Americans during the pandemic.

Industry News

Student Loan Servicers Likely to Face Tightening Standards

Student loan servicers are expected to face increased supervision and accountability from the Consumer Financial Protection Bureau (CFPB). Many market observers believe Rohit Chopra will likely tighten standards on servicers once confirmed by the Senate to lead the CFPB.

Industry News

House Adopts Senate Joint Resolution 15 Repealing the OCC True Lender Rule

On June 24, the House of Representatives voted 218-208 along a largely party line vote to approve Senate Joint Resolution 15 (S.J. Res 15), which invokes the Congressional Review Act (CRA) to repeal the Office of the Comptroller of the Currency’s (OCC) 2020 “True Lender” Rule. While SFA believes the True Lender Rule should be revised to include explicit guardrails to prohibit high-cost lending partnerships, SFA opposed Congress’ use of the CRA to address it.

Industry News

CFPB Pushes to Keep NCSLT Student Loan Case Alive in Delaware

Law360 writes that the Consumer Financial Protection Bureau filed a revised complaint, arguing against a second (and final) dismissal by the federal judge overseeing the case. The original dismissal was based on the unconstitutionality of the structure of the CFPB at the time the enforcement action was brought.

Industry News

Powell Says Fed Will Not Set Climate Policy

On June 4, during an online forum on climate related finance, the Federal Reserve (Fed) Chairman Jerome Powell stated that climate change is not a main factor the central bank considers when it comes to establishing monetary policy. Instead, Powell believes the role falls to the private sector and elected officials. In recent months, the Fed has taken a more active role in climate change, with the creation of two internal committees aimed at exploring the issue.

Industry News

White House Budget Seeks Funding Increase for CDFIs and Affordable Housing

On May 28, the Biden Administration unveiled its $6 trillion budget for 2022. The proposal will nearly double funding for the Treasury Department, the Department of Housing and Urban Development and the Small Business Administration.

Industry News

OCC to Reconsider Community Reinvestment Act Changes

On May 18, the Office of the Comptroller of the Currency (OCC) announced it is halting the implementation of the June 2020 rule governing the Community Reinvestment Act.

Industry News

Powell Signals Support for CRA Reform

On May 3, Federal Reserve (Fed) Chair Jerome Powell urged Congress to consider expanding the scope of the Community Reinvestment Act (CRA) to include non-depository institutions. For any reform to occur, the CRA, which sets rules on bank lending in low-income communities, would need authorization from lawmakers.