FDIC to Increase Scrutiny on Commercial Real Estate Loans
Citing macroeconomic volatility, the Federal Deposit Insurance Corporation (FDIC) announced that its next test cycle will focus on “newer CRE credits, credits within stressed sub-categories and geographies, and credits with payments vulnerable to rising rates and rising costs.”
OCC Seeks Comment of FFIEC’s Cybersecurity Assessment Tool Renewal
The Office of the Comptroller of Currency (OCC) is soliciting feedback on the renewal of the Federal Financial Institutions Examination Council’s (FFIEC) Cybersecurity Assessment Tool. The tool was developed to assist financial institutions in assessing their cyber risks and risk management capabilities.
CFPB to Hold Technical Implementation Meeting on 1071 Reporting
The Consumer Financial Protection Bureau (CFPB) will hold a virtual meeting regarding technical implementation of the Dodd-Frank Act Section 1071 which relates to small business lending data collection. The meeting is geared toward in-house bank technologists or providers that provide compliance software to banks. The meeting Aug. 19 at noon CDT.
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PPP, EIDL Statute of Limitations Extended
Last week, President Biden signed two bills that would extend the length of time for prosecutors to bring fraud charges against fintechs, as they have for banks, in cases tied to COVID-19 relief loan applications.
Servicers' Fair Lending Data Collection Expanding
Fannie Mae and Freddie Mac will require Servicers to obtain and maintain borrowers' age, race, ethnicity, gender and preferred language. The data will transfer with servicing throughout the term of the mortgage.
CFPB: Consumer Finance Laws Apply to Digital Marketers
In an interpretive rule released today, the Consumer Financial Protection Bureau (CFPB) said digital marketing companies involved in the identification or selection of prospective financial services customers are not exempt from federal consumer finance laws.
Eliminating Late Fee 'Safe Harbor' Could Harm Consumers
Late fees for financial products, when charged appropriately, incentivize timely payment and good financial management, the ABA and three other financial trade groups told the CFPB in response to a recent request for information.
Read the Letter