Regulatory updates summarized for compliance experts.
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NCUA Issues Guidance on Navigating PPP Programs
Navigating Homeowner Protection Programs – The NCUA issued 21-CU-09, Navigating and Understanding the End of Pandemic-Era Homeowner Protection Programs which provides credit union lenders and mortgage servicers with critical information for compliance with changes to these pandemic-era protection programs. (Published September 27, 2021)
NCUA Issues Prohibition Orders
Prohibition Orders – The National Credit Union Administration issued two prohibition orders and two notices of prohibition in September. (Published September 30, 2021)
PPP Fraud – Two former bank employees were charged with conspiracy to commit bank fraud and wire fraud in connection with a scheme to fraudulently obtain more than $3 million from the PPP and EIDL programs. (Published September 24, 2021)
News from the CFPB
Credit Card Market – This edition of the CFPB’s biennial report states that the growth in credit card market reversed in 2020. The report also said that more than 25 million consumer credit card accounts representing approximately $68 billion in outstanding credit card debt entered relief programs in 2020, which is vastly higher than in prior years. (Published September 29, 2021)
News from the OCC
Mortgage Metrics Report – The Report shows that 95.0 percent of mortgages included in the report were current and performing at the end of the second quarter of 2021 compared to 91.1 percent at the end of the second quarter of 2020. The second quarter of 2020 was the first full quarter of the COVID-19 pandemic. The percentage of seriously delinquent mortgages—mortgages that are 60 or more days past due and all mortgages held by bankrupt borrowers whose payments are 30 or more days past due—was 3.8 percent in the second quarter of 2021, compared to 4.6 percent in the prior quarter and 6.8 percent a year ago. (Published September 28, 2021)