(And happy Father's Day this Sunday.)
Here are highlights of the past week's activities. Previous Weekly Rewinds are available on our Resources page.
The passage of Senate Bill 475 - Juneteenth National Independence Day Act adds June 19th to the list of legal public holidays under 5 U.S.C. 6103. As a result, June 19th will not count as a business day for rescission purposes; the
mailbox rule; or be counted in connection with wait times associated with the Loan Estimate, Closing Disclosure, Escrow Account Cancellation Notice, or High-Cost Mortgage Disclosures.
From the CFPB:
Spring 2021 Rulemaking Agenda
- The CFPB and other agencies published the rulemaking agenda, which includes small business lending data, availability of electronic consumer financial account data, facilitating transition away from LIBOR index, and other topics. (Published June 11, 2021)
Military Lending Act Examinations
- The CFPB issued an interpretive rule that explains the basis for its authority to examine supervised financial institutions for risks to active duty servicemembers and their dependents (i.e. military borrowers) from conduct that violates the Military Lending Act. (Published June 16, 2021)
CFPB Policy Fellowship
- The CFPB is seeking to enhance its expertise on the markets for consumer financial products and services that affect American consumers today, particularly vulnerable consumers. To achieve this goal, the CFPB is launching the CFPB Policy Fellowship. CFPB Policy Fellows will develop new policies and strategies that support the Bureau’s mission to ensure that the markets for consumer financial services are fair, transparent, and competitive. CFPB Policy Fellows are term-limited appointments. The CFPB Policy Fellowship offers two tracks (a ‘Markets & Policy’ track and an ‘Engagement & Policy’ track) for skilled experts from the financial services industry, consumer organizations, and other public, private, or non-profit backgrounds interested in making an impact on the CFPB’s mission. Opportunities are available at a variety of levels, from mid-career professionals to seasoned policy experts. (Published June 17, 2021)
Credit Account Delinquencies
- New delinquencies for auto loans and credit cards began to rise in the second half of 2020, but remained at or below pre-pandemic levels as of March 2021. (Published June 16, 2021)
Money Smart for Older Adults
- The CFPB updated the Money Smart for Older Adults Resource Guide. The Guide is available free from the CFPB online. It includes information on common frauds, scams, and other forms of elder financial exploitation and suggests steps that older people and their caregivers can take to avoid being targeted or victimized. (Published June 15, 2021)
From the FDIC:
FDITECH Launches Tech Sprint to Reach More Unbanked People
- The FDIC‘s tech lab, FDITECH, is launching a first-of-its-kind tech sprint by challenging participants to identify better resources and tools to help banks get unbanked households into the banking system and keep them banked. Banks, non-profit organizations, academic institutions, private sector companies, and others are invited to participate. (Published June 16, 2021)
- The latest issue of the Quarterly Banking Profile includes focus articles on the relationship between net interest margins, short term interest rates, and residential lending during the pandemic. (Published June 17, 2021)
From the FFIEC:
HMDA Data Publication
- The Federal Financial Institutions Examination Council announced the availability of data on 2020 mortgage lending transactions at 4,475 U.S. financial institutions reported under the Home Mortgage Disclosure Act (HMDA). The HMDA Maps Tool is available here
. Covered institutions include banks, savings associations, credit unions, and mortgage companies. (Published 06/17/2021)
From the FRS:
Financial Accounts of the United States
- U.S. households’ net worth rose to about $136.9 trillion in the first quarter of 2021, while household debt grew by a seasonally adjusted 6.5%. (Published June 10, 2021)
- The Committee seeks to achieve maximum employment and inflation at a rate of 2 percent over the longer run. With inflation having run consistently below this longer-run goal, the Committee will aim to achieve inflation moderately above 2 percent for some time so that inflation averages 2 percent over time and longer‑term inflation expectations remain well anchored at 2 percent. (Published June 16, 2021)
From the FTC:
From the OCC:
- The OCC released its latest actions including a Civil Money Penalty against a bank employee for using approximately $250,000 of the bank's loans-in-process suspense account for their own benefit. (Published June 17, 2021)
From the Idaho Department of Finance:
- The Idaho Department of Finance, in conjunction with the Idaho Scam Jam Alliance announced the second virtual fraud and identity theft webinar series July 7th and 13th from 10:00-11:30am MDT via Zoom. This two-day series is an educational and interactive forum where attendees will learn how to recognize and avoid increasingly complex scams trending in Idaho and nationwide.
Topics related to scam recognition and prevention will be discussed by experts from the Boise Police Department, Idaho Legal Aid, the Idaho Attorney General’s Office, the Better Business Bureau, SHIBA, the Idaho Commission on Aging, the Family Caregiver Navigator Program, the US Postal Inspector, the AARP, and the Idaho Department of Finance.
- OSHA updated Guidance on Mitigating and Preventing the Spread of COVID-19 in the Workplace. The Guidance states "...most employers no longer need to take steps to protect their fully vaccinated workers who are not otherwise at-risk from COVID-19 exposure." Institutions still need to follow local and state requirements. (Published June 10, 2021)
Homeownership in America
- The American Bankers Association released an infographic presentation regarding gaps in homeownership rates and barriers faced by younger generations and communities of color in trying to own a home.