Here are highlights of the past week's activities. Previous Weekly Rewinds are available on our Resources page.

From the CFPB:
The Recovery of Credit Applications to Pre-Pandemic Levels - The CFPB’s has published an update to the May 2020 report and December 2020 blog regarding the effects of COVID-19 on consumer credit applications, as reflected in credit report inquiries. It examines the different paths of recovery for different types of credit applications. “Prime” and “near-prime” consumers are driving the recovery – but subprime and “deep subprime” consumer applications remain down. (Published July 27, 2021)

From the CSBS:
Model Prudential Standards for Nonbank Mortgage Servicers - The Conference of State Bank Supervisors Board of Directors released model state regulatory prudential standards for nonbank mortgage servicers. “The standards provide states with uniform financial condition and corporate governance requirements for nonbank mortgage servicer regulation while preserving local accountability to consumers.” (Published July 26, 2021)

From the FDIC:
Proposed Call Report Revisions - The FDIC, the Federal Reserve System, and the OCC are requesting comments on proposed revisions to clarify instructions for the reporting of deferred tax assets consistent with a proposed rule on tax allocation agreements (FIL-29-2021), and a new item related to the final rule on SA-CCR (FIL-74-2019). (Published July 26, 2021)

Enforcement Actions: The FDIC issued 14 Orders and one Decision and Order in June 2021. The administrative enforcement actions in those 14 Orders and one Decision and Order consisted of: four Orders to Pay Civil Money Penalties, one Section 19 Application, two Orders Terminating Consent Orders, four Orders of Termination of Insurance, and six Orders of Prohibition from Further Participation.

From the FRS:
LIBOR FAQ's - The Federal Reserve, FDIC, and OCC, published answers to frequently asked questions on the effects that the LIBOR transition will have on regulatory capital instruments. (Published July 29, 2021)

From the NCUA:
21-RA-08 - In a Regulatory Alert, the NCUA reminds federally insured credit unions of a temporary rule amending certain mortgage servicing requirements to assist borrowers affected by COVID-19. The rule applies to servicers that service mortgages secured by a borrower’s principal residence, and does not apply to small servicers. (Published July 26, 2021)

Prohibition Orders - The NCUA issued two prohibition orders in July, for fraudulent loans and misappropriation of member funds.

From the SBA:
Direct PPP Loan Forgiveness Guidance - The Small Business Administration released guidance on how it will accept Paycheck Protection Program loan forgiveness applications directly from borrowers—bypassing the lending institutions—for loans of $150,000 or below. PPP lenders that opt-in to the direct borrower forgiveness program will be provided with a single, secure location for all borrowers with loans of $150,000 or less. Borrowers can apply for loan forgiveness through the platform using the electronic equivalent of SBA Form 3508S. Upon receipt of notice that a borrower has applied for forgiveness through the platform, lenders will review the loan forgiveness application and issue a forgiveness decision to SBA. The forgiveness platform will begin accepting applications from borrowers on Aug. 4, 2021. (Published July 28, 2021)

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