The banking industry is entering a new chapter as the use of technology shifts from optional to mandatory in order to remain relevant in the current global and economic environment. As of July 20, 2020, the FDIC has released a request for information as part of its initiative to promote the efficient and effective adoption […]
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Below, we provide a summary of the recently released 2019 HMDA data, and keys for understanding the importance of these data. The Basics Enacted by Congress in 1975, and implemented by Regulation C, the Home Mortgage Disclosure Act (HMDA) is considered “the most comprehensive, publicly available information on mortgage market activity.” Its purpose is to […]
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As of May 20th, 2020, the Office of the Comptroller of the Currency has finalized a new rule to “strengthen and modernize” its regulations for the Community Reinvestment Act (“CRA”). This final rule is designed to “increase bank CRA-related lending, investment, and services in low- and moderate-income communities where there is significant need for credit, […]
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2019 Public HMDA Data On Wednesday, the FFIEC announced availability of the 2019 public HMDA data: The Federal Financial Institutions Examination Council (FFIEC) today announced the availability of data on 2019 mortgage lending transactions at 5,508 U.S. financial institutions covered by the Home Mortgage Disclosure Act (HMDA). Covered institutions include banks, savings associations, credit unions, […]
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On May 20th, FDIC Chairman Jelena McWilliams announced that the agency would not finalize the proposed rulemaking to modernize the Community Reinvestment Act at this time. The joint proposal also included the Office of the Comptroller of the Currency (OCC) support. The Federal Reserve has not signed on to the proposal. There was not a […]
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The Current Expected Credit Losses standards (CECL) have once again been delayed for an undetermined period of time due to the Coronavirus Pandemic. Despite CECL implementation being pushed down the road again, forecasting credit losses is again front and center. This stems from the uncertainty created by the Pandemic and the nation’s corresponding response. The […]
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The long awaited release of the expanded Home Mortgage Disclosure Act Loan Application Register (HMDA LAR) Data reported by filers in 2018 is now publicly available. These data contain elements that have not been reported by filers before, including critical loan decision attributes as well as specific data concerning loan pricing. In all, there are […]
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Regulatory exams are a way of life in the financial industry. Institutions, especially commercial banks, face examinations on a regular basis from both federal and state agencies. Examinations are generally divided into (2) categories: (a) compliance and (b) safety and soundness. Although frequency varies with the type of examination, the regulatory agency, and the size […]
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The financial crisis of over a decade ago is now behind us. For many, it is not much more than a distant memory. Although the causes and possible preventions have been theorized about and discussed extensively, and will be for future generations, there is no question that the underlying dynamic was the real estate asset […]
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The FDIC released a compliance summary noting key findings and performance of the banks examined in 2018. The report states:
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