Items Tagged with 'Community Reinvestment Act'

ARTICLES

  • Urban Institute urges CFPB to release more data on multifamily lending

    Says expanded reporting will encourage more low- to moderate-income lending
    Multifamily lenders are required by the Home Mortgage Disclosures Act to report data to regulators on the number of units in a property, including the number if rent-restricted units. But the CFPB doesn’t share all of this data with the public, and the Urban Institute says this is a roadblock to understanding how well a lender is serving its community.
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  • Trump administration considering changes to Community Reinvestment Act

    OCC invites comments on how to “modernize” CRA regulations
    The Trump administration is considering making changes to the Community Reinvestment Act, the federal law that requires banks to meet the credit needs of all communities they serve, including low- and moderate-income neighborhoods. The Office of the Comptroller of the Currency announced Tuesday that it is looking to “modernize” the CRA and wants public comments on how best to do so.
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  • Hey regulators, let’s fix the Community Reinvestment Act

    It’s time to make CRA more effective in the 21st century banking system
    The Community Reinvestment Act is important to provide fair access to credit and investment, and many financial institutions agree it’s an important tool in their business strategy. But current guidelines render it ineffective, and it’s time regulators institute much-needed change.
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  • Feds announce 2017 list of distressed, underserved non-metro areas

    Banks can receive Community Reinvestment Act credit for working in these areas
    On Wednesday, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency announced the 2017 list of distressed or underserved non-metro areas where banks can receive Community Reinvestment Act credit for certain activities.
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  • Wells Fargo fails fair lending test due to "discriminatory and illegal" credit practices

    Bank’s Community Reinvestment Act rating lowered to "Needs to Improve"
    Late last year, as the fallout from the fake account scandal at Wells Fargo was still in full force, rumors began to circulate that the bank could be facing another regulatory smackdown due to reportedly failing to meet its requirements under the Community Reinvestment Act. And Tuesday, the other shoe dropped, as the bank disclosed that it did indeed fail to meet its CRA requirements.
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  • More trouble for Wells Fargo as bank reportedly fails fair lending requirement

    Reuters reports that bank ran afoul of Community Reinvestment Act
    The dark clouds surrounding Wells Fargo are about to get a lot darker, as the bank, which is already in hot water over its recent fake account scandal, is reportedly falling short in its fair lending requirements and faces additional sanctions. Click through for the full story.
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  • Resitrader launches whole loan mortgage trading platform

    Will initially focus on Community Reinvestment Act-eligible loans
    Resitrader, a provider of whole loan mortgage trade management software, announced the launch of an online marketplace that will allow originators, banks, servicers, brokers and financial advisors to exchange loan data, documents and pricing information in order to buy and sell whole loans.
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  • Lenders determine risk appetite

    Federal agencies give guidance on CRA, QM, non-QM standards
    Federal regulators and lenders are communicating back and forth to discuss how to deal with qualified mortgages and non-qualified mortgages in relation to the Community Reinvestment Act.
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