On July 18, the Federal Housing Finance Agency (“FHFA”) announced the launch of a new Office of Financial Technology with the goal of advancing effective risk management as it evaluates fintech developments in the housing finance space. The FHFA also issued a request for information (“RFI”) seeking public input on how to facilitate responsible innovation
Federal Agencies
Treasury seeks comments on digital assets, including opportunities and risks for consumers
By Peter D. Hardy on
Posted in Digital Assets, Federal Agencies
On July 8, with limited fanfare, the Department of Treasury issued a request for public comment regarding the March 9, 2022 Executive Order entitled “Ensuring Responsible Innovation in Digital Assets” (the “Order”). The request for comment poses five core questions, each with multiple subparts, on a spectrum of topics of great complexity. Nonetheless, the request for…
CFPB, federal banking agencies, and other federal agencies issue Interagency Statement on Special Purpose Credit Programs Under the Equal Credit Opportunity Act and Regulation B
Yesterday, eight federal agencies joined together to issue an “Interagency Statement on Special Purpose Credit Programs Under the Equal Credit Opportunity Act and Regulation B” (Interagency Statement). The agencies consist of the CFPB, FDIC, OCC, Federal Reserve Board, NCUA, HUD, DOJ, and FHFA. The Interagency Statement indicates that it is intended “to remind…
This week’s podcast: A look at the enforcement challenges facing lenders arising out of the federal paycheck protection lending program (PPP), with special guest Louis Bruno, a partner in EisnerAmper’s advisory practice
By Barbara S. Mishkin on
In this podcast, we discuss: the compliance challenges that could give rise to enforcement actions against PPP lenders and current and potential future investigatory activity; fair lending guidance for PPP lenders, key fair lending risks, and steps to mitigate fair lending risk; the status of examinations and reviews related to PPP loans; sources of compliance…
FFIEC issues updated guidance on authentication and access
By Ballard CFS Group on
Posted in Data Security, Federal Agencies
The Federal Financial Institutions Examination Council (FFIEC) has issued new guidance on authentication and access titled, “Authentication and Access to Financial Institution Services and Systems” (Guidance.) The Guidance is intended to provide financial institutions with examples of effective risk management principles and practices for access and authentication.
The Guidance contains risk management principles…
Fannie Mae to consider rental payment history in underwriting decisions
By Ballard CFS Group on
Posted in Federal Agencies, Mortgages
The Federal Housing Finance Agency announced this week that Fannie Mae will consider a loan applicant’s rental payment history in making underwriting decisions. According to the FHFA, the change was made as a means of expanding credit access.
The FHFA’s announcement is yet another example of the growing use of alternative data by creditors in…
This week’s podcast: Part II of our discussion with special Guest Thomas Vartanian, author of the recently-published book, “200 Years of American Financial Panics: Crashes, Recessions, Depressions, And the Technology That Will Change It All”
By Barbara S. Mishkin on
Posted in Federal Agencies, Regulatory and Enforcement
Tom Vartanian is a former federal banking regulator and law professor. In Part II of this two-part podcast, we discuss technology’s impact on the banking system, how a new cyberspace infrastructure can increase security, the current financial conditions that could spark the next financial crisis, cryptocurrency’s role in building new networks for the creation and…
This week’s podcast: A discussion with special guest Thomas Vartanian, author of the recently-published book, “200 Years of American Financial Panics: Crashes, Recessions, Depressions, And the Technology That Will Change It All”
By Barbara S. Mishkin on
Posted in Federal Agencies, Regulatory and Enforcement
Tom Vartanian is a former federal banking regulator and law professor. In Part I of this two-part podcast, we discuss the government policies that have contributed to or caused the financial crises faced by the U.S. over the past 200 years, how the consumer financial services industry can benefit from smarter regulation and a principles-based…
Federal agencies consider requiring reporting of computer security incidents
By Philip N. Yannella, Kim Phan & Sarah B. Dannecker on
On December 18, 2020, the Office of the Comptroller of the Current (OCC), Federal Reserve Board (FRB), and Federal Deposit Insurance Corporation (FDIC) announced an interagency notice of proposed rulemaking that would require supervised banking organizations to provide notification of significant computer security incidents to their primary federal regulator. Under the proposed rule, for incidents…
Financial Institution Regulators Address Financial Inclusion, Expansion of Access to Credit, and Further Consumer Protection from Discrimination
By Lori J. Sommerfield on
Since early June 2020 when cries for racial justice resulted in a period of social unrest in the U.S., federal and state financial institution regulators have taken meaningful, proactive steps to acknowledge financial inequality issues, reach out to traditionally underserved populations to expand access to credit, and further protect consumers from discrimination. While it remains…