Joint Agency Proposals

OCC, Federal Reserve and FDIC seek comments on amendments to CRA regulations. The OCC, the Board of Governors of the Federal Reserve System, and the FDIC issued a joint notice of a proposed rule that would amend definitions of “home mortgage loan” and “consumer loan” in their regulations implementing the CRA to adapt to recent changes made by the CFPB to Regulation C, which implements the Home Mortgage Disclosure Act. The proposed rule would also amend the CRA public file content requirements for consistency with Regulation C, make technical amendments to remove cross references related to the proposed amended definitions, and remove an obsolete reference to the Neighborhood Stabilization Program. Comments on the proposal must be submitted on or before October 20, 2017. (9/22/2017)


OCC’s Noreika discusses online lending and responsible innovation. Acting Comptroller of the Currency Keith A. Noreika discussed online lending and responsible innovation at the 2017 Online Lending Policy Summit. (9/25/2017)

OCC to hold public Meeting of Mutual Savings Association Advisory Committee in October. The OCC announced that its Mutual Savings Association Advisory Committee will hold a public meeting on October 17, 2017, to discuss regulatory changes and other issues of interest to mutual savings associations. Written statements to the MSAAC should be submitted by October 10, 2017. (9/21/2017)

Host State Loan-to-Deposit Ratios made public. The OCC, the Board of Governors of the Federal Reserve System, and the FDIC announced that they have made public the host state loan-to-deposit ratios used to determine compliance with Sec. 109 of the Riegle–Neal Interstate Banking and Branching Efficiency Act of 1994. (9/20/2017)

OCC hosting Compliance and Operational Risk workshops in San Diego. The OCC announced that it will host two workshops in San Diego at the Holiday Inn San Diego-Bayside, October 24 and 25, for directors of national community banks and federal savings associations supervised by the OCC. The October 24 Compliance Risk workshop combines lectures, discussion, and exercises on the critical elements of an effective compliance risk management program. The workshop also focuses on major compliance risks and critical regulations. The October 25 Operational Risk workshop focuses on the key components of operational risk and will cover governance, third-party risk, vendor management, and cybersecurity. (9/13/2017)


Final rule amends ethnicity and race information collection requirements under Regulation B. The CFPB announced that it has published a final rule that amends Regulation B, which implements the ECOA, to provide mortgage lenders flexibility in complying with Regulation B’s requirements to collect information about an applicant’s race and ethnicity for certain mortgage applications. The amendments will enable compliance with Regulation C and transition to the 2016 Uniform Residential Loan Application by permitting Regulation B lenders to collect information about an applicant’s race and ethnicity information using either the aggregate ethnicity and race categories or disaggregated ethnicity and race categories and subcategories. The rule will become effective on January 1, 2018, while form amendments removing the existing “Uniform Residential Loan Application” will become effective on January 1, 2022. (9/20/2017)

Guidance proposed on disclosure of loan-level HMDA data. The CFPB requested comments on proposed policy guidance that would describe modifications that it intends to apply to the loan-level HMDA data that financial institutions will report under Regulation C before the data is disclosed to the public beginning in 2019. The modifications would exclude certain data fields in an effort to protect consumers’ privacy. Comments must be submitted within 60 days of publication in the Federal Register, which is expected shortly. (9/20/2017)

CFPB announces first-ever no-action letter. The CFPB announced a no-action letter issued to Upstart Network, Inc., a company that uses alternative data in making credit and pricing decisions. As a condition of the no-action letter, Upstart will regularly report lending and compliance information to the CFPB to mitigate risk to consumers and aid the CFPB’s understanding of the real-world impact of alternative data on lending decision-making. (9/14/2017) See Blog on CFPB’s First No-Action Letter.

US$14 million recovered in first half of 2017 for more than 100,000 consumers damaged by illegal practices. The CFPB announced that recent supervisory actions resulted in US$14 million in relief to over 104,000 harmed consumers from January through June 2017. Findings in the agency’s Supervisory Highlights report include that some banks misled consumers about checking account fees or overdraft coverage, and some credit card companies deceived consumers about pay-byphone fees. (9/12/2017)