Archive

JOINT AGENCY EFFORT TO IMPROVE CRA

On July 20, 2021, the Federal Reserve Board (Board), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) jointly announced the agencies are committed to working together to strengthen and modernize regulations implementing the Community Reinvestment Act (CRA). The OCC separately announced it will propose rescinding the CRA final rule issued in May 2020 and is committed to working with the Board and the FDIC to put forward […]

PROPOSED INTERAGENCY GUIDANCE ON THIRD-PARTY RELATIONSHIPS

On July 15, 2021, the Board of Governors of the Federal Reserve System (Board), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) issued an interagency proposed rule on managing risks associated with third-party relationships. The proposed guidance would: Offer a framework based on sound risk management principles for banking organizations to consider in developing risk management practices for all stages in the life cycle of third-party relationships […]

REPORT RENTAL INFORMATION ACCURATELY

On July 1, 2021, the Consumer Financial Protection Bureau (CFPB) released an Enforcement compliance bulletin reminding landlords, consumer reporting agencies (CRAs), and others of their critical obligations to accurately report rental and eviction information. Inaccurate rental and eviction information on a tenant screening report or a credit report can unfairly block a family from safe and affordable housing. As the federal eviction moratorium and other pandemic rental protections come to an end, the CFPB wants […]