On March 19th, The Office of the Comptroller of the Currency (OCC) levied a $25 million civil money penalty against Citibank for violating the Fair Housing Act. The violation stems from inconsistent issuing of lender credits through their Relationship Loan Pricing (RLP) program. The OCC found that there were control weaknesses related to the program that resulted in eligible mortgage loan customers not receiving an interest rate reduction or a credit to their closing costs. […]
Tag: OCC
PRIVATE FLOOD INSURANCE FINAL RULE ANNOUNCED
The Office of the Comptroller of the Currency, Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, Farm Credit Administration, National Credit Union Administration have issued a final rule amending their regulations regarding loans in areas having special flood hazards to implement the private flood insurance provisions of the Biggert-Waters Flood Insurance Reform Act of 2012 (Biggert-Waters Act). Prior to implementing this final rule, the agencies issued two proposed rules addressing private flood […]
CRA SMALL BUSINESS, SMALL FARM AND COMMUNITY DEVELOPMENT DATA RELEASED
On October 25, 2018 the federal banking agency members of the Federal Financial Institutions Examination Council (FFIEC) with Community Reinvestment Act (CRA) responsibilities today announced the availability of data on small business, small farm, and community development lending reported by certain commercial banks and savings associations, pursuant to the CRA. The agencies releasing the data are the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the […]
CRA – ADVANCED NOTICE OF PROPOSED RULEMAKING
On August 28, 2018 the Office of the Comptroller of the Currency released an Advanced Notice of Proposed Rulemaking (ANPR) seeking comment on the best ways to modernize the regulatory framework implementing the Community Reinvestment Act (CRA). The ANPR solicits comment on a number of questions related to increasing lending and services to people and in areas that need it most, including in LMI areas; clarifying and expanding the types of activities eligible for CRA […]
OCC TWEAKS CRA RATING POLICY
On August 15, 2018 the Office of the Comptroller of the Currency (OCC) published OCC Bulletin 2018-23 to make public the revised Policies and Procedures Manual (PPM) 5000-43, which clarifies the OCC’s policy for applying the regulatory framework to determine the effect of evidence of discriminatory or other illegal credit practices on the Community Reinvestment Act (CRA) rating of a national bank, federal savings association, or federal branch. The updated PPM replaces and rescinds OCC PPM 5000-43, […]