The FDIC board today approved a $2.16 billion agency operating budget for 2017, down 2.4 percent from the 2016 budget. The board also authorized a 2017 staffing level of 6,363 employees, a net reduction of 206 positions from the 2016 authorization of 6,569. This decrease marks the seventh consecutive reduction in the FDIC’s annual operating budget, FDIC Chairman Martin Gruenberg said. “These reductions are made possible by continuing steady improvement in the health of the U.S. banking industry. The FDIC remains focused on fulfilling its mission while prudently managing costs.”
HUD, FHFA roll out plans for new credit scoring in mortgages
HUD will adopt FICO 10T and VantageScore 4.0 for FHA loans. Fannie Mae and Freddie Mac will begin using VantageScore 4.0 immediately and the future use of FICO Score 10T credit scores for loans delivered to Fannie Mae.
