The federal banking agencies today finalized minor amendments to their respective Community Reinvestment Act regulations to address recent changes to Regulation C, which implements the Home Mortgage Disclosure Act. Specifically, the amendments revise the definition of “home mortgage loan” and “consumer loan” and update the requirements for CRA public files to reflect changes to Reg C. In addition, the rule also eliminates references to the Neighborhood Stabilization Program, a crisis-era initiative by the Department of Housing and Urban Development to help communities and local governments redevelop foreclosed properties. The NSP ended in 2016. For more information, contact ABA’s Krista Shonk.
ABA, associations seek clarity about Fannie, Freddie credit scoring change
The recent announcement that Fannie Mae and Freddie Mac will expand credit scoring options for mortgages is a promising first step in creating a scoring system to better serve creditworthy Americans, but there remain several questions about how...