With the mortgage industry now using the redesigned Uniform Residential Loan Application, Fannie Mae and Freddie Mac today reminded lenders that as of May 1, the GSEs will no longer accept new loans submitted that use legacy formats. Subsequent resubmissions of loan casefiles already in the legacy format may continue on an as-needed basis through Feb. 28, 2022.
Consumer credit increased at a seasonally adjusted annual rate of 4.3% in April, the Federal Reserve reported.
Job growth surprised to the upside in the May BLS employment report, with total payrolls rising by 139,000 and the unemployment rate remaining steady at 4.2%.
Bowman called reemphasis on regulatory tailoring, a rethinking of capital requirements, a review of many regulations enacted in recent years, and a streamlining of the review process for de novo and bank merger applications.
An Ohio lawmaker reintroduced legislation to codify a Treasury Department program that pairs small and rural financial institutions with large banks and credit unions to provide resources, training and technical assistance for their communities.
FinCEN issued an advisory to assist financial institutions in identifying, preventing and reporting suspicious activity connected to Iranian illicit financial activity.
The U.S. economy added 139,000 nonfarm jobs in May, the Labor Department said. The unemployment rate held at 4.2%.
