As the OCC observes the one-year anniversary of Project REACh—an initiative bringing together a broad range of stakeholders to address barriers to financial inclusion—Acting Comptroller of the Currency Michael Hsu announced that the program will expand its regional focus to three new areas: Washington, D.C., Dallas and Detroit.
The share of current and performing first-lien mortgages in the first quarter of 2021 was 94.2%, down from 96.5% a year ago, according to the Mortgage Metrics Report released by the OCC today.
OCC is working to find nontraditional ways to establish a good credit history for those with no credit.
Panel during ABA’s Regulatory Compliance Conference discussed was how the Biden administration’s focus on racial equity could alter agencies’ approach to governance and oversight.
The House today voted 218 to 208 to repeal the OCC’s “true lender” rule.
Acting Comptroller of the Currency Michael Hsu told attendees at a CFPB roundtable today that banks are being held accountable when they rely on housing appraisals that are discriminatory.
The American Bankers Association and a coalition of financial trade groups wrote in opposition today to a Senate resolution that would invalidate the OCC’s “true lender” rule that established a test to determine when a bank is considered the true lender on a loan made in a partnership with a nonbank entity.
The OCC today finalized a rule on prior notice periods for withdrawals from collective investment funds that are invested in real estate or assets not readily marketable.
Testifying before the House Financial Services Committee today, Acting Comptroller of the Currency Michael Hsu said that the OCC needs to determine how to charter fintech firms in a “safe and sound way, where we can adapt to the innovation.”
The OCC today said it will formally “reconsider” the agency’s June 2020 final rule revising the agency’s Community Reinvestment Act rules and that banks subject to the rule may pause efforts to comply with it.