The National Credit Union Administration reminded Boards of Directors and CEOs of federally insured credit unions of their compliance obligation to collect and submit home mortgage data under the Consumer Financial Protection Bureau’s Regulation C ("Home Mortgage Disclosure Act").
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The Federal Financial Institutions Examinations Council outlined principles for its member entities to consider when evaluating compliance and risk management practices concerning valuation discrimination and bias in residential real estate.
The CFPB identified trends in the 2022 mortgage market, finding a “significant downturn” in mortgage-lending activities with the exception of lending in open-end lines of credit.
CFPB Director Rohit Chopra praised the mortgage borrowing standards implemented by the CFPB following the 2008 financial crisis. He claimed that recent court cases raising questions about the legitimacy of the CFPB's regulations were "destabilizing" to the housing system.
The OCC, Federal Reserve Board, FDIC and National Credit Union Administration finalized a policy statement for financial institutions on commercial real estate loan accommodations for borrowers during periods of financial stress.