The Small Business Administration on Aug. 9 proposed changes to some of its business lending program regulations. The proposed changes are designed to improve clarity and increase participation in the Surety Bond Guarantee Program, the 7(a) Loan Program, the Microloan Program, and the Development Company Loan Program (504 Loan Program). In addition, the proposed changes will streamline the regulations by removing or revising any outdated regulations.
Comments are due by Oct. 11.
Other Industry Issues of Interest
NCUA issues digital banking guidebook
The National Credit Union Administration on Aug. 8 released a new guidebook to help credit unions better meet members’ needs for digital banking services. “Going Digital: Strategies for Providing Digital Services” provides step-by-step instructions for creating a strategic plan for analyzing members’ needs and tailoring digital products to meet those needs. It also details potential advantages and disadvantages to members and credit unions.
CFPB adds HMDA implementation video to website
On Aug. 16, the Consumer Financial Protection Bureau posted a video of its recent overview of the Home Mortgage Disclosure Act final rule. It can be found under the videos heading on HMDA rule implementation page of the CFPB’s website.
FDIC releases videos on Ability-to-Repay and Qualified Mortgages Rule
The Federal Deposit Insurance Corporation on Aug. 17 announced the release of updated technical assistance videos on the Ability-to-Repay and Qualified Mortgages Rule. The videos provide management, compliance officers and staff of financial institutions with resources to better understand current requirements of the rule. The updated videos can be accessed on the FDIC website in the Directors’ Resource Center.
Agencies release 2015 CRA data
The three banking agency members of the Federal Financial Institutions Examination Council announced Aug. 18 the availability of data on small business, small farm and community development lending. The data is reported by certain commercial banks and savings associations, as required by the Community Reinvestment Act. An FFIEC disclosure statement on the reported 2015 CRA data is available in electronic form for each reporting commercial bank and savings association. The FFIEC also has prepared aggregate disclosure statements of small business and small farm lending for all of the metropolitan statistical areas and nonmetropolitan counties in the U.S. and its territories.
CFPB to focus on student loan servicing complaints
The Consumer Financial Protection Bureau’s Student Loan Ombudsman has released a report finding that consumers complain of servicing problems that make it difficult to get lower student loan payments tied to their income. Student loan borrowers seeking to take advantage of income-driven repayment plans with their federal student loans complain to the CFPB about prolonged processing delays and wrongful rejections by their student loan servicers. The CFPB also posted an article with tips for students who are trying to enroll in an income-driven student loan repayment plan.
NCUA posts August newsletter to website
The National Credit Union Administration has posted the August 2016 issue of its monthly newsletter, The NCUA Report, on its website.
FDIC releases Supervisory Insights
The Federal Deposit Insurance Corporation announced Aug. 22 the release of the summer edition of Supervisory Insights for financial institutions. The featured article is “De Novo Banks: Economic Trends and Supervisory Framework,” which provides an overview of trends in the formation of de novo or newly chartered banks; the process by which the FDIC reviews applications for deposit insurance; the supervisory process for new banks; and steps the FDIC is taking to support new bank formations. Other articles include “Matters Requiring Board Attention’ Underscore Evolving Risks in Banking” and the “Regulatory and Supervisory Roundup.”