BRIEFLY: In a first for states, OH achieves four-way accreditation; OCC to reconsider last year’s CRA rule; TRID FAQs updated for housing assistance, BUILD Act lending
(May 21, 2021) Congratulations to the Ohio Department of Commerce/Division of Financial Institutions to be the first state supervisory authority to become accredited under all four accreditation programs: credit union (via the NASCUS Accreditation Program), bank (via CSBS), mortgage and money service business (MSB, also both via CSBS) … The OCC announced this week that it will reconsider last year’s revisions to its rules implementing the Community Reinvestment Act (CRA) and, in the meantime, suspend information collection under the new rule, which was adopted a little more than a year ago … CFPB issued updated TRID FAQs late last week, aimed at addressing housing assistance loans, including how the 2018 BUILD Act affects requirements for such loans. (BUILD stands for Better Utilization of Investments Leading to Development Act, legislation passed in 2018; it allows the participation of private sector capital and skills in the economic development of countries with low- or lower-middle-income economies to complement U.S. assistance and foreign policy objectives).
LINKS:
OCC Bulletin 2021-24