Federal regulators and Congress continue to release new guidance and requirements to assist residential mortgage loan borrowers facing economic hardships due to the pandemic. But in light of the anticipated volume of requests and associated burden on servicers, they also are offering some regulatory relief. This alert contains a summary of relevant mortgage servicing requirements,
FDIC
FDIC and OCC Propose Modernization of Community Reinvestment Act Regulations
Posted in Fair Lending, Small Business Lending
On December 12, 2019, the Federal Deposit Insurance Corporation (“FDIC”) and the Office of the Comptroller of the Currency (“OCC”) together proposed extensive updates to their rules implementing the Community Reinvestment Act (“CRA”). The CRA requires insured depository institutions to participate in investment, lending, and service activities that help meet the credit needs of their…