Federal banking regulators are proposing a new Community Reinvestment Act test for intermediate-size banks with assets between $250 million and $1 billion, and it appears to have the support of some banking groups.However, the Office of Thrift Supervision may not go along with the compromise proposal, which has the support of the Federal Deposit Insurance Corp., the Office of the Comptroller of the Currency, and the Federal Reserve Board. Under the compromise, intermediate banks would be subject to a streamlined CRA test for small banks and a new community development test that allows a bank to provide a mix of loans, services, or investments depending upon their resources and the credit needs of their communities. The American Bankers Association said the proposal will give banks more flexibility in meeting their CRA requirements. The National Association of Affordable Housing Lenders welcomed the joint proposal but urged the regulators to extend it to larger institutions. OTS Director James Gilleran said the other regulators are moving in the right direction but that the added complexity of the CD test "disturbs me." The OTS has already finalized a CRA rule that exempt thrifts with up to $1 billion in assets from the large-bank CRA lending, investment, and services test.
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A federal judge in Texas dismissed the Consumer Financial Protection Bureau's medical debt rule and prohibited states from passing their own laws prohibiting medical debt on credit reports.
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Dr. Mark Calabria takes on the additional role of chief statistician of the United States; retired Ally Bank executive Diane Morais has joined First Citizens Bancshares' board of directors; MainStreet Bank has promoted Alex Vari to chief financial officer; and more in this week's banking news roundup.
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While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
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The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
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Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
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The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
10h ago