There are often so many regulatory developments to count in
a given week that many get lost in the shuffle behind more prominent issues. Here
is a look at a handful of recent announcements from federal regulators that you
may have missed:
FHFA advances FHLBank system implementation
The Federal Housing Finance Agency (FHFA) is providing an
update on its implementation of the recommendations of the Federal Home
Loan Bank (FHLBank) System at 100: Focusing on the Future report, which was published in
November 2023 and followed the first comprehensive evaluation of the FHLBank
System in decades. A
significant finding of the report is that FHLBanks must appropriately support
housing and community development in their districts, in addition to providing
liquidity to members. Learn more here.
SEC publishes two reports on DEI
In its ongoing effort to promote diversity, equity, and
inclusion (DEI) principles with regulated entities, the Securities and Exchange
Commission’s (SEC) Office of Minority and Women Inclusion (OMWI) published two
reports: the 2022 Diversity Assessment Report for Entities Regulated by
the SEC and OMWI’s Fiscal Year 2023 Annual Report to Congress. The
notable findings from both reports about the adoption of DEI best practices can
be found here.
FDIC appoints new chief financial officer
The Federal Deposit Insurance Corporation (FDIC) recently
approved the selection of E. Marshall Gentry to serve as the agency’s deputy to
the chairman and chief financial officer. Gentry has been serving as the FDIC’s
chief risk officer and, since April 2018, as director of the Office of Risk
Management and Internal Controls, which is responsible for implementing the
agency’s comprehensive enterprise risk management program. Gentry succeeds Bret
Edwards, who retired in February. Learn more here.
NCUA to open 2024 CDRLF grant round May 1
The National Credit Union Administration (NCUA) announced
that low-income-designated credit unions will be able to apply for 2024
Community Development Revolving Loan Fund (CDRLF) grants between May 1 and July
1. The 2024 CDRLF grant round is open to credit unions with a low-income
designation. Minority depository institution credit unions without a low-income
designation are not eligible for funding in this year’s grant round, the agency
said in a press release. Credit unions with questions about the low-income
designation are urged to contact the NCUA’s Office of Credit Union Resources
and Expansion at [email protected].
More information is available here.
FHA extends compliance waiver for alternative borrower
meetings
The Federal Housing Administration (FHA) is extending its
temporary regulatory waiver and related Single Family Housing Policy Handbook
4000.1 waiver, allowing mortgagees to utilize alternative methods for
conducting meetings with borrowers while remaining compliant with early default
intervention requirements. The FHA initially published temporary partial
waivers of these requirements on March 13, 2020, and previously extended them
through May 31, 2024. The waiver document is available here.