FED Announces Measures to Mitigate Impact of COVID-19 Crisis
FED issued a letter informing the supervised financial institutions that it does not intend to cite in an examination or initiate an enforcement action for failure to report the quarterly Home Mortgage Disclosure Act (HMDA) data during the COVID-19 pandemic. On March 26, 2020, CFPB issued a statement detailing the same approach regarding quarterly reporting under HMDA. At a later date, FED will provide information as to how and when it expects its supervised institutions to resume quarterly HMDA data submissions. Meanwhile, institutions should continue to collect and record HMDA data in anticipation of the annual data submissions.
FED also announced that it will delay by six months the effective date for its final rule that revises the framework for determining whether a company controls another company for purposes of the Bank Holding Company Act or the Home Owners’ Loan Act. The effective date has been delayed until September 30, 2020. The delay will reduce operational burden and allow institutions to focus on current economic conditions. Additionally, FED announced the establishment of a temporary repurchase agreement facility for foreign and international monetary authorities (FIMA Repo Facility) to help support the smooth functioning of financial markets, including the U.S. Treasury market and, thus, maintain the supply of credit to U.S. households and businesses. The FIMA Repo Facility will be available beginning April 06 and will continue for at least six months. FED also published the frequently asked questions related to the FIMA Repo Facility.
Related Links
- Letter on HMDA Quarterly Reporting
- CFPB Statement (PDF)
- Press Release on Revised Effective Date
- Press Release on FIMA Repo Facility
Keywords: Americas, US, Banking, COVID-19, HMDA, Reporting, Home Mortgage Disclosures, Disclosures, FIMA Repo Facility, CFPB, FED
Featured Experts
María Cañamero
Skilled market researcher; growth strategist; successful go-to-market campaign developer
Victor Calanog, Ph.D.
Leading economist; commercial real estate; performance forecasting, econometric infrastructure; data modeling; credit risk modeling; portfolio assessment; custom commercial real estate analysis; thought leader.
Nicolas Degruson
Works with financial institutions, regulatory experts, business analysts, product managers, and software engineers to drive regulatory solutions across the globe.
Previous Article
EC Launches Consultation on Increase of EU 2030 Climate TargetRelated Articles
BIS Quarterly Review Discusses Developments in Fintech and ESG Space
BIS published the September issue of the Quarterly Review, which contains special features that analyze the rapid rise in equity funding for financial technology firms, the effectiveness of policy measures in response to pandemic, and the evolution of international banking.
BCBS to Consult on Supervisory Practices for Climate Risks by Year-End
The Basel Committee for Banking Supervision (BCBS) met in September 2021 and reviewed climate-related financial risks, discussed impact of digitalization, and welcomed efforts by the International Financial Reporting Standards (IFRS) Foundation to develop a common set of sustainability reporting standards
OCC Identifies Operational Risk Deficiencies in MUFG Union Bank
The Office of the Comptroller of the Currency (OCC) issued a Cease and Desist Order against MUFG Union Bank for deficiencies in technology and operational risk governance.
EC Rule on Contractual Recognition of Write Down and Conversion Powers
The European Commission (EC) published the Delegated Regulation 2021/1527 with regard to the regulatory technical standards for the contractual recognition of write down and conversion powers.
ECB to Consider Climate Risks When Reviewing Collateral Framework
In a response to the questions posed by a member of the European Parliament, the President Christine Lagarde highlighted the commitment of the European Central Bank (ECB) to an ambitious climate-related action plan along with a roadmap, which was published in July 2021.
SRB Provides Update on Approach to Prior Permissions Regime
The Single Resolution Board (SRB) published a Communication on the application of regulatory technical standard provisions on prior permission for reducing eligible liabilities instruments as of January 01, 2022.
APRA Issues Further Guidance on Application of Securitization Standard
The Australian Prudential Regulation Authority (APRA) published a new set of frequently asked questions (FAQs) to provide guidance to authorized deposit-taking institutions on the interpretation of APS 120, the prudential standard on securitization.
ACPR Publishes Corrective Version of RUBA Taxonomy
The French Prudential Control and Resolution Authority (ACPR) published the corrective version of the RUBA taxonomy Version 1.0.1, which will come into force from the decree of January 31, 2022.
Nordea Bank and EIB Sign Agreement to Fund Green Projects in Nordics
The European Commission (EC) announced that Nordea Bank has signed a guarantee agreement with the European Investment Bank (EIB) Group to support the sustainable transformation of businesses in the Nordics.
APRA Publishes FAQs on Capital Treatment of Overseas Subsidiaries
The Australian Prudential Regulation Authority (APRA) published a new set of frequently asked questions (FAQs) to clarify the regulatory capital treatment of investments in the overseas deposit-taking and insurance subsidiaries.
