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.
- 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
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.
Works with financial institutions, regulatory experts, business analysts, product managers, and software engineers to drive regulatory solutions across the globe.
Previous ArticleAPRA Urges Health Insurers to Develop Recovery Plans
OSFI Finalizes on Climate Risk Guideline, Issues Other Updates
The Office of the Superintendent of Financial Institutions (OSFI) is seeking comments, until May 31, 2023, on the draft guideline on culture and behavior risk, with final guideline expected by the end of 2023.
BIS Paper Examines Impact of Greenhouse Gas Emissions on Lending
BIS issued a paper that investigates the effect of the greenhouse gas, or GHG, emissions of firms on bank loans using bank–firm matched data of Japanese listed firms from 2006 to 2018.
HMT Mulls Alignment of Ring-Fencing and Resolution Regimes for Banks
The HM Treasury (HMT) is seeking evidence, until May 07, 2023, on practicalities of aligning the ring-fencing and the banking resolution regimes for banks.
BCBS Report Examines Impact of Basel III Framework for Banks
The Basel Committee on Banking Supervision (BCBS) published results of the Basel III monitoring exercise based on the June 30, 2022 data.
PRA Consults on Prudential Rules for "Simpler-Regime" Firms
Among the recent regulatory updates from UK authorities, a key development is the first-phase consultation, from the Prudential Regulation Authority (PRA), on simplifications to the prudential framework that would apply to the simpler-regime firms.
DNB Publishes Multiple Reporting Updates for Banks
DNB, the central bank of Netherlands, updated the list of additional reporting requests and published additional data quality checks and XBRL-Formula linkbase documents for the first quarter of 2023.
NBB Sets Out Climate Risk Expectations, Issues Reporting Updates
The National Bank of Belgium (NBB) published a communication on climate-related and environmental risks, issued an update on XBRL reporting
EBA Updates Address Securitization Standards and DGS Guidelines
The European Banking Authority (EBA) published the final draft of the regulatory technical standards that set out conditions for assessment of homogeneity of the underlying exposures in simple, transparent, and standardized (STS) securitizations.
FSB Publishes Letter to G20, Sets Out Work Priorities for 2023
The Financial Stability Board (FSB) published a letter intended for the G20 Finance Ministers and Central Bank Governors, highlighting the work that FSB will take forward under the Indian G20 Presidency in 2023
ISSB Standards May Become Effective from January 2024
The International Organization of Securities Commissions (IOSCO) welcomed the confirmation statement by the International Sustainability Standards Board (ISSB) setting out its progress in the development of its first sustainability-related corporate disclosure standards.