The OCC’s CRA Modernization Rule
On May 20, 2020, the OCC announced its Modernization Rule to the Community Reinvestment Act of 1977 (CRA). The rule was designed to make the CRA framework more “objective, transparent, consistent in application, and reflective of changes in banking.”
Four steps to take now to prepare for CFPB Small Business Fair Lending Reviews
CFPB is currently scheduling Small Business Fair Lending Reviews at financial institutions of all sizes, with a strong focus on pandemic lending practices. We explore what to expect and how to prepare.
How community banks can prepare for CECL changes
The FASB's new credit loss model is one of the most significant accounting changes in recent history. The time to act is now–here's how you can prepare and comply.
What small business need to know about UDAP in 2021
There’s a developing trend with financial regulators to use FTC Act Section 5 authority to apply consumer protections to small business borrowers. We explore the impacts for community and midsize banks.
Prepare now for Section 1071 data collection requirements
Additional reporting requirements for small business lenders are expected to be a priority for the incoming Biden Administration. A Notice of Proposed Rulemaking is expected to be issued by September 30, 2021.