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Bank Regulators Propose Third-Party Risk Management Guidance | Weiner Brodsky Kider PC

To embed, copy and paste the code into your website or blog: The FRB, FDIC, and OCC recently published and invited comments on a proposed interagency guidance document on risk management in third-party relationships.  The proposed guidance is directed at all banking organizations supervised by these agencies and, if adopted, would replace each agency’s existing guidance on this topic. While each agency currently has existing guidance on third-party risk management for their respective supervised banking organizations, the proposed guidance aims to create consistency among the agencies and clarify principles on third-party risk management. The notice states that the proposed guidance is based off of the OCC’s existing third-party risk management guidance from 2013.

CFPB Analyzes Trends in Reported Assistance on Consumers' Credit Records | Weiner Brodsky Kider PC

To embed, copy and paste the code into your website or blog: The CFPB recently posted its second analysis in a series documenting trends in consumer credit outcomes during the COVID-19 pandemic.  The analysis focuses on reported assistance on consumers’ credit records by reviewing month-to-month transitions in assistance that is, loans that were reported with scheduled payment due in one month and no scheduled payment due in the next month despite a positive balance. Since July 2020, consumers have transitioned out of assistance across all credit products, including mortgage borrowers.  In the summer of 2020, the total share of mortgage borrowers (along with auto loan and credit card borrowers) with payment assistance began to decrease.  Although the total share of auto loans and credit card accounts on assistance in March 2021 was only slightly above pre-pandemic baselines, the share of mortgage (and student) loans with assistance remains significantly higher than pre-pandemi

VA Issues Lender Guidance for Borrowers Affected by COVID-19 | Weiner Brodsky Kider PC

VA Issues Lender Guidance for Borrowers Affected by COVID-19 | Weiner Brodsky Kider PC
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