ICBA Newsroom

The Federal Housing Finance Agency is seeking input on proposed modifications to the Underserved Markets Plans for Fannie Mae and Freddie Mac. The “duty to serve” plans require the enterprises to serve three specified underserved markets—manufactured housing, affordable housing preservation, and rural housing.

The American Bankers Association (ABA) announced the winners of the third annual ABA Bank Marketing Video Awards this week during the Bank Marketing Conference in Baltimore. The Bank of Elk River was one of four banks honored at the conference and took home the “Best in Show” award for its video spotlighting how a local family collaborated with The Bank of Elk River to build their dream home. The video was also the winner in the category for banks with less than $500 million in assets.

Fannie Mae and Freddie Mac revised eligibility requirements for private mortgage insurers, the Federal Housing Finance Agency announced. The updates include changes to: risk-based asset requirements, the treatment of approved risk-transfer transactions, and risk-transfer credit arising from counterparty risk associated with reinsurance transactions. The standards establish minimum financial and operational requirements for doing business with the enterprises.

Federal regulators exempted loans for property and casualty insurance policies from Customer Identification Program rules. Banks engaging in insurance premium finance lending must continue to comply with all other regulatory requirements implementing the Bank Secrecy Act, including the requirement to file suspicious activity reports.