Self-employed individuals and small-business owners may not meet the requirements of new mortgage rules that went into effect Friday and could face hurdles obtaining new home loans.
According to Richard Cordray,The Consumer Financial Protection Bureau’s agency director, the CFPB could consider expanding exemptions for small lenders from its qualified mortgage rule after it goes into effect on Friday. Mr. Cordray asked for input from community bankers, credit unions, and other lenders to let the CFPB know if they “got the line right.”
In Volume 16, Issue 4 of the Sub S Bank Report, The Subchapter S Bank Association engaged a statistics and mathematics graduate student at Georgetown University, Washington, DC to review some performance measures and other statistics of interest on Sub S Banks. The attached raw data reflects some interesting comparisons between the profitability and dividend practices of S corp banks versus C corp banks. In addition, S corp bank conversions from S corp back to C corp tax status was also tracked over the past 4 years. While not statistically significant, total conversions from S to C were 123 banks.
FDIC today issued its list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA). The list covers evaluation ratings that the FDIC assigned to institutions in October 2013.
