On May 17, 2022, Acting Comptroller of the Currency Michael J. Hsu discussed the importance of risk management in remarks at Bloomberg Risk & Regulation Week 2022. According Hsu, banks need to assess exposures and adjust risk profiles ahead of possible uncertainty and volatility in interest rates and loan performance.

On May 16, 2022, the CFPB released a second metrics report providing the observations of data obtained from 16 large mortgage servicers to identify areas of risk in the servicers’ COVID-19 pandemic response. The report addresses similar topics, including call center data, COVID-19 hardship forbearance exits, delinquency, and borrower profiles for the period May through December 2021.

On May 12, 2022, Acting Comptroller of the Currency Michael J. Hsu spoke at the Asian Real Estate Association of America Diversity and Fair Housing Summit where he discussed the OCC’s efforts to support fair housing access for all by addressing barriers to diversity and inclusion and expanding minority homeownership access.

On May 3, 2022, the FHFA announced that Fannie Mae and Freddie Mac will require lenders to use the Supplemental Consumer Information Form (SCIF) as part of the application process for loans that will be sold to the said Enterprises. The purpose of the SCIF is to collect information about the borrower's language preference, if any, and on any homebuyer education or housing counseling the borrower received, to help lenders facilitate communications with borrowers in their preferred language. Lenders will be required to adopt these changes and reporting requirements for loans with application dates on or after March 1, 2023.

On May 2, 2022, the CFPB published an article to highlight its initiative in ensuring a fair, transparent, and competitive auto lending market, including taking action against sloppy servicing practices that cause harm. As we published previously, the Bureau released a bulletin in late February which aims to mitigate illegal automobile repossessions.

On April 29, 2022, the FSB published a report that aims to assist supervisory and regulatory authorities in developing their approaches to monitor, manage and mitigate cross-sectoral and system-wide risks arising from climate change and to promote consistent approaches across sectors and jurisdictions.