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Banker's Toolbox Announces — ACQUISITION OF LOAN LOSS RESERVE POWERHOUSE, MAINSTREET TECHNOLOGIES
Banker's Toolbox, Inc., leaders in compliance solutions for financial institutions, announced the acquisition of Georgia-based MainStreet Technologies (MST). MST is an industry leader in the loan risk management space. This acquisition adds to a strong and growing portfolio of compliance-related solutions and will continue to enhance the value Banker's Toolbox brings to both their customers and the industry. (Read full press release here.)

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05/18/2018

Congress fails to void Payday Lending rule

Congress has failed to act within the 60-legislative-day deadline under the Congressional Review Act to disapprove the CFPB's Payday Lending rule, according to a CNBC report. Resolutions in both houses seeking to void the rule have expired, and the rule will now become effective April 1, 2019. The CFPB has said that it intends to revisit the rule.

05/18/2018

Two Ohio companies charged with discrimination

HUD has announced that it has charged two Ohio corporations, Epcon Communities, Inc., and Epcon Communities Franchising, Inc. (Epcon), with housing discrimination for failing to design and construct 32 multifamily housing communities throughout Ohio that meet the accessibility requirements of the Fair Housing Act. HUD’s charge resulted from complaints by the Fair Housing Advocates Association (FHAA), an Ohio-based fair housing organization, and HUD’s Assistant Secretary for Fair Housing and Equal Opportunity. FHAA first filed a complaint with HUD alleging that five Epcon communities in Ohio had numerous inaccessible features in violation of the Fair Housing Act. During its investigation, HUD discovered additional properties, built by Epcon or throughout its franchisees and filed its own complaint alleging that a total of 32 Epcon communities were inaccessible.

05/17/2018

New sources for free credit scores

The Bureau has posted an article announcing the availability of a new list that identifies more ways to access credit scores for free.

05/17/2018

Relief for areas of North Carolina and Indiana affected by weather

The FDIC has issued FIL-28-2018 and FIL-29-2018 announcing steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of Indiana and North Carolina, respectively, affected by severe storms and a tornado.

05/17/2018

Rise in industrial production continues

The Federal Reserve has released the April G.17 Industrial Production and Capacity Utilization Report. Industrial production rose 0.7 percent in April for its third consecutive monthly increase. The rates of change for industrial production for previous months were revised downward, on net; for the first quarter, output is now reported to have advanced 2.3 percent at an annual rate. After being unchanged in March, manufacturing output rose 0.5 percent in April. The indices for mining and utilities moved up 1.1 percent and 1.9 percent, respectively. At 107.3 percent of its 2012 average, total industrial production in April was 3.5 percent higher than it was a year earlier. Capacity utilization for the industrial sector climbed 0.4 percentage point in April to 78.0 percent, a rate that is 1.8 percentage points below its long-run (1972–2017) average.

05/17/2018

Bureau updates TRID resources

The Bureau has updated its two versions of the Small Entity Compliance Guides (versions 4.1 and 5.2) and Guides to Forms (versions 1.5 and 2.1) to incorporate the changes made by the 2018 TRID rule (which becomes effective June 1, 2018). Due to the 2017 TRID Rule’s optional compliance period, which ends October 1, 2018, the Bureau has kept an old version and new version of each guide to provide implementation support during the optional compliance period. However, it has updated all versions for the 2018 TRID Rule, which will apply whether or not a creditor is choosing to comply early with the 2017 Rule. All four updated guides are available on the Bureau's TRID Rule Implementation page.

05/16/2018

CFPB advises shopping for a mortgage

The Bureau has posted an article that provides tips on how to shop for a mortgage and the potential for real savings. It notes that saving a quarter of a point in interest on a mortgage saves thousands over the life of the loan. Suggestions include:

  • Talking to multiple lenders
  • Asking each lender about other loan products
  • Considering taking a homebuying class or working with a housing counselor
  • Checking credit reports for errors and ways to raise credit scores

05/16/2018

Refi volume down with rising interest rates

The Federal Housing Finance Agency has reported that Fannie Mae and Freddie Mac completed 356,003 refinances in the first quarter of 2018, compared with 446,295 in the fourth quarter of 2017. FHFA's first quarter Refinance Report also shows that 4,139 loans were refinanced through the Home Affordable Refinance Program (HARP), bringing the total number of HARP refinances to 3,488,165 since inception of the program in 2009.

05/15/2018

Congress approves resolution to scrap Bureau ECOA interpretation

The House of Representatives approved last week Senate Joint Resolution 57, which disapproves the rule submitted by the Bureau of Consumer Financial Protection relating to "Indirect Auto Lending and Compliance with the Equal Credit Opportunity Act" (CFPB Bulletin 2013-02, March 21, 2013), which the Government Accountability Office has considered to be a rule under the Congressional Review Act. The Resolution has been delivered to the president. If signed by the president, the Resolution will void the Bureau's 2013 action.

05/15/2018

Facing foreclosure after a natural disaster

The Bureau has posted an article that provides information on what to know when facing foreclosure after a natural disaster.

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