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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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OCC enforcement actions announced

The OCC has released a list of enforcement actions taken in June against OCC-supervised institutions and individuals affiliated with them. Among those actions were:

  • an Order for Removal and Prohibition, to Cease and Desist, and to pay a Civil Money Penalty in the amount of $27,500 issued to McKinley Dailey, a former loan officer of First Southern National Bank, Lancaster, Kentucky, who made “side loans” in his name and the name of an associate and transferred the proceeds to customers with the understanding the they would repay him, causing a loss to the bank. The order to cease and desist included an order that Dailey also pay restitution of the $26,385.97 loss to the bank.
  • a Formal Agreement with The First National Bank of Tahoka, Tohoka, Kentucky
  • a Prompt Corrective Action directive issued to City National Bank of New Jersey, Newark, New Jersey


$48M to help disabled vets rehabilitate homes

HUD and the U.S. Department of Veterans Affairs (VA) have announced $4.8M in funding through the Veterans Housing Rehabilitation and Modification Pilot (VHRMP) to assist disabled veterans with modifying or rehabilitating their homes to make them more accessible. The VHRMP has awarded the funds to grantees in the District of Columbia, Georgia, Louisiana, New Mexico, and Texas.


DMDC updates schedule for MLA site enhancements

The Defense Manpower Data Center (DMDC) has posted a revised notice yesterday about its plan (announced in June to make significant changes to the Military Lending Act (MLA) website ( to enhance security of the site and better protect the personal information of Service members. A user account will be required to access both the Single Record Request and the Multiple Record Request capabilities of the MLA website. No search for active service on the MLA website will be possible without a user account.

In addition to the username, password, company name, and challenge questions currently required to create a user account, beginning July 25, 2019, new MLA website users will be required to supply the user's first name, last name, address, and e-mail address in order to create their user account.

In September of 2019, existing MLA website users will be required to update their accounts with the additional fields (user's first name, last name, address, and e-mail address). The July and September dates represent a delay of about a month when compared with the earlier announcement.


NCUA approves rules changes and proposal

The National Credit Union Administration Board has announced it has approved three items on its recent meeting agenda:


Fed releases G.17 industrial production data

The Federal Reserve has posted June 2019 G.17 Industrial Production and Capacity Utilization data. Industrial production was unchanged in June, as increases for both manufacturing and mining offset a decline for utilities.


Fed discount rate meeting minutes

The minutes of the June 19, 2019 Federal Reserve Board discount rate meeting have been released. In a joint meeting of the Federal Open Market Committee (FOMC) and the Board, the FOMC decided to maintain the target range for the federal funds rate at 2.25 to 2.50 percent.


NMLS updates user agreement

The NMLS Industry Terms of Use have been updated. Effective August 10, when NMLS users log into the system, they will be required to accept the new terms of use.


Regulators propose rule on land development loans

The Federal Reserve, FDIC, and OCC have issued a joint press release requesting public comment on a proposal to clarify the treatment of land development loans under the agencies' capital rules. This proposal expands on the agencies' September 2018 proposal to revise the definition of high volatility commercial real estate (HVCRE) as required by the Economic Growth, Regulatory Relief, and Consumer Protection Act. The land development proposal would clarify that loans that solely finance the development of land for residential properties would meet the revised definition of HVCRE, unless the loan qualifies for another exemption. Comments will be accepted for 30 days after publication in the Federal Register.


NCUA Board to meet Thursday

The NCUA has published [84 FR 33787] a notice of the 10:00 a.m. July 18, 2019, open meeting of its Board. Among other matters for discussion, the Board will consider NCUA rules on fidelity bonds, guidance regarding prohibitions imposed by statute, and NCUA rules on real estate appraisals.


Bureau debunks military personal finances myths

The Bureau has posted a Bureau Blog article examining five myths in the military community about personal finance:

  • Credit card companies are required to waive annual fees for servicemembers
  • The Servicemembers Civil Relief Act (SCRA) only helps by lowering interest rates
  • The Military Lending Act (MLA) doesn’t protect a spouse or dependent children
  • You need to pay someone to help you with your financial issues
  • Financial issues are too complicated for the average person


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