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Banker's Toolbox solidifies its position as the premier solution for fast-growing financial institutions with the release of BAM+ 4.0 upgrade.
Banker's Toolbox continues to lead the BSA/AML and Fraud prevention marketplace with the release of BAM+ 4.0. This solution provides increased detection with more versatility, transparency and control. BAM+ 4.0 also boasts a new customer due diligence platform, Due Diligence Manager, which will keep institutions compliant with the impending beneficial ownership mandates. (Read full press release here.)

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Payday loan rule published today

The Consumer Financial Protection Bureau published its final rule, "Payday, Vehicle Title, and Certain High-Cost Installment Loans," at 82 FR 54472 in today's Federal Register. The rule is to become effective January 16, 2018, with most sections carrying a compliance date of August 19, 2019. Today's publication will start the 60-legislative-day period under the Congressional Review Act during which Congress can nullify the rule with a joint resolution approved by the president.


Agenda for SEC small business forum announced

The SEC has announced the agenda and panelists for the 36th Annual Government-Business Forum on Small Business Capital Formation. The November 30 event will begin at 9 a.m. Central Time at the AT&T Executive Education and Conference Center on the campus of The University of Texas at Austin, with opening remarks from the SEC Chairman and Commissioners followed by a morning panel discussion that will explore how capital formation options are working for small businesses. Panelists will include representatives of Texas-based small businesses and advisors to the small business community. The forum will be open to the public and the opening remarks and morning panel discussion will be webcast live on the Commission's website.


Fannie and Freddie back in LICTC market

The Federal Housing Finance Agency (FHFA) has announced that Fannie Mae and Freddie Mac (the Enterprises) will be allowed limited re-entry into the Low Income Housing Tax Credit (LIHTC) market as equity investors, effective immediately. The LIHTC, established in the Tax Reform Act of 1986, is the primary government program available to address the shortage of affordable rental housing through the creation and preservation of affordable units in underserved areas throughout the country. FHFA's decision was based on several factors, including furthering the Enterprises' mission to support affordable housing and ensuring that they could provide a countercyclical role in the LIHTC market in the future if needed.


Mortgage refis up slightly

The Federal Housing Finance Agency (FHFA) reported yesterday that more than 362,934 refinances were completed in the third quarter of 2017, compared with 356,707 in the second quarter. FHFA's third quarter Refinance Report also shows that more than 6,913 loans were refinanced through the Home Affordable Refinance Program (HARP), bringing the total number of HARP refinances to 3,477,717 since inception of the program in 2009.


OCC announces enforcement actions

The OCC has issued a news release announcing new enforcement actions taken against national banks, federal savings associations, and individuals currently and formerly affiliated with national banks and federal savings associations.

  • A savings and loan association in Pascagoula, Mississippi, was ordered to pay a civil money penalty (CMP) of $35,000 to the National Flood Insurance Program for a pattern or practice of violations of the Flood Act and its implementing regulations relating to the requirement to purchase flood insurance when available and to the forced placement of flood insurance.
  • Three former officials of a failed Texas bank were ordered to pay CMPs totaling $203,000; two of those officials were issued prohibition orders.
  • The former vice president and head bookkeeper of a Lebanon, Kentucky, bank was assessed a $5,000 CMP and issued an order of prohibition for concealing a shortfall in the bank's cashier's check account and for making unauthorized transfers from customer accounts to the cashier's check account in further efforts to conceal the shortfall.
  • The former head teller of Minnesota bank was issued an order of prohibition, having been found to have misappropriated approximately $81,501 from customers' accounts at the bank and to have made false entries into bank records (she made full restitution, plus interest).
  • The former regional president of a Meridian, Mississippi, bank was issued a prohibition order for obtaining a loan by forging the name of a bank customer, resulting in the charge-off of $72,000 (some of which has been repaid).


Bureau sets FCRA charge limit for 2018

The CFPB has published a Federal Register notice [82 FR 53481] announcing that the ceiling on allowable charges assessed by credit reporting agencies for making a disclosure to a consumer under the Fair Credit Reporting Act (FCRA) will remain unchanged at $12.00, effective for 2018.


CFPB sues Think Finance for deceiving consumers

The CFPB has announced it has filed a lawsuit against Think Finance for its role in deceiving consumers into repaying loans that were not legally owed. The CFPB complaint alleges that Think Finance illegally collects on loans that are void under the laws of 17 states governing interest rate caps or the licensing of lenders; made deceptive demands; and illegally took money from consumers’ bank accounts for debts that were not legally owed. Think Finance, based in Addison, Texas, is an online provider of software technology, analytics, loan servicing, and marketing services. The CFPB seeks to recoup relief for harmed consumers and impose a penalty.


FDIC teleconference on small business resources for community banks

FDIC FIL-59-2107 announces a teleconference to discuss small business resources and research pertinent to community banks, including the Money Smart for Small Businesses financial education program; the FDIC's Small Business Lending Survey; and Community Reinvestment Act consideration for small business lending, services, and investments. The teleconference is scheduled for December 12, 2017, from 2:00 p.m. to 3:30 p.m. EST.


FHFA 2017 performance and accountability report

The Federal Housing Finance Agency (FHFA) has released its Performance and Accountability Report, which details FHFA's activities as regulator of the Federal Home Loan Bank System and as regulator and conservator of Fannie Mae and Freddie Mac during fiscal year 2017. For the ninth consecutive year, FHFA received an unmodified audit opinion on its FY 2017 financial statements from the U.S. Government Accountability Office.


HUD annual MMI Fund report to Congress

The Department of Housing and Urban Development yesterday released the Federal Housing Administration's 2017 Annual Report to Congress on the economic condition of the FHA’s Mutual Mortgage Insurance Fund (MMI Fund). At the end FY 2017, the MMI Fund had a total economic net worth of $25.6 billion and a capital ratio that remains above the statutory minimum for a third straight year.


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