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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.)

Top Story Lending Related


FHFA announces replacement for its ARM index

The Federal Housing Finance Agency has published [84 FR 32738] a notice in today's Federal Register designating a replacement for its recently discontinued monthly index for adjustable rate mortgages.

The new index, to be called “PMMS+,” will be an adjusted version of Freddie Mac's Primary Mortgage Market Survey 30-Yr FRM [fixed-rate mortgage], and will take effect immediately. FHFA intends to publish the PMMS+ Index value monthly and on approximately the same schedule as it has been publishing the existing index. FHFA is soliciting public comments on its designation of the replacement index and will consider any comments received through September 9, 2019, before finalizing its decision about the successor index.


Federal Reserve Board CRA evaluations

The Federal Reserve Board's database of Community Reinvestment Act evaluations and ratings includes 18 entries for ratings made public in June 2019, fourteen of which were "Satisfactory."

These four banks received "Outstanding" ratings:


HUD to sell 'vacant' reverse mortgage loans

HUD has published [84 FR 32467] a notice of its intention to competitively offer multiple residential reverse mortgage pools consisting of approximately 1,500 reverse mortgage notes secured by properties with a loan balance of approximately $330 million. The sale will consist of due and payable Secretary-held reverse mortgage loans. The mortgage loans consist of first liens secured by single family, vacant residential properties, where all borrowers are deceased, and no borrower is survived by a non-borrowing spouse.

The sale is scheduled for July 24, 2019.


FEMA ANPR on payments to WYO companies

FEMA has published [84 FR 32371] an advance notice of proposed rulemaking seeking comment on possible approached to incorporating actual flood insurance expense data into the payment methodology FEMA uses to determine the amounts of payments to private insurance companies participating in the Write Your Own (WYO) flood insurance program. FEMA was directed to modify the way it pays WYO companies under the Biggert-Waters Flood Insurance Reform Act of 2012.

Comments are requested by September 6, 2019.


Bureau publishes Fair Lending Report to Congress

The CFPB has published at 84 FR 32420 its seventh Fair Lending Report to Congress. The report describes the Bureau's fair lending activities in prioritization, supervision, enforcement, rulemaking, interagency coordination, and outreach for calendar year 2018.


FDIC CRA evaluations

The FDIC has issued a list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act. The list covers evaluation ratings that the FDIC assigned to institutions in April 2019. Of the 91 banks listed, 85 received a Satisfactory rating, two obtained a Needs to Improve rating, and these four were rated Outstanding:


CFPB report on U.S. credit card market

The Bureau has blogged about a recent data point report that explores patterns of revolving and repayment of credit card accounts in the United States. The report offers insights on how consumers use their credit cards as a line of credit rather as a payment mechanism, a topic which has not been the subject of extensive prior research. Main findings include:

  • Two thirds of actively used credit card accounts carry a revolving balance
  • Accounts show variation in repayment patterns
  • There is a substantial geographic variation in revolving rates and the duration of sustained debt periods


OCC CRA evaluations

The OCC has released a list of Community Reinvestment Act (CRA) performance evaluations that became public in June. Twenty-three institutions were evaluated. Eighteen were rated satisfactory and the following five received outstanding ratings:


$150M in affordable housing grants

HUD has announced it is offering $150 million in grants to provide affordable housing to approximately 18,000 non-elderly persons living with disabilities through its Mainstream Housing Choice Voucher Program. HUD anticipates awarding 300 grants ranging from $20,000 up to $3 million to eligible public housing agencies. Applications are due by Thursday, September 5, 2019.


FDIC updates Compliance Examination Manual

The FDIC has updated five sections of its Consumer Compliance Examination Manual. The June 2019 updates include:

  • Consumer Compliance Examinations and Third Party Risk (II-1.1, 2.1, 3.1, and VII-4.1): Section was added and minor technical changes made to incorporate the Interagency Statement Clarifying the Role of Guidance
  • Appeals (II-11.1): Updates were made to procedures for the review and processing of requests for review of material supervisory determinations to reflect amendments to the FDIC’s Guidelines for Appeals of Material Supervisory Determinations
  • SOURCE Violation Codes (II-14.1): SOURCE violation codes were updated, added, or deactivated to reflect amendments to Regulations E related to the CFPB’s prepaid account rule and updates to the HMDA requirements
  • Home Mortgage Disclosure Act (V-9.1): The HMDA chapter was updated to incorporate revised interagency HMDA examination procedures, HMDA data validation instructions for FDIC examination staff, and tables listing the Designated Key HMDA Data Fields
  • Protecting Tenants at Foreclosure Act (V-16.1): New chapter includes procedures for assessing compliance with the Protecting Tenants at Foreclosure Act


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