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Top Story Lending Related

09/13/2018

OCC updates 'Deposit-Related Credit' booklet

OCC Bulletin 2018-28 announces an update of the “Deposit-Related Credit” booklet of the Comptroller’s Handbook. The update:

  • provides general guidance on the risks associated with deposit-related credit products, such as check credit, overdraft protection, and deposit advance products
  • includes updates due to the rescission of OCC Bulletin 2013-40, “Deposit Advance Products: Final Supervisory Guidance,” and the issuance of OCC Bulletin 2018-14, “Installment Lending: Core Lending Principles for Short-Term, Small-Dollar Installment Lending”
  • provides information regarding the Military Lending Act as implemented by the U.S. Department of Defense’s 32 CFR 232.
  • incorporates references for OCC Bulletin 2017-21, “Third-Party Relationships: Frequently Asked Questions to Supplement OCC Bulletin 2013-29,” and OCC Bulletin 2017-43, “New, Modified, or Expanded Bank Products and Services: Risk Management Principles.”
  • incorporates the prohibition in the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 against unfair, deceptive, or abusive acts or practices.

09/13/2018

Beige Book published

The Federal Reserve Board has released the September 12, 2018, issue of the Beige Book.

09/13/2018

FHFA issues UMBS proposed rule

The Federal Housing Finance Agency has announced its issuance of a proposed rule to require Fannie Mae and Freddie Mac (the Enterprises) to align programs, policies, and practices that affect the prepayment rates of “To-Be-Announced" (TBA)-eligible mortgage-backed securities (MBS). The objective of the proposed rule is to enhance the overall liquidity of Enterprise TBA-eligible MBS by supporting their fungibility (mutual interchangeability) without regard to which Enterprise is the issuer. The rule would apply to both the Enterprises' current offerings of TBA-eligible MBS and to the new Uniform Mortgage-Backed Security (UMBS) which will be implemented in June 2019. Comments will be accepted for 60 days following publication in the Federal Register.

09/12/2018

HUD targets operators of predatory mortgage scheme

HUD has charged a Florida company and its owners with housing discrimination for intentionally targeting Hispanic homeowners in a predatory mortgage modification scheme that increased, rather than decreased, their risk of foreclosure. HUD claims that Advocate Law Groups of Florida, P.A., Jon B. Lindeman, Jr., and Ephigenia K. Lindeman violated the Fair Housing Act by intentionally targeting Hispanic families through a deceptive advertising campaign that aired on Spanish-language radio and television stations throughout Florida.

  • HUD' s Charge of Discrimination

09/11/2018

Consumer credit expands

July 2019 G.19 Consumer Credit data have been released by the Federal Reserve. Consumer credit increased at a seasonally adjusted annual rate of 5 percent. Revolving credit increased at an annual rate of 1-1/2 percent, while nonrevolving credit increased at an annual rate of 6-1/2 percent.

09/11/2018

NMLS releases report and fact sheets

The NMLS has released its Mortgage Industry Report for the second quarter of 2018. Updates to the NMLS Money Services Businesses Fact Sheet and Debt Collection Fact Sheet have also been posted.

The NMLS (Nationwide Multistate Licensing System and Registry), owned and operated by the State Regulatory Registry LLC, a wholly owned subsidiary of the Conference of State Bank Supervisors, is the system of record for non-depository, financial services licensing or registration in participating state agencies, including the District of Columbia and U.S. Territories of Puerto Rico, the U.S. Virgin Islands, and Guam.

09/11/2018

OCC proposes business flexibility for federal savings associations

The Office of the Comptroller of the Currency has announced it has approved a proposed rule that would provide more business flexibility to federal savings associations. The OCC will publish a notice of, and request for comment on, the proposed rule in the Federal Register, with a 60-day comment period.

The proposed rule would implement section 206 of the Economic Growth, Regulatory Relief, and Consumer Protection Act. The Act requires the OCC to issue regulations to allow federal savings associations with total consolidated assets of $20 billion or less as of December 31, 2017, to elect to operate with national bank powers. Federal savings associations that make the election generally would have the same rights and privileges as a national bank and be subject to the same duties, restrictions, penalties, liabilities, conditions, and limitations that apply to national banks.

09/10/2018

Fed CRA exam schedules

The Federal Reserve Board maintains a CRA Exam Schedules page where one can find its past and current lists of scheduled CRA exams. The current schedules for the last quarter of 2018 and first quarter of 2019 are available there.

09/10/2018

Debt collectors banned from business

The Federal Trade Commission has reached settlements with the operators of a Georgia-based debt collection business that allegedly used false claims and threats to get people to pay debts – including debts they did not owe or that the defendants had no authority to collect. Under the settlements, the defendants are banned from the debt collection business and from buying or selling debt.

Each settlement order imposes a $3.462,664 judgment that will be partially suspended due to the defendants' inability to pay, but reinstated if the defendants are found to have misrepresented their financial condition. The proposed stipulated orders are against:

09/10/2018

FinCEN grants permanent exceptive relief from Beneficial Ownership Rule

FinCEN issued a ruling [FIN-2018-R003] on Friday granting permanent exceptive relief from Beneficial Ownership requirements for legal entity customers for certain account rollovers, renewals, modifications and extensions. The permanent relief, issued hours before a previous temporary exceptive ruling was due to expire, broadened somewhat the scope of relief provided by the temporary ruling, but maintains strict definitional limits on which accounts are affected. Financial institutions will continue to be required to identify and verify the identity of beneficial owners of legal entity customers at the initial account opening of all accounts (including those affected by the exceptive relief) occurring on or after May 11, 2018.

The exceptive relief applies to:

  • A rollover of a certificate of deposit that does not allow additional deposits during its term;
  • A renewal, modification, or extension of a loan (e.g., setting a later payoff date) that does not require underwriting review and approval;
  • A renewal, modification, or extension of a commercial line of credit or credit card account (e.g., a later payoff date is set) that does not require underwriting review and approval; and
  • A renewal of a safe deposit box rental.

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