Skip to content

How to add predictive analytics into your risk program. Risk reports are often limited to historical insights and issues and do not provide guidance and insights into the future of the organization. Adding predictive analytics can allow your organization to detect emerging risks and create mitigation plans. This can be achieved by combining internal and external key risk indicators (KRIs) and key performance indicators (KPIs) with regulatory intelligence. This ensures that risk reports can detect more issues and highlight areas of concern. Click here to learn more.


Top Story Lending Related

08/23/2019

Flood exam procedures revised

The Federal Reserve Board has issued Consumer Affairs Letter CA-19-10 announcing the update of Interagency Exam Procedures for the Flood Disaster Procedures Act (FDPA), with the addition of these new sections:

  • mandatory acceptance of a private insurance policy to satisfy the flood insurance purchase requirement if the policy meets the statutory and regulatory definition of “private flood insurance;”
  • discretionary acceptance of a flood insurance policy issued by a private insurer, even if the policy does not meet the statutory and regulatory definition of “private flood insurance;” and
  • discretionary acceptance of a plan issued by a mutual aid society in satisfaction of the flood insurance purchase requirement, if certain criteria are met.

08/23/2019

HUD awards $5.2M for safety and security improvements

HUD has announced it is awarding $5.2 million to 23 public housing authorities in 15 states to make needed improvements to their safety and security systems:

08/22/2019

Federal Reserve statistical releases

The Federal Reserve has updated two of its statistical releases:

08/22/2019

Bureau and AR AG settle with high-rate credit broker

The CFPB has announced that the Bureau and the Office of the Arkansas Attorney General have filed a proposed settlement with Andrew Gamber, Voyager Financial Group, LLC, BAIC, Inc., and SoBell Corp. The companies, owned and operated by Gamber, were brokers of contracts offering high-interest credit to veterans, many of whom are disabled, and to other consumers.

Gamber and his companies are alleged in the Complaint to have misrepresented to consumers that the contracts the companies facilitate are valid and enforceable when, in fact, the contracts are void under federal and state law; misrepresented to consumers that the product is a sale of payments and not a high-interest credit offer; misrepresented to consumers when they will receive their funds; and failed to inform consumers of the applicable interest rate on the credit offer.

Under the proposed settlement, Gamber and the companies are permanently banned from brokering, offering, or arranging agreements between pension recipients and third parties under which the consumer purports to sell a future right to an income stream from the consumer’s pension. The proposed settlement would also impose a judgment for redress of $2.7 million, a civil money penalty of $1 to the Bureau, and a payment of $75,000 to the Arkansas Attorney General’s Consumer Education and Enforcement Fund in lieu of a civil money penalty to the State of Arkansas. Full payment of redress would be suspended upon Gamber's paying $200,000 for redress, $1 to the Bureau and $75,000 to Arkansas, unless information in sworn financial statements proves false .

08/21/2019

Fed enforcement actions

The Federal Reserve Board has announced three enforcement actions:

  • a $20,000 civil money penalty to be paid by First Ipswich Bank, Ipswich, Massachusetts, for flood insurance violations
  • a $36,000 civil money penalty to be paid by Brookline Bank, Brookline, Massachusetts, for flood insurance violations
  • a Notice of Intent to prohibit from banking, seeking restitution, and assessing a civil money penalty, issued to a former employee of Farmers & Merchants Bank, Baldwyn, Mississippi

A Notice of Intent is not a final action. It notifies the respondent of the Board's intent and provides the respondent an opportunity for a hearing on the allegations made in the Notice and on the Board's intended action. In this case, the respondent is charged with embezzling over $441,000 by taking cash from the bank's vault and making unauthorized withdrawals from customers' certificate of deposit accounts, and with forging bank records and lying to bank personnel about her actions. The Board intends to bar the respondent from the banking industry, require her to make restitution to the bank of $20,264.27, and assess a civil money penalty of $10,067.

08/20/2019

CFPB posts consumer mortgage loan guides

The Bureau has posted English and Spanish loan estimate and closing disclosure guides to help consumers choose the right home loan.

08/20/2019

Otting tours D.C. CRA projects

In his ongoing campaign promoting a planned overhaul of Community Reinvestment Act regulations, Comptroller Otting led a tour of Washington, D.C., areas that have benefited from CRA activity and discussed how CRA regulations can be strengthened to promote more lending, investment, and services where they are needed most. He was joined by more than 50 community advocates, community development professionals, and bankers engaged in CRA activity in the district.

08/20/2019

NCUA guidance for CUs servicing hemp businesses

The NCUA has released interim guidance on ways credit unions may provide certain financial services to lawfully operating hemp businesses. This guidance will be updated as needed and once forthcoming regulations and guidelines are finalized by the U.S. Department of Agriculture.

08/19/2019

CFPB private ed loan ombudsman appointed

The CFPB has announced the appointment of Robert G. Cameron to serve as the Bureau’s private education loan ombudsman. The ombudsman is responsible for receiving, reviewing, and attempting to resolve complaints from private student loan borrowers. The ombudsman is also responsible for compiling and analyzing complaint data on private education loans and making appropriate recommendations to the Secretary of the Treasury, the Bureau Director, the Secretary of Education, and Congress.

08/19/2019

HUD proposes Disparate Impact rule

HUD has published a proposed rule at 84 FR 42854 in today's Federal Register that would amend HUD's interpretation of the Fair Housing Act's disparate impact standard to better reflect the Supreme Court's 2015 ruling in Texas Department of Housing and Community Affairs v. Inclusive Communities Project, Inc., and to provide clarification regarding the application of the standard to state laws governing the business of insurance. Comments on the proposal are due by October 18, 2019.

Pages

Training View All

Penalties View All

Search Top Stories