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Exception Tracking Spreadsheet (TicklerTrax™)
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Top Story Lending Related

06/09/2017

Bureau targeting credit card promo financing

The CFPB has posted an article discussing how to understand special promotional financing offers on credit cards. The article explained the difference between zero-interest and deferred-interest promotions, how deferred interest is calculated, and what to consider when getting a card with a zero-interest or deferred-interest promotion. The CFPB also announced it has sent letters to top retail credit card companies encouraging them to consider using more transparent promotions.

06/09/2017

Mortgage servicer hit with $1.8MM CMP

The Federal Reserve Board has announced the termination of an enforcement action against EverBank Financial Corp issued in April 2011 related to residential mortgage loan servicing and foreclosure processing. The Board also announced a $1.8 million civil money penalty against the company for its mortgage servicing deficiencies related to that enforcement action.

06/09/2017

American Honda Finance Corp settles OFAC liability

OFAC has announced that American Honda Finance Corporation (AHFC), a motor vehicle finance company headquartered in California, has agreed to remit $87,255 to settle its potential civil liability for 13 apparent violations of the Cuban Assets Control Regulations, (the “Alleged Violations”). The Alleged Violations occurred between February 2011 and March 2014, when Honda Canada Finance, Inc., a majority-owned subsidiary of AHFC located in Canada, approved and financed 13 lease agreements between an unaffiliated Honda dealership in Ottawa, Canada and the Embassy of Cuba in connection with the Cuban Embassy’s leasing of several Honda vehicles. OFAC determined that AHFC voluntarily self-disclosed the Alleged Violations to OFAC, and that the Alleged Violations constitute a non-egregious case.

06/08/2017

Mortgage servicer pays $1.15M for illegal practices

The CFPB announced yesterday it has taken action against mortgage servicer Fay Servicing for failing to provide mortgage borrowers with the protections against foreclosure that are required by law. The Bureau found that Fay violated the CFPB’s servicing rules by keeping borrowers in the dark about critical information about the process of applying for foreclosure relief. The Bureau also found instances in which the servicer illegally launched or moved forward with the foreclosure process while borrowers were actively seeking help to save their homes. A consent order has been filed by the CFPB ordering Fay Servicing to stop its illegal practices and pay up to $1.15 million to harmed borrowers.

06/08/2017

OCC directors workshops in Ohio

The OCC has announced it will host two workshops in Cleveland on July 18-19, for directors of institutions supervised by the OCC. The Risk Governance workshop on July 18 combines lectures, discussion, and exercises to provide practical information for directors to effectively measure and manage risks. The workshop also focuses on the OCC’s approach to risk-based supervision and major risks in the financial industry. The Compliance Risk workshop on July 19 combines lectures, discussion, and exercises on the critical elements of an effective compliance risk management program. This workshop also focuses on major compliance risks and critical regulations. Topics of discussion include the Bank Secrecy Act, Flood Disaster Protection Act, Fair Lending, Home Mortgage Disclosure Act, Community Reinvestment Act, and other compliance areas of interest.

06/08/2017

Consumer credit increases modestly

The Federal Reserve Board's G.19 Consumer Credit Report for April 2017 reveals that consumer credit increased at a seasonally adjusted annual rate of 2½ percent. Revolving credit increased at an annual rate of 1¾ percent, while nonrevolving credit increased at an annual rate of 3 percent.

06/07/2017

Regulatory relief for Missouri financial institutions

The FDIC has issued FIL-20-2017 announcing actions intended to provide regulatory relief to financial institutions and to facilitate recovery in areas of Missouri affected by severe weather. Highlights of the announcement include:

  • Severe storms, tornadoes, straight-line winds and flooding caused significant property damage in areas of Missouri from April 28 to May 11, 2017.
  • A federal disaster for selected areas in Missouri was declared on June 2, 2017. Additional designations may be made after damage assessments are completed in the affected areas. A current list of designated areas is available at http://www.fema.gov.
  • The FDIC is encouraging banks to work constructively with borrowers experiencing difficulties beyond their control because of damage caused by the severe weather.
  • Extending repayment terms, restructuring existing loans, or easing terms for new loans, if done in a manner consistent with sound banking practices, can contribute to the welfare of the local community and serve the long-term interests of the lending institution.
  • Banks may receive favorable Community Reinvestment Act (CRA) consideration for community development loans, investments, and services in support of disaster recovery.
  • The FDIC will consider regulatory relief from certain filing and publishing requirements.

06/07/2017

OFAC SDN list updates

The name of one individual has been deleted from OFAC's list of Transnational Criminal Organizations and updated identification information has been added to an unrelated individual Kingpin Act designation. See our OFAC Update Page for the details.

06/06/2017

FDIC CRA ratings released

The ratings received by 63 banks recently examined by the FDIC for CRA compliance have been released. Three were rated outstanding and 60 received a satisfactory rating.

06/05/2017

FEMA suspending communities from Flood Program

The Fderal Emergency Management Agency has published a final rule at 82 FR 25739 in today's Federal Register identifying communities in California, Indiana, Iowa and North Dakota that it will suspend from participation in the National Flood Insurance Program on June 21, 2017, for noncompliance with the floodplain management requirements of the program:

  • Cities of Areata and Eureka, and unincorporated areas of Humboldt County, California
  • City of Salem and unincorporated areas of Washington County, Indiana
  • Cities of Earlham, Patterson, St. Charles, and Winterset, and unincorporated areas of Madison County, Iowa
  • Unincorporated areas of Foster County, North Dakota

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