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Top Story Lending Related

05/12/2017

FHFA Director Watt addresses Senate Banking Committee

Melvin Watt, Director of the Federal Housing Finance Agency (FHFA) issued a statement before the Senate Committee on Banking, Housing, and Urban Affairs, on “The Status of the Housing Finance System After Nine Years of Conservatorship.”

05/12/2017

New NMLS website launched

The Conference of State Bank Supervisors (CSBS) has launched a new website dedicated to the NMLS 2.0 initiative to provide updates, engagement opportunities, and progress on the new NMLS.

05/12/2017

Wisconsin bank and affiliates settle UDAP claims

The Bank of Lake Mills, Lake Mills, Wisconsin, and two institution-affiliated parties (IAPs) have executed settlements with the FDIC for unfair and deceptive practices that violated Section 5 of the Federal Trade Commission Act. As part of the settlement, the bank and the IAPs stipulated to the issuance of respective Orders for Restitution and Orders to Pay Civil Money Penalties The FDIC Orders require restitution of approximately $3 million to harmed consumers, and assess civil money penalties totaling $242,000. The Orders require a restitution plan that covers all past and present borrowers who, from 2013 to 2015, received loans originated by the bank through the IAPs, and were harmed by the practices identified as being unfair or deceptive. For further information, see "Bank of Lake Mills," in our Penalty pages.

05/11/2017

CU settles HUD maternity discrimination complaint

The Department of Housing and Urban Development has publicized an agreement between Wescom Central Credit Union, based in Pasadena, California, and a married couple, resolving allegations the company denied the couple's mortgage loan application because the wife was on maternity leave. Refusing to provide a mortgage loan or mortgage insurance because a woman is pregnant or on family leave violates the Fair Housing Act's prohibition against sex and familial status discrimination, which includes discrimination against individuals who have or are expecting a child.

05/11/2017

DoD MLA website due for maintenance

The Department of Defense has posted a notice on its MLA website that its MLA verification service will be unavailable on Saturday, May 13, due to planned system maintenance.

05/10/2017

Bureau seeking info on small business lending

The Consumer Financial Protection Bureau has posted a Bureau Blog article and a press release announcing an inquiry into ways to gather and use new and existing information to identify the financing needs of small businesses, especially those owned by women and minorities. The Bureau will publish a Request for Information asking for public feedback to help the Bureau better understand how to obtain more consistent and complete information on those credit needs. UPDATE: The CFPB's Request for Information was published at 82 FR 22318 in the Federal Register on May 15, 2017, with a comment period ending on July 14, 2017.

UPDATE: On June 8, 2017, Director Cordray, in a presentation to a meeting of the Bureau's Consumer Advisory Board, announced that the Bureau has agreed to a 60-day extension of the comment period, to September 12, 2017.

The CFPB also released a white paper reviewing the evidence available to the Bureau concerning the small business lending landscape, as well as prepared remarks of Bureau Director Richard Cordray to be delivered at today's CFPB field hearing on small business lending, scheduled for 11 a.m. PDT in Los Angeles.

05/09/2017

Bank lending practices SLOOS released

The Federal Reserve has released the results of the April 2017 senior loan office opinion survey on bank lending practices (SLOOS). The survey covers up to eighty large domestic banks and twenty-four U.S. branches and agencies of foreign banks. The Federal Reserve generally conducts the survey quarterly, timing it so that results are available for the January/February, April/May, August, and October/November meetings of the Federal Open Market Committee.

05/09/2017

FHFA announces evaluation plans comment periods

The Federal Housing Finance Agency (FHFA) has extended the public input period on its proposed Evaluation Guidance for the Duty to Serve program. The input period is now extended from May 15 to June 7, 2017. The proposed Evaluation Guidance, released January 18, communicates FHFA's expectations regarding the process for developing the Enterprises' Underserved Markets Plans as well as the process by which FHFA will evaluate the Enterprises' achievements under their Plans each year. In addition, FHFA also is requesting public input on Fannie Mae and Freddie Mac's (the Enterprises) proposed Underserved Markets Plans under the Duty to Serve program, which were released yesterday.

05/05/2017

CFPB seeks comments on assessment of servicing rule

The CFPB has released its plan to assess the effectiveness of the RESPA mortgage servicing rule. A request has been posted on the Bureau Blog page seeking comments on the plan, to suggest sources of data, and generally to provide other information that would help with the assessment. Comments will be due 60 days after the plan is published in the Federal Register.

UPDATE: The Bureau's Request for Information is scheduled for publication on May 11, 2017 at https://www.federalregister.gov/d/2017-09361. The deadline for comments will be Monday, July 10, 2017.

05/04/2017

Preview of census file changes posted

The FFIEC has posted a preview of the field changes for the upcoming 2017 Census File based on the 2015 ACS 5-year estimates.

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