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Exception Tracking Spreadsheet (TicklerTrax™)
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07/07/2017

HUD awards $50M in housing counseling grants

The U.S. Department of Housing and Urban Development (HUD) has announced the awarding of more than $50 million in housing counseling grants to hundreds of national, regional and local organizations to help families and individuals with their housing needs and to prevent future foreclosures. The agency's press release stated that the grants and the additional funding they leverage will assist more than 1.4 million households find housing, make more informed housing choices, or keep their current homes.

07/07/2017

FHFA publishes proposed housing goals for Enterprises

The Federal Housing Finance Agency (FHFA) has published [82 FR 31514] a proposed rule with request for comments on the housing goals for Fannie Mae and Freddie Mac (the Enterprises) for 2018 through 2020. The housing goals include separate categories for single-family and multifamily mortgages on housing that is affordable to low-income and very low-income families, among other categories. Comments on the proposal are due by September 5, 2017.

07/07/2017

Credit card profitability report

The Federal Reserve Board has issued a report to Congress on the profitability of depository institutions' credit card operations. The report analyzes the profitability over time of depository institutions' credit card activities by examining the performance of larger institutions that specialize in such activities and of a sample of smaller commercial banks that offer a range of credit services. The report also reviews trends in credit card pricing, including changes in interest rates.

07/07/2017

A case for housing finance reform

Speaking at the American Enterprise Institute in Washington yesterday, Federal Reserve Governor Jerome H. Powell made a case for basic reform of the U.S. system of housing finance. Asserting that a "robust, well-capitalized, well-regulated housing finance system is vital to achieving" the goals of safe and sound banking institutions and a stable financial system, Powell argued that it is time to move from the status quo in which the federal government, via Fannie Mae, Freddie Mac, the FHA and the VA hold a combined 80 percent of the purchase mortgage market toward a market in which private capital takes a broader role.

07/06/2017

OCC and FDIC CRA ratings released

The OCC has released the list of Community Reinvestment Act (CRA) performance evaluations that became public during the month of June. Five were rated outstanding and 20 rated satisfactory. The FDIC has issued its list of state nonmember banks recently evaluated for compliance with the CRA and the ratings that the FDIC assigned to institutions in April 2017. Four were rated outstanding, 52 rated satisfactory, two needs to improve, and 1 was found to be in substantial noncompliance.

07/06/2017

FOMC statement, minutes, and projections released

The Federal Reserve Board has released the statement and minutes of the June 13-14, 2017, meeting of the Federal Open Market Committee (FOMC). A summary of economic projections made by Federal Reserve Board members and Reserve Bank presidents for the meeting is also included as an addendum to the minutes. Included in the minutes is a statement of the FOMC's plan to gradually trim the size of the Federal Reserve's balance sheet by systematically shrinking the approximately $4.5 trillion in securities holdings amassed early in the recent economic recession to help stabilize the economy.

06/30/2017

May mortgage rates decrease reported

The Federal Housing Finance Agency (FHFA) index for May 2017 shows that, nationally, interest rates on conventional purchase-money mortgages decreased from April to May, according to several indices of new mortgage contracts.The National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders Index was 3.87 percent for loans closed in late May, down 10 basis points from 3.97 percent in April. The average interest rate on all mortgage loans was 3.90 percent, down 8 basis points from 3.98 in April. The average interest rate on conventional, 30-year, fixed-rate mortgages of $424,100 or less was 3.97 percent, down 7 basis points from 4.04 in April. The effective interest rate on all mortgage loans was 4.02 percent in May, down 8 basis points from 4.10 in April. The effective interest rate accounts for the addition of initial fees and charges over the life of the mortgage. The average loan amount for all loans was $315,500 in May, up $3,900 from $311,600 in April.

06/30/2017

Bureau guidance on implementation of Servicing Rule changes

The CFPB published in today's Federal Register policy guidance concerning early compliance with its 2016 amendments to the Servicing Rules under Regulations X and Z. Responding to industry concerns about mid-week effective dates (both the October 19, 2017, and April 19, 2018, effective dates of the 2016 amendments fall on Thursday), the Bureau's guidance says the agency won't take action for violations of existing Regulation X or Regulation Z resulting from compliance with the amendments up to three days early. That will allow servicers to update their systems over the weekend prior to the effective dates, rather than mid-week.

06/29/2017

FEMA suspending communities from Flood Program

The Federal Emergency Management Agency has published a final rule in today's Federal Register identifying communities that will be suspended from the National Flood Insurance Program on July 18, 2017, for noncompliance with the floodplain management requirements of the program. Listed communities include:

  • California—portions of Mendocino County
  • Maine—portions of Washington County
  • Pennsylvania—portions of Fayette County
  • South Carolina—Towns of Reevesville and Summerville

06/28/2017

CFPB snapshot report of state-by-state complaints

The Bureau has released a special edition of its monthly complaint report containing a snapshot of consumer complaints received from each state and the District of Columbia. The report provides statistics on complaint volume, the products and services generating the most complaints, company response rates, and a look at complaints from servicemembers and older Americans. The report also gives a national overview and spotlights narratives submitted by consumers regarding their experience with the CFPB’s complaint process.

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