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Top Story Lending Related

02/02/2024

OCC CRA evaluations for 18 institutions

The OCC has released a list of Community Reinvestment Act performance evaluations that became public in January, 2024.

Of the 18 evaluations made public this month, three are rated needs to improve, nine are rated satisfactory, and six are rated outstanding. We congratulate these institutions for their outstanding ratings:

02/01/2024

Agencies publish CRA regulations update

The Federal Reserve Board, OCC, and FDIC published [89 FR 6574] the previously announced joint final rule updating their Community Reinvestment Act regulations.

02/01/2024

OCC fines City National Bank $65 million for deficiencies

The Office of the Comptroller of the Currency yesterday announced it has assessed a $65 million civil money penalty against City National Bank, of Los Angeles, California, related to systemic deficiencies in the Bank’s risk management and internal controls.

The OCC found that the bank engaged in unsafe or unsound practices, including its failure to establish effective risk management and internal controls. This failure also resulted in noncompliance with 12 CFR Part 30, Appendix D, “OCC Guidelines Establishing Heightened Standards for Certain Large Insured National Banks, Insured Federal Savings Associations, and Insured Federal Branches.” The bank also violated the Bank Secrecy Act (BSA) and 12 CFR Part 9 – Fiduciary Activities of National Banks.

The OCC also issued a consent order requiring the bank to take broad and comprehensive corrective actions to improve its strategic plan, operational risk management, including internal controls; compliance risk management, including BSA/anti-money laundering and fair lending; strategic risk management; and investment management practices.

02/01/2024

NCUA bars former Virginia CU employee from industry

The NCUA has reported it has issued a consent prohibition notice against Kelly Givens, a former employee of FedStar Federal Credit Union, Salem, Virginia, after determining that she made unauthorized personal purchases using the Credit Union’s corporate credit card and caused the Credit Union to pay the card balances.

A prohibition order bars its recipient from participating in any way in the business of any insured depository institution or federal depository institution regulatory agency or the Federal Housing Finance Agency or any federal home loan bank without prior written consent of both the NCUA Board and the institution's appropriate regulatory agency.

02/01/2024

Latest Consumer Compliance Outlook available

The Federal Reserve has announced the availability of the latest issue of Consumer Compliance Outlook. The fourth issue of 2023 includes the following articles and features:

  • Top Federal Reserve Compliance Violations in 2022 Under the Fair Credit Reporting Act and the Equal Credit Opportunity Act
  • Top Federal Reserve System Violations in 2022: Regulation E Error Resolution Requirements and Regulation X Escrow Account Requirements
  • Interagency Overview of the Community Reinvestment Act Final Rule
  • Regulatory Calendar
  • Calendar of Events

01/31/2024

MLA system release scheduled

The Department of Defense's Military Lending Act (MLA) website has added a notice that its next system release (version 5.18) is scheduled for Thursday, February 15, 2024. It will include security and performance enhancements. The MLA website will be unavailable from 6:00 PM until 9:00 PM PST (9 PM to midnight, EST) on February 15.

01/31/2024

FHFA releases 2024 Scorecard for Enterprises and CSS

Yesterday, the Federal Housing Finance Agency released the 2024 Scorecard for Fannie Mae and Freddie Mac (together, the Enterprises) and their joint venture, Common Securitization Solutions, LLC (CSS). Annually, FHFA releases a Scorecard to communicate and provide public awareness of its priorities and expectations for the Enterprises and CSS.

The 2024 Scorecard articulates specific Enterprise objectives that address multifamily rental housing needs, explore opportunities to mitigate risk in the evolving single-family property insurance market, and promote efficiency in the mortgage market. The Scorecard also identifies objectives for the Enterprises to continue to transfer meaningful credit risk to private investors and explore opportunities to harmonize their processes supporting the Single-Family Selling Representations and Warranties Framework. Further, the Scorecard directs that the Enterprises consider the impact of their objectives in all geographies, including rural areas.

01/31/2024

FHFA house price index up 0.3 percent in November 2023

The Federal Housing Finance Agency has announced that U.S. house prices rose in November, up 0.3 percent from October, according to the Federal Housing Finance Agency (FHFA) seasonally adjusted monthly House Price Index (HPI). House prices rose 6.6 percent from November 2022 to November 2023. The previously reported 0.3 percent price increase in October remained unchanged.

For the nine census divisions, seasonally adjusted monthly price changes from October 2023 to November 2023 ranged from -0.2 percent in the New England division to +0.7 percent in the Mountain division. The 12-month changes ranged from +3.1 percent in the West South Central division to +9.8 percent in the New England division.

01/30/2024

FinCEN seeks comment on info to be collected to get BOI data response

FinCEN has published [89 FR 5995] in the January 30, 2024, Federal Register a Notice and Request for Comments on the proposed information collection associated with requests made to FinCEN, by certain persons, for beneficial ownership information, consistent with the requirements of the Beneficial Ownership Information Access and Safeguards final rule.

Included in the notice are FinCEN's estimates of the burden to state, local and tribal law enforcement agencies, and for financial institutions. An appendix to the Notice and Request for Comments summarizes the proposed data fields to be submitted by authorized recipients. Financial institutions would submit the reporting company name, TIN type, and TIN, and a check mark agreeing to a system-provided certification of compliance statement.

Comments will be accepted through April 1, 2024.

Note: This proposal does not in any way change the current rule in 31 C.F.R. § 1010.230 requiring financial institutions to obtain certification of beneficial ownership information from its customers. Amendments to that rule are not expected until at least the end of 2024.

01/29/2024

FHFA house price index up 0.3 percent in October 2023

The Federal Housing Finance Agency has reported that U.S. house prices rose in October, up 0.3 percent from September, according to the Federal Housing Finance Agency (FHFA) seasonally adjusted monthly House Price Index. House prices rose 6.3 percent from October 2022 to October 2023. The previously reported 0.6 percent price increase in September was revised to a 0.7 percent increase.

For the nine census divisions, seasonally adjusted monthly price changes from September 2023 to October 2023 ranged from -0.3 percent in the New England division to +1.1 percent in the Middle Atlantic division. The 12-month changes ranged from +2.6 percent in the Mountain division to +9.9 percent in the Middle Atlantic division.

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