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Top Story Lending Related

03/29/2024

FDIC issues Supervisory Highlights

The FDIC yesterday issued FIL-16-2024 to publish its Spring 2024 issue of Consumer Compliance Supervisory Highlights to provide an overview of consumer compliance issues identified through the FDIC’s supervision of state non-member banks and thrifts in 2023. It includes:

  • A description of the most frequently cited violations and other consumer compliance examination observations;
  • Information on regulatory developments;
  • A summary of consumer compliance resources and information available to financial institutions; and
  • An overview of consumer complaint trends.

The most frequently cited violations (representing approximately 74 percent of the total violations cited in 2023) involved:

  • the Truth in Lending Act (TILA) and Regulation Z;
  • the Flood Disaster Protection Act (FDPA) and Part 339;
  • the Electronic Fund Transfers Act (EFTA) and Regulation E;
  • the Truth in Savings Act (TISA) and Regulation DD; and
  • Section 5 of the Federal Trade Commission Act.

While this list contains the same laws and regulations from the 2022 Highlights, Section 5 of the FTC Act violations dropped from the second most frequently cited violation to the fifth most frequently cited violation.

03/29/2024

FDIC advisory on CIP rule

FDIC Financial Institution Letter FIL-15-2024, issued yesterday in coordination with today's FinCEN Federal Register request for information and comment, is an advisory to reemphasize the requirements under the Customer Identification Program (CIP) Rule as it relates to collecting identifying information from customers. The advisory reminds institutions of the information required to be collected from the customer prior to account opening. The CIP rule has been in effect for more than 20 years (since October 1, 2003).

  • The CIP Rule requires a bank to implement a program that includes risk-based verification procedures that enable the bank to form a reasonable belief that it knows the true identity of its customers. These requirements exist regardless of whether the bank establishes this relationship directly with the customer or through an intermediary.
  • These procedures must include collecting, at a minimum, the customer’s name, date of birth (for an individual), address, and identification number.
  • A bank is required to collect the taxpayer identification number (TIN) from a customer that is a U.S. person prior to account opening or another approved identification from a non-U.S. person. This applies to all accounts with the exception of credit card accounts.

03/29/2024

FinCEN seeks comment on CIP TIN collection requirement

FinCEN has published [89 FR 22231] in this morning's Federal Register a notice and request for information and comment regarding the Customer Identification Program (CIP) Rule requirement for banks to collect a taxpayer identification number (TIN), among other information, from a customer who is a U.S. person, prior to opening an account (the “TIN collection requirement”).

Generally, for a customer who is an individual and a U.S. person (“U.S. individual”), the TIN is a Social Security number (SSN). FinCEN specifically seeks information to understand the potential risks and benefits, as well as safeguards that could be established, if banks were permitted to collect partial SSN information directly from the customer for U.S. individuals and subsequently use reputable third-party sources to obtain the full SSN prior to account opening. FinCEN seeks this information to evaluate and enhance its understanding of current industry practices and perspectives related to the CIP Rule's TIN collection requirement, and to assess the potential risks and benefits associated with a change to that requirement.

The notice also serves as a reminder from FinCEN, and staff at the Agencies, that banks must continue to comply with the current CIP Rule requirement to collect a full SSN for U.S. individuals from the customer prior to opening an account (“SSN collection requirement”).

Comments will be accepted for 60 days, through May 28, 2024.

03/28/2024

Update on credit card late fee rule litigation

A Ballard Spahr Consumer Finance Monitor article published Tuesday reports that the U.S. District Court for the Northern District of Texas has set April 2, 2024, as the date for a hearing on the plaintiffs' motion for a preliminary injunction against the CFPB's enforcement of its recent credit card late fee rule. According to the article, the CFPB last week filed a motion with the district court to transfer the case (Chamber of Commerce et al v. CFPB) to the U.S. District Court of the District of Columbia.

On March 20, the Texas district court denied the plaintiffs' motion for expedited consideration of their preliminary injunction motion [the CFPB's final rule has a May 14, 2024, effective date].

03/27/2024

FHFA: House prices dropped in January

The Federal Housing Finance Agency yesterday reported U.S> house prices fell in January, down 0.1 percent from December, according to the FHFA seasonally adjusted monthly House Price Index.

House prices rose 6.3 percent from January 2023 to January 2024. The previously reported 0.1 percent price increase in December remained unchanged.

For the nine census divisions, seasonally adjusted monthly price changes from December 2023 to January 2024 ranged from -0.6 percent in the South Atlantic division to +1.5 percent in the West North Central division. The 12-month changes were all positive, ranging from +3.8 percent in the West South Central division to +8.7 percent in the East North Central division.

03/27/2024

FDIC issues guidance to help FIs and facilitate recovery

Yesterday, the FDIC issued Financial Institution Letters FIL-13-2024 and FIL-14-2024 to provide guidance the help financial institutions and facilitate recovering in areas of Maine and Rhode Island, respectively, affected by severe storms and flooding December 17–19, 2023 (Rhode Island) and January 9–13, 2024 (Maine and Rhode Island).

03/27/2024

HMDA modified LARs with 2023 data are available

The CFPB has announced that the modified HMDA LARs with 2023 data are now available for each institution that filed HMDA data collected in 2023. The modified LARs provide each financial institution's loan-level HMDA data, as modified to protect applicant and borrower privacy in accordance with the Consumer Financial Protection Bureau’s final policy guidance on the disclosure of HMDA data. Users also have the ability to download one combined file that contains all institutions’ modified LAR data.

The modified LARs can be accessed HERE.

03/26/2024

FHFA releases 4th quarter 2023 foreclosure prevention and refi report

The Federal Housing Finance Agency (FHFA) has released its fourth quarter 2023 Foreclosure Prevention and Refinance Report. The report shows that Fannie Mae and Freddie Mac (the Enterprises) completed 43,903 foreclosure prevention actions during the quarter, raising the total number of homeowners who have been helped to 6,905,703 since the start of conservatorships in September 2008.

The report also shows that 31 percent of loan modifications completed in the fourth quarter reduced borrowers’ monthly payments by more than 20 percent. The number of refinances decreased from 83,522 in the third quarter of 2023 to 71,378 in the fourth quarter of 2023.

The Enterprises’ serious delinquency rate increased slightly from 0.54 percent to 0.55 percent at the end of the fourth quarter. This compares with 3.42 percent for Federal Housing Administration (FHA) loans, 2.01 percent for Veterans Affairs (VA) loans, and 1.52 percent for all loans (industry average).

03/25/2024

FFIEC updating UBPR to include CECL nomenclature changes in Call Reports

FFIEC announcement 2024-02, issued on Friday, reports that the FFIEC's member agencies are making several changes to the Uniform Bank Performance Report on or shortly after March 25, 2024. These changes are necessitated by the current expected credit losses methodology (CECL) nomenclature changes to the March 2024 Consolidated Reports of Condition and Income (Call Reports). Changes are also being made in response to the Accounting Standards Update 2022–02, “Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures.”

03/25/2024

FHFA issues 2023 Q4 UAD aggregate stats

The Federal Housing Finance Agency on Friday published its 2023 fourth-quarter data for the Uniform Appraisal Dataset (UAD) Aggregate Statistics. The Data File and Dashboards also include new property characteristics and a new statistic.

The UAD Aggregate Statistics Data File and Dashboards give stakeholders and the public continued access to a broad set of data points and trends found in appraisal reports. Today’s release includes the full year of 2023 data at all geographic levels (National, State, County, Metropolitan Statistical Area, and Census Tract). The data also now include six new measures of property structure and site, three new measures of neighborhood market conditions, and one new value statistic.

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