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Top Story Lending Related

11/18/2016

OCC releases enforcement actions

The Office of the Comptroller of the Currency has released a list of new enforcement actions taken against national banks, federal savings associations, and individuals currently and formerly affiliated with national banks and federal savings associations. Included were five orders for civil money penalties, seven removal/prohibition orders, and three orders to make restitution.

Flagstar Bank, FSB, Troy Michigan, was ordered to pay $500,000 for failing to comply with previous final orders to address failings in its program for compliance with the Flood Disaster Protection Act.,

Three former directors of Landmark Community Bank, N.A. were issued orders of prohibition and restitution, two of the orders directing payments of $45,000 each, for related acts. And two institution-related parties of Los Alamos National Bank were issued orders of prohibition and civil money penalties totaling $15,000 relating to their involvement with Federal Reserve and SEC actions in 2015 against the bank and its holding company for material accounting fraud.

11/17/2016

Enhanced Money Smart for Small Business available

The FDIC and the SBA have enhanced Money Smart for Small Business, a resource that provides practical guidance for starting and managing a small business. Money Smart for Small Business is a free curriculum available on the FDIC website. It was jointly developed by the FDIC and SBA in 2012. The agencies expanded the program in response to feedback from the small business community. Three new modules were added, focusing on managing cash flow, planning for a healthy business, and helping learners to determine if owning a business is a good fit.

11/17/2016

Industrial production and capacity utilization report

The October 2016 G.17 industrial production and capacity utilization report has been released by the Federal Reserve Board. Industrial production was unchanged in October after decreasing 0.2 percent in September.

11/17/2016

Non-performing loan sales data

The Federal Housing Finance Agency (FHFA) has released its second report providing information about the sale of non-performing loans (NPLs) by Fannie Mae and Freddie Mac (the Enterprises). The Enterprise Non-Performing Loan Sales Report includes NPL sales data through August 31, 2016, and preliminary outcomes for borrowers as of June 30, 2016. NPLs had an average delinquency of 3.4 years and an average current loan-to-value ratio of 97 percent. New Jersey, Florida and New York accounted for 49 percent of the NPLs sold. Those three states also accounted for 47 percent of the Enterprises' loans that are one year or more delinquent as of December 31, 2014.

11/17/2016

HUD expands equal access rules to Native American/Hawaiian programs

The Department of Housing and Urban Development published at 81 FR 80989 in this morning's Federal Register a final rule revising its Native American and Native Hawaiian program regulations to ensure all eligible individuals and families, regardless of sexual orientation, gender identity, or marital status, have access to these programs. This final rule seeks to provide consistency across HUD programs and restates the Department’s commitment that eligibility for admission and continued occupancy in HUD-assisted and -insured housing is not based on sexual orientation, gender identity, or marital status. The final rule, which amends regulations at 24 CFR parts 5, 1000, 1003, 1005, 1006, and 1007, will be effective December 19, 2016.

11/16/2016

GAO critiques Fed stress tests implementation

The Government Accountability Office has issued a report of its recent review of the Federal Reserve Board's Dodd-Frank Act Stress Tests (DFAST) and Comprehensive Capital Analysis and Review (CCAR) programs. The report examines how the stress test programs compare, the CCAR qualitative assessment, and the design of the stress test scenarios and models. GAO made 15 recommendations to help improve the effectiveness of the Federal Reserve's stress test programs, such as improving disclosures and communications to firms, considering the potential consequences of its scenario design choices, and expanding model risk management to include the entire system of models. The Federal Reserve generally agreed with the recommendations and highlighted select ongoing and future efforts.

11/16/2016

FTC unveils website for military members

The FTC has unveiled a financial readiness website designed for mobile devices to help members of the military community navigate personal financial decisions in light of the unique challenges they face, such as frequent relocations and deployment. A new toolkit, “Tools for Personal Financial Managers,” provides personal financial managers, counselors, command, and others in the military community practical financial tips they can share with service members. The toolkit resources are in the public domain so individuals and organizations can share them with friends, family, colleagues and customers. They can also use the information in newsletters or on social media sites.

11/16/2016

November NCUA Report

The November 2016 issue of The NCUA Report has been posted. It examines how the recent changes to the NCUA’s rules governing field of membership will facilitate consumer access to credit at federal credit unions.

11/16/2016

FDIC to hold webinar on community investment interagency Q&As

The FDIC has issued FIL-77-2016 to announce an interagency webinar scheduled for November 29, 2016, that will focus on the recently revised Interagency Questions and Answers regarding Community Reinvestment.

11/16/2016

FHFA performance report

The Federal Housing Finance Agency (FHFA) has released its Performance and Accountability Report, which details FHFA’s activities as regulator of the Federal Home Loan Bank System and as regulator and conservator of Fannie Mae and Freddie Mac during fiscal year 2016.

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