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Top Story Lending Related

09/28/2017

Disaster relief for Florida Seminoles

President Trump has declared that a major disaster exists for the Seminole Tribe of Florida and ordered federal aid to supplement the Tribe’s efforts in the areas affected by Hurricane Irma beginning on September 4, 2017, and continuing. The action makes federal funding available to affected individuals of the Tribe and its associated lands. Assistance can include grants for temporary housing and home repairs, low-cost loans to cover uninsured property losses, and other programs to help individuals and business owners recover from the effects of the disaster.

09/27/2017

CFPB orders redress for RESPA violations

The CFPB has issued a consent order against Meridian Title Corporation, South Bend, Indiana, ordering the real estate settlement agent and title insurance agency to pay up to $1.25 million in redress to affected consumers and to stop steering consumers to Arsenal Insurance Corporation, a title insurer owned in part by several of Meridian's executives without disclosing its relationship to the title insurer, in exchange for referral payments from the title insurer. Meridian was also ordered to stop violating the law and to start providing the required disclosures. For additional information, see our Penalty page.

09/27/2017

NCUA assistance for CUs impacted by Maria

The NCUA has posted an article detailing the disaster-recovery assistance available to the eight federally chartered credit unions headquartered in Puerto Rico and the Virgin Islands.

09/27/2017

Yellen on Inflation and monetary policy

At the "Prospects for Growth: Reassessing the Fundamentals" 59th Annual Meeting of the National Association for Business Economics, in Cleveland, Ohio, Federal Reserve Board Chair Yellen discussed inflation, uncertainty, and monetary policy. Dr. Yellen reviewed recent inflation developments and the economic outlook; the uncertainty about the inflation outlook; resource utilization; inflation expectations; misspecified inflation dynamics; and policy implications. She concluded, "standard empirical analyses support the FOMC's outlook that, with gradual adjustments in monetary policy, inflation will stabilize at around the FOMC's two-percent objective over the next few years, accompanied by some further strengthening in labor market conditions. But the outlook is uncertain, reflecting, among other things, the inherent imprecision in our estimates of labor utilization, inflation expectations, and other factors. As a result, we will need to carefully monitor the incoming data and, as warranted, adjust our assessments of the outlook and the appropriate stance of monetary policy. But in making these adjustments, our longer-run objectives will remain unchanged — to promote maximum employment and two-percent inflation."

09/27/2017

NMLS RSS feed users must resubscribe

The NMLS has announced that, as a part of a system upgrade to the NMLS Resource Center, all existing subscriptions to the RSS feeds for the Federal Registry News will be deleted on October 2. Users must resubscribe in order to continue receiving the RSS feed, and can do so by clicking this link on or after October 2, 2017.

09/27/2017

August residential sales decline

HUD and the Census Bureau have issued the report of new residential sales for August 2017.

  • NEW HOME SALES: Sales of new single-family houses in August 2017 were at a seasonally adjusted annual rate of 560,000, 3.4 percent below the revised July rate of 580,000, and 1.2 percent below the August 2016 estimate of 567,000.
  • SALES PRICE: The median sales price of new houses sold in August 2017 was $300,200. The average sales price was $368,100.
  • FOR SALE INVENTORY AND MONTHS' SUPPLY: The seasonally-adjusted estimate of new houses for sale at the end of August was 284,000. This represents a supply of 6.1 months at the current sales rate.

09/26/2017

OFAC sanctions banks and reps linked to North Korea networks

OFAC has announced actions taken Tuesday to further disrupt North Korea’s access to the international financial system. OFAC designated eight North Korean banks and 26 individuals linked to North Korean financial networks. The individuals sanctioned are North Korean nationals operating in China, Russia, Libya and the United Arab Emirates who act as representatives of North Korean banks. OFAC also identified two banks as part of the Government of North Korea. As a result of today’s action, any property or interests in property of the designated persons in the possession or control of U.S. persons or within the United States must be blocked.

For identification of the designated individuals and entities, see our OFAC Update.

09/26/2017

OCC seeking comment on Fair Housing data collection

The OCC has published a Notice and Request for Comment in today's Federal Register regarding the revisions of information collections titled "Regulation C" and "Fair Housing Home Loan Data System Regulation." Comments are due by November 27, 2017.

09/26/2017

Noreika remarks on online lending

Yesterday, Acting Comptroller of the Currency Keith A. Noreika discussed online lending and responsible innovation at the 2017 Online Lending Policy Summit. His remarks shared his perspective on the opportunities and challenges facing online lenders and efforts to promote economic opportunity.

09/25/2017

Collection of appraisal management company fees

The Appraisal Subcommittee of the Federal Financial Institutions Examination Council has published [82 FR 44493] a final rule to implement collection and transmission of appraisal management company (AMC) annual registry fees pursuant to section 1473 of the Dodd-Frank Act to be applied by State appraiser certifying and licensing agencies that elect to register and supervise AMCs, pursuant to 12 U.S.C. 3353 and the regulations promulgated thereunder. The rule will be effective November 24, 2017.

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