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How to add predictive analytics into your risk program. Risk reports are often limited to historical insights and issues and do not provide guidance and insights into the future of the organization. Adding predictive analytics can allow your organization to detect emerging risks and create mitigation plans. This can be achieved by combining internal and external key risk indicators (KRIs) and key performance indicators (KPIs) with regulatory intelligence. This ensures that risk reports can detect more issues and highlight areas of concern. Click here to learn more.


Top Story Lending Related

10/21/2019

OCC announces enforcement actions

The OCC has released new enforcement actions taken against national banks, federal savings associations, and individuals currently and formerly affiliated with national banks and federal savings associations.

  • Bank civil money penalty orders were issued to:
    • Midsouth Bank, N.A., Lafayette, Louisiana, for payment of $108,796, for a pattern or practice of violations of the Flood Disaster Protection Act
    • Citibank, N.A. Sioux Falls, South Dakota (previously announced), for payment of $30 million, for engaging in repeated violations of the statutory holding period for OREO
  • A removal/prohibition order was issued to a former teller at U.S. Bank, N.A., Cincinnati, Ohio, after finding that she misappropriated $5,000 in cash while balancing ATMs at two Las Vegas, Nevada, branches.

10/21/2019

G.20 Finance Companies report

The Federal Reserve Board has released August 2019 G.20 Owned and Managed Receivables Outstanding data.

10/18/2019

Preparing for LIBOR's end

The CFPB has posted a consumer-oriented article discussing the expected discontinuation of LIBOR sometime after 2021. The change will affect some adjustable (or variable) rate loans and lines of credit like adjustable-rate mortgages (ARMs), reverse mortgages, home equity lines of credit, credit cards, auto loans, student loans, and any other personal loans that use LIBOR as a variable rate index.

10/18/2019

G.17 Industrial production and capacity utilization

The Federal Reserve Board has released its G.17 Industrial Production and Capacity Utilization September 2019 data. Industrial production fell back 0.4 percent in September after advancing 0.8 percent in August. For the third quarter, industrial production rose at an annual rate of 1.2 percent following declines of about 2 percent in both the first and the second quarters. Manufacturing production decreased 0.5 percent in September, with output reduced by the General Motors strike. Excluding motor vehicles and parts, the overall index and the manufacturing index each moved down 0.2 percent. Mining production fell 1.3 percent, while utilities output rose 1.4 percent. At 109.5 percent of its 2012 average, total industrial production was 0.1 percent lower in September than it was a year earlier. Capacity utilization for the industrial sector decreased 0.4 percentage point in September to 77.5 percent, a rate that is 2.3 percentage points below its long-run (1972–2018) average.

10/17/2019

Proposed policy statement on allowances for credit losses

The OCC, Federal Reserve, FDIC, and NCUA have published [84 FR 55510] in today's Federal Register a proposed interagency policy statement and request for comment on Allowances for Credit Losses. The statement describes the measurement of expected credit losses under the current expected credit losses (CECL) methodology and the accounting for impairment on available-for-sale (AFS) debt securities in accordance with FASB ASC Topic 326; supervisory expectations for designing, documenting, and validating expected credit loss estimation processes, including the internal controls over these processes; maintaining appropriate ACLs; the responsibilities of boards of directors and management; and examiner reviews of ACLs.

Comments on the proposed policy statement must be received by December 16, 2019.

10/17/2019

October Beige Book published

The October 16, 2019, edition of the Beige Book has been published by the Federal Reserve Board. Each Federal Reserve Bank gathers anecdotal information on current economic conditions in its District through reports from Bank and Branch directors and interviews with key business contacts, economists, market experts, and other sources. The Beige Book summarizes this information by District and sector eight times each year. An overall summary of the twelve district reports is prepared by a designated Federal Reserve Bank on a rotating basis. This month's summary was prepared by the Federal Reserve Bank of Cleveland, based on information gathered before October 7, 2019.

  • Overall Economic Activity - The U.S. economy expanded at a slight to modest pace since the September report as business activity varied across the country.
  • Employment and Wages - On balance, employment rose slightly amid reports of persistent worker shortages.
  • Prices - Most Reserve Bank districts characterized the recent pace of price increases as modest. Both retailers and manufacturers noted rising input costs, often for items subject to new tariffs, but retailers had relatively more success passing through these cost increases to their customers.

10/16/2019

CFPB 2019 Annual Report on Student Loans

The CFPB has announced that its Private Education Loan Ombudsman has issued the 2019 Annual Report showing that from September 1, 2017 through August 31, 2019 the Bureau handled approximately 20,600 complaints related to private or federal student loans. Of these, there were approximately 6,700 private student loan complaints and 13,900 federal student loan complaints. The report also provides policymakers with a series of recommendations.

10/15/2019

Citibank fined $30 million for OREO violations

The OCC announced on Friday a $30 million civil money penalty against Citibank, N.A., Sioux Falls, South Dakota, for violations related to the holding period for other real estate owned (OREO). Although the bank has repeatedly committed to implementing corrective actions, it has failed to do so, and violations have continued to occur.

For additional information, see "Citibank pays $30 million for OREO violations," in BankersOnline's Penalty pages.

10/11/2019

CFPB issues final HMDA rule for relief to smaller institutions

The Consumer Financial Protection Bureau has announced its approval of a rule that finalizes certain aspects of its May 2019 Notice of Proposed Rulemaking under the Home Mortgage Disclosure Act (HMDA). It extends for two years the current temporary threshold for collecting and reporting data about open-end lines of credit under HMDA. The rule also clarifies partial exemptions from certain HMDA requirements that Congress added in the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA).

The rule will be effective in two stages, on January 1, 2020, and January 1, 2022.

The CFPB intends to issue a separate final rule next year addressing changes to the permanent thresholds for closed-end and open-end transactions.

UPDATE: Published 10/29/2019.

10/11/2019

FDIC guidance for institutions affected by Tropical Storm Imelda

The FDIC has posted FIL-56-2019, which provides guidance on steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of Texas affected by Tropical Storm Imelda.

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