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Top Story Lending Related

11/22/2016

MLA teleconference to focus on new Interpretive Rule

The FDIC has issued FIL-78-2016 announcing the regulator will co-host an interagency webinar scheduled for December 1, 2016, that will focus on the Military Lending Act (MLA) regulations and the related, recently released Interpretive Rule.

11/21/2016

FDIC proposes insurance sales rule consolidation

The FDIC has published at 81 FR 83174 a proposal to remove subpart I of 12 CFR Part 390, the transferred OTS regulation on Consumer Protection in Sales of Insurance, and to amend 12 CFR Part 343 to consolidate its rules on that subject in a single regulation. Comments are due by January 20, 2017.

11/21/2016

FCRA fee ceiling unchanged

The CFPB has announced that the ceiling on allowable charges under section 612(f) of the Fair Credit Reporting Act will remain unchanged at $12.00, effective for 2017.

11/21/2016

Curry on community banking

In remarks at the 11th Annual Community Banker Symposium in Chicago, Comptroller Curry discussed the agency’s supervisory priorities for community national banks and federal savings associations, responsible innovation, and how community banks can use collaboration to meet business goals and better serve bank customers.

11/21/2016

Charge-off and delinquency rates report

The Federal Reserve System has posted the November 18, 2016, update of the charge-off and delinquency rates on loans and leases at commercial banks.

11/21/2016

October residential activity up in all categories

HUD and the Census Bureau have jointly released October 2016 statistics on new residential construction.

  • Privately owned housing units authorized by building permits in October were at a seasonally adjusted annual rate of 1,229,000, 0.3 percent above the revised September rate of 1,225,000, but 4.6 percent above the October 2015 estimate.
  • Single-family authorizations in October were at a rate of 762,000, 2.7 percent above the revised September rate.
  • Privately owned housing starts in October were at a seasonally adjusted annual rate of 1,323,000, 25.5 percent above the revised September estimate, but 23.3 percent above the October 2015 rate.
  • Single-family housing starts in October were at a rate of 869,000, 10.7 percent above the revised September rate.
  • Privately owned housing completions in October were at a seasonally adjusted annual rate of 1,055,000, 5.5 percent above the revised September rate and 7.2 percent above the October 2015 rate.
  • Single-family housing completions in October were at a rate of 749,000, 3.9 percent above the revised September rate.

11/18/2016

HARP refis continue decline

The Federal Housing Finance Agency (FHFA) has reported that 15,597 borrowers refinanced their mortgages through the Home Affordable Refinance Program (HARP) from July through September. FHFA's third quarter Refinance Report also shows that while total refinance volume increased in September, as mortgage interest rates hovered at lows last seen in 2013, HARP refinances represented 2 percent of total refinances. Total HARP refinances now stand at 3,434,451. According to new data, 242,512 borrowers are still eligible for HARP as of the second quarter of 2016.

11/18/2016

NMLS down for maintenance

The NMLS will undergo system maintenance from 10 p.m. Friday, November 18 to 10 a.m. Saturday, November 19. During this time the NMLS and Consumer Access systems will be unavailable.

11/18/2016

$7B in tax credits allocated by Treasury

The Treasury Department has announced that 120 organizations nationwide will receive a total of $7 billion in New Markets Tax Credit awards from its Community Development Financial Institutions Fund (CDFI Fund). The New Markets Tax Credit Program, established by Congress in December 2000, permits individual and corporate taxpayers to receive a non-refundable tax credit against federal income taxes for making equity investments in vehicles known as Community Development Entities (CDEs). CDEs that receive the tax credit allocation authority under the program are domestic corporations or partnerships that provide loans, investments, or financial counseling in low-income urban and rural communities. The tax credit provided to the investor totals 39 percent of the cost of the investment and is claimed over a seven-year period.

11/18/2016

Bureau posts 'rural or underserved' lists

The CFPB has posted on its website a list of counties determined to be "rural" and a list of counties determined to be "rural or underserved" during 2016 for purposes of applying certain regulatory provisions related to mortgage loans during 2017.

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