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FDIC releases September enforcement actions

The FDIC has released a list of enforcement orders issued in September 2019.

  • Four banks received orders for civil money penalties totaling $53,831 for various violations of the Flood Disaster Protection Act, the Flood Insurance Act, and Part 339 of the FDIC's regulations:
  • Willamette Valley Bank, Salem, Oregon, was assessed a $275,000 civil money penalty for violations of RESPA and of the Telephone Consumer Protection Act
  • The former president and CEO of Tennessee Commerce Bank was banned from banking and assessed a $250,000 penalty for his involvement in a scheme to conceal the bank's losses on $16 million in commercial loans made to two related companies
  • Removal and prohibition orders were issued to individuals formerly affiliated with Bank of Lake Mills, Lake Mills, WI; Bank of the Sierra, Porterville, CA; Branch Banking and Trust Company, Winston Salem, NC; Cardinal Bank, McLean, VA; and Citizens Union Bank of Shelbyville, Shelbyville, KY.


CFPB symposium on pending Reg B changes

The CFPB will hold a symposium on Section 1071 of the Dodd-Frank Act on November 6, at 9:30 a.m. The event will be webcast on the Bureau's website.

Section 1071 amended the Equal Credit Opportunity Act (ECOA) to require financial institutions to collect, report, and make public certain information concerning credit applications made by women-owned, minority-owned, and small businesses. The symposium will provide a public forum for the Bureau and the public to hear various perspectives on the small business lending marketplace and the Bureau’s upcoming implementation of Section 1071.

Members of the public who plan to attend the symposium should RSVP at this link.


Judge fines Ed Dept $100K in student loan fiasco

The Hill reported overnight that a federal judge has found Department of Education Secretary Betsy DeVos in violation of a preliminary injunction and fined the department $100,000 for continuing to collect loan payments from Corinthian Colleges students. The Hill reports that, earlier this month, more than 16,000 students from the now-defunct Corinthian College asked the judge to hold DeVos in contempt for pursuing their debts despite a court order prohibiting their collection. Magistrate Judge Sallie Kim of the U.S. District Court in San Francisco had ordered DeVos to stop collecting loans from the former students in May 2018.


U.S. financial regulators join GFIN

The FDIC, OCC, SEC, and Community Futures Trading Commission (CFTC) have announced they are joining the Global Financial Innovation Network (GFIN). The agencies join 46 other financial authorities, central banks, and international organizations from around the globe that are members of the GFIN to foster greater cooperation among financial authorities on a variety of innovation topics, regulatory approaches, and lessons learned.


Chinese and Spanish translations added by FHFA

The FHFA, Freddie Mac, and Fannie May have announced the addition of the traditional Chinese language resources to the Mortgage Translations Clearinghouse. These enhancements to the existing online repository, which currently includes Spanish-translated documents, will provide accessible resources for the mortgage industry to help consumers whose primary language is Chinese to gain confidence and improve their ability to navigate the mortgage and homebuying process.


House prices up

The FHFA has announced that U.S. house prices rose in August, up 0.2 percent from the previous month, according to the Federal Housing Finance Agency (FHFA) House Price Index (HPI). House prices rose 4.6 percent from August 2018 to August 2019. The previously reported 0.4 percent increase for July 2019 remains unchanged. For the nine census divisions, seasonally adjusted monthly house price changes from July 2019 to August 2019 ranged from -0.8 percent in the East South Central division to +0.9 percent in the New England division. The 12-month changes were all positive, ranging from +3.9 percent in the Middle Atlantic and Pacific divisions to +6.5 percent in the Mountain division.


FHFA Director on future of affordable housing

In a statement before the House Committee on Financial Services, FHFA Director Calabria discussed the future of affordable housing in the United States and its dependence on mortgage finance reform. He also reviewed recent key policy actions taken by the FHFA:

  • Revised multi-family caps to prioritize affordable housing
  • Finalized Credit Score Rule to support sustainable housing
  • Protected equitable market access for small lenders
  • Ended enterprise pilot that fell outside core guaranty business
  • Began transition away from LIBOR to alternative reference rates


NMLS Policy Guidebook updated

An updated version of the NMLS Policy Guidebook has been posted to the NMLS Resource Center and the Regulator Resource Center. The updated NMLS Policy Guidebook explains the requirement to select a mortgage loan originator’s Worker Classification when establishing a Company Relationship. The NMLS Policy Committee approved this policy in July.


Evaluation of HUD's Rental Assistance Demo

HUD has released the results of an evaluation of the Department's Rental Assistance Demonstration that finds significant evidence that the demonstration is stimulating billions of dollars in capital investment, improving living conditions for low-income residents, and enhancing the financial health of these critical affordable housing resources.


FEMA to suspend communites from flood program

FEMA has published a notice [84 FR 56704] that identifies communities in Illinois and Texas where the sale of flood insurance has been authorized under the National Flood Insurance Program that are scheduled for suspension on November 1, 2019 because of noncompliance with the floodplain management requirements of the program.

  • Illinois: The villages of Midlothian, Oak Lawn, Orland Hills, Orland Park, and Tinley Park; the cities of Oak Forest, Palos Heights, and Palos Hills; and unincorporated areas of Cook County.
  • Texas: The cities of Granite Shoals, Horseshoe Bay, and Marble Falls.

If FEMA receives documentation that a listed community has adopted the required floodplain management measures prior to November 1, its suspension will not occur.


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