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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.

10/11/2019

Fed announces intent to ban California banker

The Federal Reserve Board announced yesterday it has filed a Notice of Intent to prohibit and to issue a cease and desist order requiring restitution or reimbursement against Mai Ly-Vu, a former branch manager and vice president of Pacific Premier Bank, Irvine, California. If finalized, the Fed would ban her from the banking industry and require her to pay $18,700 in restitution to the bank. Ly-Vu is alleged to have engaged in unsafe or unsound banking practices and breach of fiduciary duty by failing to disclose her personal financial interests in extensions of credit by the bank to companies owned by her husband and other members of her immediate family.

10/10/2019

$112M available for housing for disabled

HUD has announced that $112 million is available to expand the supply of permanent affordable housing for very low-income persons with disabilities through its Section 811 Program - traditional Section 811 Supportive Housing for Persons with Disabilities and Section 811 Project Rental Assistance. The available funding includes $75 million in capital advances for the development of new supportive housing for this vulnerable population.

10/10/2019

FEMA to suspend communities from flood program

FEMA has published a notice [84 FR 54520] in this morning's Federal Register identifying communities in four states that are scheduled for suspension from the National Flood Insurance Program on October 18, 2019, due to their noncompliance with the floodplain management requirements of the program. If FEMA receives documentation that a listed community has adopted the required floodplain management measures prior to October 18, the suspension will not occur.

  • Mississippi: Columbia, Tylertown, and unincorporated areas of Lamar, Marion, and Walthall counties
  • Oregon: Depoe Bay, Newport, Salem, Siletz, Toledo, Turner, Waldport, Yachats, and unincorporated areas of Lincoln and Marion counties
  • South Carolina: Hardeeville and unincorporated areas of Jasper County
  • Texas: San Felipe, Sealy, and unincorporated areas of Austin County

10/08/2019

Otting discusses community reinvestment and service

The OCC reported yesterday that Comptroller Joseph Otting discussed reinvestment and service in remarks at the National Asian American Coalition's 16th Annual Economic Development Conference. Otting highlighted the importance of modernizing the regulatory framework implementing the Community Reinvestment Act.

10/08/2019

Consumer credit expands

According to G.19 Consumer Credit data posted by the Federal Reserve yesterday, consumer credit increased in August at a seasonally adjusted annual rate of 5-1/4 percent. Revolving credit decreased at an annual rate of 2-1/4 percent, and nonrevolving credit increased at an annual rate of 7-3/4 percent.

10/08/2019

$400,000 residential appraisal threshold effective October 9

The OCC, FDIC and Federal Reserve have published [84 FR 53579] in today's Federal Register the previously announced final rule increasing to $400,000 the threshold for requiring an appraisal by a state certified or licensed appraiser for residential real estate transactions. The portions of the rule increasing the appraisal threshold become effective on October 9, 2019.

10/07/2019

FDIC issues 5 outstanding CRA ratings

The FDIC has released a list of banks recently evaluated for compliance with the Community Reinvestment Act. Of the 77 banks listed, 71 received Satisfactory ratings, and one bank was rated Needs to Improve. We congratulate five banks that received Outstanding ratings (links are to their evaluations):

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