Skip to content

Exception Tracking Spreadsheet (TicklerTrax™)
Downloaded by more than 1,000 bankers. Free Excel spreadsheet to help you track missing and expiring documents for credit and loans, deposits, trusts, and more. Visualize your exception data in interactive charts and graphs. Provided by bank technology vendor, AccuSystems. Download TicklerTrax for free.

Click Now!


Top Story Lending Related

04/15/2021

FTC: Holder Rule has no dollar limit

The Federal Trade Commission has issued a note correcting previous staff guidelines on its Trade Regulation Rule Concerning Preservation of Consumers’ Claims and Defenses—commonly known as the Holder Rule—which protects consumers who enter into credit contracts for the sale or lease of goods by preserving their right to assert claims and defenses against any holder of certain loans and credit sales contracts, even if the loans or contracts are assigned to a third party.

The note, dated April 12, 2021, corrects an erroneous statement in a 1976 pamphlet by FTC staff that the Holder Rule did not apply to transactions larger than $25,000. Those staff guidelines stated that the Rule incorporates the transaction cap that was present in the Truth in Lending Act (TILA). In the new note, staff points out that no such incorporation exists in the Rule, which was first issued in 1975, and that the erroneous guidance contradicts a statement by the Commission that the application of the Rule does not depend on the amount of the transaction. The note states that the text of the Holder Rule does not contain any exemption based on the size of a transaction.

04/15/2021

April Beige Book released

The Federal Reserve Board has released the April 2021 Beige Book. Reports from the Reserve Districts show that national economic activity accelerated to a moderate pace from late February to early April. Consumer spending strengthened. Reports on tourism were more upbeat, bolstered by a pickup in demand for leisure activities and travel which contacts attributed to spring break, an easing of pandemic-related restrictions, increased vaccinations, and recent stimulus payments among other factors.

Auto sales grew, even as new-vehicle inventories remained constrained by microchip shortages. The picture in nonfinancial services generally improved, partly supported by strengthening demand for transportation, professional and business, and leisure and hospitality services. Despite widespread supply chain disruptions, manufacturing activity expanded further with half the Districts citing robust growth. Bankers in most reporting Districts saw modest to moderate increases in overall loan volumes.

Sustained high demand and tight supply of single-family homes further pushed up prices, and builders noted ongoing production challenges, including rising costs. Reports on commercial real estate and construction varied, with activity in the hotel, office, and retail segments generally remaining weak. Agricultural conditions were mostly stable over the reporting period. Activity in the energy sector was mixed; coal production fell, while oil and gas drilling was flat to up. Outlooks were more optimistic than in the previous report, boosted in part by an acceleration in COVID-19 vaccinations.

04/14/2021

Fed Board discount rate meeting minutes

The Federal Reserve Board has released the minutes of its interest rate meetings from February 8 through March 17, 2021.

04/14/2021

FEMA to suspend 7 California communities next week

The Federal Emergency Management Agency has published a Federal Register notice [86 FR 19580, 4/14/2021] that the agency has scheduled seven California communities for suspension from the National Flood Insurance Program for noncompliance with the floodplain management requirements of the program.

The affected communities are the cities of Carson, Culver City, Los Angeles, Manhattan Beach, Palos Verdes Estates, Rancho Palos Verdes, and Santa Monica, all in Los Angeles County.

The suspensions are scheduled for April 21, 2021. However, if FEMA receives documentation that a listed community has adopted the required floodplain management measures prior to April 21, the community will not be suspended.

04/14/2021

CFPB and SettleIt propose settlement order

The CFPB has announced an action against SettleIt, Inc., a California-based online debt-settlement company, for taking advantage of consumers, failing to disclose its relationship to certain creditors, and steering consumers into high-cost loans offered by affiliated lenders. The Bureau has filed a federal court complaint alleging that SettleIt, Inc. engaged in abusive acts or practices under the Consumer Financial Protection Act of 2010 (CFPA) and violated the Telemarketing Sales Rule (TSR).

According to the CFPB, SettleIt, Inc. presents itself as an independent debt-settlement company that helps consumers negotiate with creditors like CashCall and LoanMe. But SettleIt is affiliated with CashCall and LoanMe — the same individual owns SettleIt and CashCall, and LoanMe is tied to SettleIt through loans and agreements. The CFPB alleges that SettleIt abused consumers’ trust by charging fees to negotiate settlements that favor those companies. The CFPB also alleges that SettleIt steered distressed consumers into taking out expensive loans with CashCall and LoanMe, while hiding the fact that SettleIt took its debt-settlement fees from these loan proceeds. SettleIt kept consumers in the dark about its relationships with CashCall and LoanMe, and it even included language in call scripts saying “we are not owned or operated by any of your creditors.”

The Bureau and SettleIt filed a proposed order that, if entered by the court, would require SettleIt to return at least $646,000 in fees to consumers, pay a $750,000 civil penalty, and stop settling debts for creditors with which it shares an ownership interest.

04/13/2021

HUD awards $90M+ to tribes and TDHEs

HUD has announced over $90 million in grant awards to 24 tribes and tribally designated housing entities (TDHEs) across the country to support new housing construction, housing rehabilitation, and critical infrastructure projects. The funds were awarded through HUD’s Indian Housing Block Grant (IHBG) competitive program to help construct new housing units for low-income families living in tribal communities. It is projected that this funding will support the construction of approximately 350 new housing units, which will help spur economic opportunities in these communities.

04/13/2021

Freddie and Fannie to limit loan eligibility to new QM rule

Fannie Mae, in Lender Letter LL-2021-09, and Freddie Mac, in Guide Bulletin 2021-13, announced that any loans purchased by the GSEs after July 1, 2021, must conform to the requirements outlined in the CFPB’s recently finalized QM final rule. Both GSEs clarified that they will continue to buy loans that fall under the "GSE patch" that have application dates on or before June 30 and settlement dates before September 1, and are purchased as whole loans before September 1, or in mortgage-backed securities pools with an issue date on or before August 1.

04/12/2021

HUD awards $13.7M for emergency safety and security

HUD has announced it has awarded $13.7 million to public housing authorities throughout the country to make needed capital improvements in public housing developments that serve to enhance safety and security for residents.

The funds are awarded through HUD’s Capital Fund Emergency Safety and Security Program, which supports public housing authorities as they address the safety of public housing residents. These grants may be used to install, repair, or replace capital equipment or systems that contribute to a safer living environment for residents, including security systems/surveillance cameras, fencing, lighting systems, emergency alarm systems, window bars, deadbolt locks, doors, and carbon monoxide detectors.

04/09/2021

FDIC Minority Depository Institutions subcommittee meets Monday

An open meeting of the FDIC Minority Depository Institutions (MDI) Subcommittee to the Advisory Committee on Community Banking will be held Monday, April 12, at 1 p.m. EDT. During the public portion of the meeting, the MDI Subcommittee members will share insights into key challenges and opportunities facing their communities and financial institutions. During the MDI Spotlight feature, Robert James II, Director of Strategic Initiatives and Board Member of Carver State Bank in Savannah, Georgia, will discuss collaboration best practices by a group of Black MDIs that came together to syndicate a $35 million loan to refinance the Atlanta Hawks Emory Sports Medicine Complex. Following the public meeting, MDI Subcommittee members will provide feedback on the FDIC’s strategies to preserve and promote MDIs. Topics include the U.S. Department of the Treasury’s new Emergency Capital Investment Program.

The subcommittee meeting will be webcast live at http://fdic.windrosemedia.com/.

04/09/2021

Missouri bank assessed $11,000 flood penalty

The Federal Reserve Board has announced its assessment of an $11,000 civil money penalty on a Missouri bank for violations of the National Flood Insurance Act.

Pages

Training View All

Penalties View All

Search Top Stories