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Exception Tracking Spreadsheet (TicklerTrax™)
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Top Story Lending Related

08/02/2017

Fed updates E.2 business lending terms data

The Federal Reserve Board has updated its E.2 Terms of Business Lending data with information from a May 1–5 survey of all commercial banks.

08/02/2017

HUD releases additional disaster aid

U.S. Housing and Urban Development (HUD) Secretary Ben Carson announced yesterday an additional $178.5 million to help hard-hit areas in Florida, North and South Carolina, Texas and West Virginia recover from severe flooding that occurred in 2015 and 2016. The grants are provided through HUD’s Community Development Block Grant – Disaster Recovery (CDBG-DR) Program. Combined with CDBG-DR grants already allocated, HUD’s investment to these areas totals nearly $947 million.

08/01/2017

Baltimore OCC workshops scheduled

The Office of the Comptroller of the Currency will host two workshops in Baltimore on September 12-13, for directors of financial institutions supervised by the OCC. The Compliance Risk workshop on September 12 focuses on the critical elements of an effective compliance risk management program. The Operational Risk workshop on September 13 focuses on the key components of operational risk—people, processes, and systems.

08/01/2017

Noreika statement for CRA takedown of arbitration rule

The OCC has issued a statement by Acting Comptroller of the Currency Keith Noreika regarding the Consumer Financial Protection Bureau’s (CFPB) final rule on arbitration agreements. He expressed concerns that the rule may adversely affect the institutions within the federal banking system and their customers. He said that the rule "may have unintended consequences for banking customers in the form of decreased availability of products and services, increased related costs, fewer options to remedy consumer concerns, and delayed resolution of consumer issues."

Noreika expressed his hope that Congress will use its Congressional Review Act authority "to preserve effective alternatives for consumers to resolve their disputes without lengthy and costly litigation and to reduce the 'piling on' of legal and regulatory burden" that Noreika discussed in his June 22, 2017, testimony before the U.S. Senate Committee on Banking, Housing, and Urban Affairs.

08/01/2017

FRB SLOOS reports tightening of CRE credit

The Federal Reserve Board has released the July 2017 Senior Loan Officer Opinion Survey on Bank Lending Practices, which addresses changes in the standards and terms on, and demand for, bank loans to business and households over the past three months. Responses from 76 domestic banks and 22 U.S. branches and agencies of foreign banks were included.

Regarding loans to businesses, the July survey results indicated that, on balance, demand for commercial and industrial (C&I) loans weakened over the second quarter of 2017 while banks left their standards on C&I loans basically unchanged. Survey respondents also reported that standards on commercial real estate (CRE) loans tightened while demand weakened on net.

07/31/2017

Protecting military consumers conference announced

The Federal Trade Commission, state, and local authorities will convene the Protecting Military Consumers: A Common Ground Conference in Los Angeles on September 7, 2017, to help educate military consumers and train military attorneys, law enforcement personnel, and consumer protection officials to address consumer fraud and other issues that affect servicemembers and their families. The conference will discuss current and emerging issues affecting servicemembers and their families such as student loans and for-profit colleges, identity theft, imposter scams, debt collections, mortgage disputes and real estate fraud.

07/28/2017

FDIC releases June enforcement orders

The FDIC has released a list of 23 administrative enforcement orders issued in June. Those orders included one consent order, four removal and prohibition orders, 13 Section 19 orders, two civil money penalties and three terminations of prior enforcement actions. A Michigan bank was assessed a $3,600 CMP under the Flood Disaster Protection Act, and a former institution-affiliated party of a Chicago, Illinois, bank in receivership was assessed a CMP of $16,000 for unspecified reasons. The same individual was issued a removal/prohibition order based on the FDIC's belief he had "engaged or participated in violations of laws, regulations, or orders issued by the FDIC, unsafe or unsound banking practices, or breaches of fiduciary duty" involving personal dishonesty.

07/28/2017

CFPB tools for homebuyers

The Consumer Financial Protection Bureau has posted an article on tools to help consumers in their home buying process. The tools include a milestone roadmap, an explore interest rates tool, and explanations of the loan estimate and closing disclosure.

07/28/2017

Mortgage rates up in June

The Federal Housing Finance Agency has released its June 2017 mortgage rates report. Nationally, interest rates on conventional purchase-money mortgages increased from May to June, according to several indices of new mortgage contracts:

  • The National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders Index was 4.00 percent for loans closed in late June, up 13 basis points from 3.87 percent in May.
  • The average interest rate on all mortgage loans was 4.00 percent, up 10 basis points from 3.90 in May.
  • The average interest rate on conventional, 30-year, fixed-rate mortgages of $424,100 or less was 4.15 percent, up 18 basis points from 3.97 in May.
  • The effective interest rate on all mortgage loans was 4.11 percent in June, up 9 basis points from 4.02 in May. The effective interest rate accounts for the addition of initial fees and charges over the life of the mortgage.

The average loan amount for all loans was $318,900 in June, up $3,400 from $315,500 in May.

07/27/2017

FDIC updates Affordable Mortgage Lending Guide

The FDIC has issued FIL-30-2017 to announce the update of its Affordable Mortgage Lending Guide, Part II: State Housing Finance Agencies to reflect the most up-to-date information available about the mortgage programs offered through those agencies.

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