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Top Story Lending Related

01/19/2024

MLA site maintenance scheduled January 27-28

The Department of Defense has posted a notice on its Military Lending Act (MLA) website indicating that the MLA system is scheduled for maintenance from 6 pm PST Saturday, January 27 to 3 am PST on Sunday, January 28, 2023.

01/19/2024

Regulatory relief for weather-impacted Rhode Island institutions

The FDIC, in FIL-2-2004, has announced steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of Rhode Island affected by severe storms, flooding, and tornadoes that caused significant property damage in areas of the state September 10–13, 2023.

01/19/2024

Fed Board issues prohibition order

Yesterday, the Federal Reserve Board reported it has issued a consent prohibition order against Andrew M. Ellison, formerly the Graves County market president at Community Financial Services Bank, Benton, Kentucky, after a finding that Ellison had, in or around May 2020 and September 2021, applied for and obtained an SBA economic injury disaster loan (EIDL) of $500,000 for a business in which he was the sole proprietor and used the funds for unauthorized expenses under the terms of the EIDL program. According to the order, Ellison repaid the loan to the SBA in full, with interest.

01/18/2024

OCC enforcement actions announced

The Office of the Comptroller of the Currency (OCC) yesterday released enforcement actions taken against national banks and federal savings associations (banks), and individuals currently and formerly affiliated with banks the OCC supervises.

  • The previously announced $15 million civil money penalty against U.S. Bank, N.A., for violations of law relating to the bank’s administration of a prepaid card program to distribute public unemployment insurance benefit payments
  • Notices of Charges seeking Cease and Desist Orders against three subsidiary banks of Industry Bancshares, Inc., Industry, Texas: The First National Bank of Shiner, Shiner, Texas; Bank of Brenham, N.A., Brenham, Texas; and The First National Bank of Bellville, Bellville, Texas. The Notices of Charges allege, among other things, that each bank engaged in unsafe or unsound practices relating to an investment strategy concentrated in long-term securities that exposed each bank to excessive interest rate risk without sufficient sources of contingency funding and contingency capital, and that each bank failed to timely mitigate such risk.
  • A Formal Agreement against EH National Bank, Beverly Hills, California, for unsafe or unsound practices, including those relating to inadequate capital and strategic planning, inadequate interest rate risk management, and failure to maintain adequate levels of liquidity and satisfactory liquidity management practices.
  • A Formal Agreement against Jackson Federal Savings and Loan Association, Jackson Minnesota, for unsafe or unsound practices, including those relating to inadequate strategic planning, dereliction of the obligation to maintain adequate levels of liquidity and satisfactory liquidity management practices, and lack of appropriate succession planning.
  • A Formal Agreement against North Side Federal Savings and Loan Association of Chicago, Chicago, Illinois, for unsafe or unsound practices, including those relating to Board and management oversight, earnings, information technology management, sensitivity to market risk, consumer compliance, and violation of law, rule or regulation, including those relating to the Truth in Lending Act and the Flood Disaster Protection Act.

01/17/2024

CFPB unveils proposal on overdraft fees of large banks

The CFPB on Jan. 17, 2024, announced a proposed rule to limit overdraft fees charged by insured financial institutions with more than $10 billion in assets. The proposal would amend Regulation Z to eliminate the exclusion of overdraft fees greater than required to recoup costs at an established benchmark or at a cost the banks calculate, if they show their cost data, from the definition of "finance charge."

Very large financial institutions would be required to treat overdraft loans like credit cards and other loans and to provide clear disclosures and other protections, using a credit account separate from the consumer's deposit account. It would also amend Regulation E to prohibit very large financial institutions from conditioning an extension of overdraft credit to a consumer on the consumer's repayment by preauthorized electronic fund transfers.

Comments on the CFPB’s proposal will be accepted through April 1, 2024. The CFPB proposes that a final rule relating to the proposal would have an October 1 effective date at least 6 months after the final rule is published in the Federal Register.

01/16/2024

FinCEN issues FAQs on Paycheck Protection Program

FinCEN has issued Paycheck Protection Program FAQs to re-publish a series of FAQs issued by the U.S. Small Business Administration.

01/16/2024

FinCEN updates FAQs on Beneficial Ownership info

FinCEN has updated its FAQs on Beneficial Ownership Information Reporting. New or updated information dated January 12, 2024, can be found in these sections:

  • C (Reporting Company)
  • D (Beneficial Owner)
  • E (Company Applicant)
  • F (Reporting Requirements)
  • L (Reporting Company Exemptions)
  • M (FinCEN Identifier)

01/16/2024

FHFA adjusts asset cap for community financial institutions

The Federal Housing Finance Agency has published [89 FR 2225] a Notice in the January 12, 2024, Federal Register that it has adjusted the cap on average total assets that is used in determining whether a Federal Home Loan Bank (Bank) member qualifies as a “community financial institution” (CFI) to $1,461,000,000, based on the annual percentage increase in the Consumer Price Index for all urban consumers (CPI–U), as published by the Department of Labor (DOL). These changes are effective as of January 1, 2024.

The Federal Home Loan Bank Act (Bank Act) confers upon insured depository institutions that meet the statutory definition of a CFI certain advantages over non-CFI insured depository institutions in qualifying for Bank membership, and in the purposes for which they may receive long-term advances and the collateral they may pledge to secure advances.

01/12/2024

CFPB issues guidance to consumer reporting companies

On Thursday, the CFPB announced guidance to consumer reporting companies to address inaccurate background check reports, as well as “sloppy credit file sharing practices.” The two advisory opinions seek to ensure that the consumer reporting system produces accurate and reliable information and does not keep people from accessing their personal data.

  • An advisory opinion on Fair Credit Reporting; Background Screening highlights that those reports must be complete, accurate, and free of information that is duplicative, outdated, expunged, sealed, or otherwise legally restricted from public access.
  • An advisory opinion on Fair Credit Reporting; File Disclosure highlights that people are entitled to receive all information contained in their consumer file at the time they request it, along with the source or sources of the information contained within, including both the original and any intermediary or vendor source.

The advisory opinions will become effective on publication in the Federal Register.

Publication update: The advisory opinions were published at 89 FR 4171 (Background Screening) and 89 FR 4167 (File Disclosure) in the January 23, 2023, Federal Register.

01/12/2024

FDIC updates Manual of Examination Policies

The FDIC has updated its Risk Management Manual of Examination Policies (RMS Manual). The RMS Manual provides FDIC examiners information relating to examination activities and supervisory practices and promotes consistency in examination activities, which center on evaluating an institution’s capital, assets, management, earnings, liquidity, sensitivity to market risk, and adherence to laws and regulations.

The January 2024 update reorganized section 3.1 (Asset Quality) to separate FDIC-only explanatory instructions from the specific Uniform Financial Institutions Rating System (UFIRS) Asset Quality component rating language.

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