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Exception Tracking Spreadsheet (TicklerTrax™)
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12/17/2015

FOMC raises Fed Funds target rate

The Federal Reserve Board has released the economic projections and the Federal Open Market Committee (FOMC) statement from the December 15–16, 2015, FOMC meeting. The Committee judged that there has been considerable improvement in labor market conditions this year, and it is reasonably confident that inflation will rise, over the medium term, to its 2 percent objective. Given the economic outlook, and recognizing the time it takes for policy actions to affect future economic outcomes, the Committee decided to raise the target range for the federal funds rate to 1/4 to 1/2 percent, and ordered the discount rate increased to 1.00 percent effective December 17, 2015.

12/17/2015

OCC releases top risks facing banks and savings associations

The OCC has released its Semiannual Risk Perspective for Fall 2015, which lists strategic, underwriting, cybersecurity, compliance, and interest rate as supervisory concerns. Highlights from the report include:

  • Many national banks and federal savings associations continue to face strategic challenges to growing revenues to meet target rates of return in a slow-growth, low interest rate environment.
  • Banks and thrifts are easing credit underwriting standards and practices, including structure, terms, pricing, collateral, guarantors, and loan controls in response to competitive pressures and growth objectives. This easing is particularly evident in high-growth loan segments, such as indirect auto, commercial and industrial, and multifamily.
  • The ongoing low interest rate environment poses additional concerns as banks reach for yield by loosening underwriting and extending asset duration trends.
  • Cyber threats, reliance on service providers, and resiliency planning remain industry concerns, particularly in light of increasing global threats.
  • Bank Secrecy Act risk continues to increase as criminal behaviors and technology use evolve.

The agency also released remarks from Comptroller Curry on the report.

12/17/2015

CFPB orders payment of $10M for illegal debt collection actions

The Bureau has announced it has issued a Consent Order against EZCORP, Inc., a small-dollar lender, for illegal debt collection practices. The tactics included illegal visits to consumers at their homes and workplaces, empty threats of legal action, lying about consumers’ rights, and exposing consumers to bank fees through unlawful electronic withdrawals. The Bureau ordered EZCORP to refund $7.5 million to 93,000 consumers, pay $3 million in penalties, and stop collection of remaining payday and installment loan debts owed by roughly 130,000 consumers. It also bars EZCORP from future in-person debt collection. In addition, the Bureau issued an industry-wide warning about collecting debt at homes or workplaces. For details, see the BOL Penalties page entry.

12/16/2015

Bureau launches rural and underserved areas tool

The Consumer Financial Protection Bureau has released a new online tool to help creditors determine which properties are located in a rural or underserved area. Under Regulation Z, section 1026.35(b)(2)(iv)(C)(2) added by the final rule that was published on October 2, 2015, a creditor may rely on this tool to provide a safe harbor determination that a property is located in a rural or underserved area.

The tool can be used to manually check up to ten addresses at a time. It can also be used to upload and check a CSV-formatted file of addresses.

12/16/2015

NMLS call center closes early on Christmas eve

The NMLS Call Center will close at 4:00 p.m. ET on Thursday, December 24th.

12/16/2015

FFIEC to use 2015 ACS data for census files in 2017

FFIEC policy on the implementation of the American Community Survey (ACS) specifies that the FFIEC will refresh the ACS dataset utilized for the annual FFIEC Census File on a 5 year cycle. Therefore, while the FFIEC Census files for 2012 through 2016 will continue to use the 2010 datasets, the 2017 FFIEC Census File (and forward) will use the 2015 ACS 5-year estimates as a basis for the file.

12/16/2015

2016 FFIEC county and metro area census changes

Information has been released about the upcoming County and Metropolitan Statistical Area changes in the 2016 FFIEC Census file.

12/16/2015

Mortgage relief scammers banned

The FTC has announced that four mortgage modification scammers—Brian Pacios, Chad Caldaronello, Justin Moreira and Derek Nelson—will be banned from selling debt relief products and services under settlements resolving Federal Trade Commission charges that they deceived homeowners facing foreclosure. The settlements resolve a complaint filed by the FTC against the individuals alleging that, doing business as HOPE Services and HAMP Services, they promised consumers help getting their mortgages modified, but instead stole their mortgage payments, leading some to foreclosure and bankruptcy.

12/16/2015

FHFA proposes GSEs' duty to underserved markets

The Federal Housing Finance Agency has announced it is issuing a proposed rule to implement the Duty to Serve provisions of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992, as amended by the Housing and Economic Recovery Act of 2008. This statute requires Fannie Mae and Freddie Mac (the Enterprises) to serve three specified underserved markets: manufactured housing, affordable housing preservation and rural markets. The proposed rule would require the Enterprises to adopt plans to improve the distribution and availability of mortgage financing in a safe and sound manner for residential properties that serve very low-, low-, and moderate-income families in the three specified underserved markets.

• Fact Sheet on the proposal

12/15/2015

Mortgage performance improvement continues

The OCC has released its Third Quarter 2015 Mortgage Metrics Report which showed 93.9 percent of mortgages included in the report were current and performing at the end of the quarter, compared with 93.0 percent a year earlier. The percentage of mortgages that were 30 to 59 days past due was 2.3 percent of the portfolio, a 4.4 percent decrease from a year earlier. Seriously delinquent mortgages, 60 or more days past due or held by bankrupt borrowers whose payments are 30 days or more past due, made up 2.6 percent of the portfolio, a 16.1 percent decrease from a year earlier. Mortgage performance improved slightly from the previous quarter.

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