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01/09/2020

Maximum amount of OCC CMPs adjusted

The OCC has announced that, on December 30, 2019, it published [84 FR 71735] a notice to adjust the maximum amount of each civil money penalty within its jurisdiction pursuant to the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015 (2015 Adjustment Act). The adjusted maximum penalties were effective January 1, 2020, for violations occurring on or after November 2, 2015.

The inflation adjustment multiplier for 2020 is 1.01764, as prescribed by the Office of Management and Budget.

01/09/2020

Consumer credit increases

The Federal Reserve Board has posted its November 2019 G.19 data, which show that consumer credit increased at a seasonally adjusted annual rate of 3-1/2 percent. Revolving credit decreased at an annual rate of 2-3/4 percent, while nonrevolving credit increased at an annual rate of 5-3/4 percent.

01/08/2020

Mortgage broker pays for revealing consumer info

The Federal Trade Commission has announced a California-based mortgage broker will pay $120,000 to settle FTC allegations that it violated the Fair Credit Reporting Act and other laws by revealing personal information about consumers in response to negative reviews posted on the review website Yelp. A complaint filed by the FTC alleged that Mortgage Solutions FCS, Inc. (doing business as Mount Diablo Lending) and its sole owner, Ramon Walker, responded to consumers who posted negative reviews on Yelp by revealing their credit histories, debt-to-income ratios, taxes, health, sources of income, family relationships, and other personal information. Several responses also revealed reviewers’ first and last names, according to the complaint.

01/08/2020

NCUA lists 2020 supervisory priorities

The National Credit Union Administration has announced it is has sent its annual letter to credit unions listing supervisory priorities as well as updates on regulations and the agency’s modernization programs. The priorities listed were:

  • Bank Secrecy Act and anti-money-laundering compliance;
  • Consumer financial protection;
  • Cybersecurity;
  • Credit risk and liquidity risk;
  • Continued monitoring of the implementation of the new standard for current expected credit losses, or CECL; and
  • Planning for the transition from the London Interbank Offered Rate, or LIBOR, as the benchmark for setting interest rates.

01/08/2020

HUD proposes improved AFFH rule

HUD has released its proposed Affirmatively Furthering Fair Housing (AFFH) rule, which offers clearer guidance to states and local governments to help them improve affordable housing choices in their communities.

01/06/2020

OCC releases CRA evals for two dozen banks

The OCC has released a list of 24 CRA evaluations of national banks and federal savings associations that were made public in December, 2019. Sixteen of the evaluations were assigned ratings of "Satisfactory." Congratulations to these eight institutions that received ratings of "Outstanding" (links are to their evaluations):

  1. The Litchfield National Bank, Litchfield, Illinois
  2. The Riddell National Bank, Brazil, Indiana
  3. Home Bank, National Association, Lafayette, Louisiana
  4. Winter Hlll Bank, Somerville, Massachusetts
  5. Valley National Bank, Passaic, New Jersey
  6. First National Bank, Alamogordo, New Mexico
  7. American Express National Bank, Salt Lake City, Utah
  8. The Bank of Bennington, Bennington, Vermont

01/06/2020

FDIC CRA exam report

The FDIC has posted a list of 71 banks whose most recent CRA evaluations were made public in October. Seventy of those evaluations were rated "Satisfactory," and one bank in Connecticut was rated "Needs to Improve."

01/03/2020

NMLS reinstatement period

The NMLS has posted a reminder that the NMLS annual renewal period ended at midnight (Eastern Time) on December 31, 2019, and a notice that the reinstatement period started January 2, 2020, and will end at midnight ET on February 29, 2020. According to federal regulations, both institutions and most individual mortgage loan originators (MLOs) must be renewed through NMLS annually. See the Federal Registry Annual Renewal page of the NMLS Resource Center for steps to reactivate your registration(s).

01/02/2020

FDIC rescinds outdated policy statements

The FDIC has announced it has rescinded four outdated statements of policy effective December 31, 2019:

  • Applicability of the Glass-Steagall Act to Securities Activities of Subsidiaries of Insured Nonmember Banks
  • Treatment of Collateralized Letters of Credit After Appointment of FDIC as Conservator or Receiver
  • Treatment of Collateralized Put Obligations After Appointment of FDIC as Conservator or Receiver
  • Contracting with Firms That Have Unresolved Audit Issues with FDIC

01/02/2020

FHFA House Price Index up in October

The Federal Housing Finance Agency has reported that U.S. house prices rose in October, up 0.2 percent from the previous month, according to the FHFA House Price Index (HPI). House prices rose 5.0 percent from October 2018 to October 2019. The previously reported 0.6 percent increase for September 2019 was revised upward to 0.7 percent. For the nine census divisions, seasonally adjusted monthly house price changes from September 2019 to October 2019 ranged from -0.5 percent in the East North Central division to +0.7 percent in the West South Central and East South Central divisions. The 12-month changes were all positive, ranging from +3.5 percent in the New England division to +6.7 percent in the Mountain division.

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