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Top Story Lending Related

06/19/2016

OCC lists enforcement actions

The Office of the Comptroller of the Currency has released new enforcement actions taken against national banks, federal savings associations, and individuals currently and formerly affiliated with national banks and federal savings associations. Among those actions there was a Civil Money Penalty Order for $70 million against Wells Fargo Bank, N.A. (see our May 26 Top Story), and a Cease and Desist Order issued to a Pennsylvania Bank. There was also a personal Cease and Desist Order issued to a former branch manager of Gibraltar Private Bank and Trust, Coral Gables, Florida, after the Comptroller found that she was involved in improperly maintaining a set of accounts of a customer later found to be operating an illegal Ponzi scheme, and she failed to report suspicious activity in those accounts to the bank's BSA department.

06/17/2016

Court order halts mortgage relief scam

The Federal Trade Commission has announced it has filed a complaint in federal court charging the operators of a mortgage relief scam with bilking millions of dollars from homeowners by falsely telling them they could join a so-called “mass joinder” lawsuit that would save them from foreclosure and provide additional financial awards. The court has granted the Commission’s request to temporarily halt the scheme while the agency seeks to permanently stop the alleged illegal practices and obtain refunds for consumers.

06/17/2016

FTC action bans debt collector

The Federal Trade Commission has obtained a court order banning the head of an unlawful debt collection operation from the debt collection business. The court found Gail Daniels and The Primary Group Inc. had deceived consumers via text messages, emails and phone calls that falsely threatened consumers with arrest or lawsuits if they did not make debt collection payments. The court’s final order bans the defendants from debt collection activities and prohibits them from misrepresenting material facts about financial-related products and services. It also bars them from profiting from consumers’ personal information and failing to dispose of it properly, and imposes a judgment of $980,000, which represents the amount of money the defendants collected from the scheme.

06/16/2016

FASB issues new guidance on credit losses accounting

On Thursday, June 16, 2016, The Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU) with a new loan loss accounting framework, also known as the current expected credit loss model (CECL), a significant departure from its current standard for accounting for loan losses. Overly simplified, CECL shifts the timing for recording loan losses to require bankers to record, at the time of loan origination, the credit losses expected throughout the life of the asset portfolio, both on loans and held-to-maturity securities. It is anticipated that implementation of the new standard will result in increases in the allowance for loan and lease losses for all lenders. It will also require significant changes to bank operations, since it will require analysis of data supporting the modeling of loss expectations, and forecasting losses into the future.

The new standard will become effective for SEC filers for fiscal years (and interim periods within those fiscal years) beginning after December 15, 2019. For other public companies, the standard will be effective for fiscal years (and interim periods within those fiscal years) beginning after December 15, 2020. For all other organizations, the new rule will become effective for fiscal years beginning after December 15, 2020, and for interim periods within fiscal years beginning after December 15, 2021.

Early application of the revised standards will be permitted for fiscal years and interim periods within them beginning after December 15, 2018.

06/16/2016

CFPB tips for servicemembers shopping for auto loans

The CFPB has posted the third article in its series on shopping for auto loans. The current entry features tips on these topics for servicemembers:

  • Reductions of interest rate under the Servicemembers Civil Relief Act (SCRA)
  • Permission from the lender to take a vehicle overseas
  • Special military interest rates or discounts

06/16/2016

Gruenberg on the impact of reforms on the financial system and economy

In remarks to the Exchequer Club in Washington, D.C., FDIC Chairman Gruenberg shared some thoughts on the broader effects on the U.S. financial system and economy of the prudential safety and soundness reforms that the regulators have implemented since the financial crisis. He noted the regulators have undertaken a series of measures to strengthen the banking system of the United States and promote a more stable and resilient financial system. Gruenberg discussed credit availability, bank profitability, market liquidity, and the migration of financial activities to nonbanks. The Chairman concluded, "the economic environment remains challenging for U.S. banks, with narrower net interest margins and modest overall economic growth. Nevertheless, I think an objective look at relevant data suggests that on balance, the reforms that have been put in place since the crisis have made the financial system more resilient and more stable, while strengthening the ability of banking organizations to serve the U.S. economy."

06/16/2016

OCC hosts director workshops in Florida

The OCC will host two workshops in Tampa, Florida, on July 26–27, for directors of national community banks and federal savings associations. The Credit Risk workshop on July 26 focuses on credit risk within the loan portfolio, such as identifying trends and recognizing problems. The workshop also covers the roles of the board and management, how to stay informed of changes in credit risk, and how to effect change. The Operational Risk workshop on July 27 focuses on the key components of operational risk—people, processes and systems. The workshop also covers governance, third-party risk, vendor management, and cybersecurity.

06/16/2016

FOMC statement and economic projections

The Federal Reserve Board has released the statement, implementation note, economic projections, and materials from the June 14–15, 2016, meeting of Federal Open Market Committee. The Committee decided to maintain the target range for the federal funds rate at 1/4 to 1/2 percent.

06/16/2016

FHFA 2015 Report to Congress

The Federal Housing Finance Authority (FHFA) has released its 2015 Report to Congress. The report provides information about FHFA's 2015 examinations of Fannie Mae, Freddie Mac, 11 Federal Home Loan Banks and the Banks' Office of Finance. The report also describes FHFA's actions as conservator of Fannie Mae and Freddie Mac during the year and it describes the Agency's regulatory guidance, research and publications.

06/16/2016

April TIC data released

The Department of the Treasury has released the Treasury International Capital (TIC) data for April 2016. The sum total in April of all net foreign acquisitions of long-term securities, short-term U.S. securities, and banking flows was a monthly net TIC inflow of $80.4 billion. Of this, net foreign private inflows were $110.9 billion, and net foreign official outflows were $30.4 billion. Foreign residents decreased their holdings of long-term U.S. securities in April: net sales were $68.7 billion. Net sales by private foreign investors were $60.5 billion, while net sales by foreign official institutions were $8.2 billion. U.S. residents increased their holdings of long-term foreign securities, with net purchases of $10.9 billion.

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