Skip to content

Exception Tracking Spreadsheet (TicklerTrax™)
Downloaded by more than 1,000 bankers. Free Excel spreadsheet to help you track missing and expiring documents for credit and loans, deposits, trusts, and more. Visualize your exception data in interactive charts and graphs. Provided by bank technology vendor, AccuSystems. Download TicklerTrax for free.

Click Now!


Top Story Lending Related

12/17/2020

2021 affordable housing goals for Fannie and Freddie

The FHFA has announced its 2021 affordable housing goals for the Enterprises, Fannie Mae and Freddie Mac. Due to the pandemic, the goals have been established only for one year, and are unchanged from the current benchmarks, which expire December 31, 2020.

The FHFA has also issued an advance notice of proposed rulemaking seeking input on issues that FHFA may address in future housing goals rulemaking. FHFA plans to issue a proposed and final rule in 2021 that will establish housing goal benchmarks for 2022 and beyond. The ANPR provides an opportunity for the public to provide input on issues that will help ensure the housing goals benchmarks continue to effectively support affordable housing. The deadline for submitting responses to the ANPR is February 28, 2021.

12/16/2020

Mortgage data analytics company settles FTC allegations

The FTC has announced a mortgage industry data analytics company will be required to implement a comprehensive data security program as part of a settlement resolving Federal Trade Commission allegations that the firm failed to ensure one of its vendors was adequately securing personal data about tens of thousands of mortgage holders. The complaint filed by the FTC alleged that Texas-based Ascension Data & Analytics, LLC violated the Gramm-Leach Bliley Act’s Safeguard Rule, which requires financial institutions to develop, implement, and maintain a comprehensive information security program. As part of that program, financial institutions must oversee their third-party vendors, by ensuring they are capable of implementing and maintaining appropriate safeguards for customer information, and requiring them to do so by contract.

The FTC alleged that a vendor, OpticsML, which Ascension hired to perform text recognition scanning on mortgage documents, stored the contents of the documents on a cloud-based server in plain text, without any protections to block unauthorized access, such as requiring a password or encrypting the information. The documents contained sensitive information about mortgage holders and others, such as names, dates of birth, Social Security numbers, loan information, credit and debit account numbers, drivers’ license numbers, or credit files. As a result of the inadequate security, the cloud-based server containing the mortgage data was accessed dozens of times.

12/16/2020

Enterprise non-performing loan sales report

The Federal Housing Finance Agency has released the latest report on the sale of non-performing loans (NPLs) by Fannie Mae and Freddie Mac (the Enterprises). The Enterprise Non-Performing Loan Sales Report includes sales information about NPLs sold through June 30, 2020 and reflects borrower outcomes on NPLs sold through December 31, 2019, and reported through June 30, 2020. The sale of NPLs reduces the number of delinquent loans in the Enterprises' portfolios and transfers credit risk to the private sector. The FHFA and the Enterprises impose requirements on NPL buyers designed to achieve more favorable outcomes for borrowers than foreclosure. The report shows that from program inception in 2014 through June 30, 2020, the Enterprises sold 128,471 NPLs with a total unpaid principal balance of $24.1 billion. From December 31, 2015, to June 30, 2020, the number of loans one or more years delinquent held in the Enterprises’ portfolios decreased by 70 percent.

12/15/2020

SBA disaster loans for AL, GA and TN

The Small Business Administration has announced Working Capital Disaster Loans are available in the following counties as the result of drought:

  • Alabama: Jackson and Madison Counties
  • Georgia: Dade County
  • Tennessee: Coffee, Franklin, Grundy, Hamilton, Lincoln, Marion, Moore, and Sequatchie Counties

12/15/2020

NCUA Board meeting agenda

The National Credit Union Administration has published notices of meetings of its Board on December 17 and 18, 2020. On Thursday, December 17, the published agenda includes consideration of NCUA rules and regulations on:

  • Regulatory relief in response to COVID-19
  • Mortgage servicing rights
  • Overdraft policy
  • Subordinated debt

The agenda in the notice for the December 18 meeting includes consideration of:

  • NCUA's Rules and Regulations - Annual operating fee assessment
  • NCUA's 2021-2022 budget
  • Board briefing on NCUA's operating fee schedule and overhead transfer rate

The remainder of the December 18 meeting will be closed to the public.

12/15/2020

FEMA suspending communities in two states on Thursday

FEMA has published a notice at 85 FR 81142 in today's Federal Register identifying communities in Iowa and Wisconsin authorized for the sale of flood insurance under the National Flood Insurance Program that are now scheduled for suspension from the program on December 17 because of noncompliance with the floodplain management requirements of the program.

  • IA: Aplington, Aredale, Butler County (unincorporated areas), Clarksville, Dumont, Greene, New Hartford, Parkersburg, Sheldon, and Shell Rock.
  • WI: Argyle, Belmont, and South Wayne

FEMA's notice reminds the public that notices of scheduled suspensions will no longer be published in the Federal Register as of June 2021, but will be available at www.fema.gov.

12/15/2020

2019 CRA data available

The OCC, Federal Reserve and FDIC have jointly announced the availability of data on small business, small farm, and community development lending reported by certain commercial banks and savings associations, in accordance with the Community Reinvestment Act.

An FFIEC disclosure statement on the reported 2019 CRA data, in electronic form, is available for each reporting commercial bank and savings association. The FFIEC also prepared aggregate disclosure statements of small business and small farm lending for all of the metropolitan statistical areas and non-metropolitan counties in the United States and its territories. These statements are available for public inspection on the FFIEC website (www.ffiec.gov/cra).

12/14/2020

CFPB settles with home-alarm company

The Bureau and the Arkansas Attorney General have settled with Alder Holdings, LLC, resolving their allegations that Alder failed to provide proper notices under the Fair Credit Reporting Act. Alder is a Utah-based company that sells home-security and alarm systems, primarily door-to-door, throughout the country and has sold its products and services to over 115,000 customers. The Bureau and Arkansas filed a proposed stipulated final judgment and order in the United States District Court for the Eastern District of Arkansas. If entered by the court, the settlement would require Alder to pay a $600,000 civil money penalty, $100,000 of which will be offset if Alder pays that amount to settle related litigation with the State of Arkansas that is currently pending in state court in Arkansas. The settlement would also require Alder to provide proper notices under the FCRA.

12/14/2020

CFPB Fall 2020 rulemaking agenda

The Bureau has published its Fall 2020 Rulemaking Agenda, which lists the regulatory matters that it expects to focus on for the remainder of 2020 through the spring of 2021. Key among these are:

  • In addition to completing and publishing the October 30, 2020, final rule on debt collection, the Bureau has also engaged in testing of time-barred debt disclosures that were not the focus of the May 2019 proposal. In early 2020, after completing the testing, the Bureau published a supplemental NPRM related to time-barred debt disclosures. The Bureau expects to issue a final rule in December 2020 addressing, among other things, disclosures related to the validation notice and time-barred debt.
  • The Bureau is continuing a rulemaking to address the anticipated expiration of the LIBOR index On Monday, November 30, regulatory authorities in the UK announced that they are considering extending the availability of US$ LIBOR for legacy loan contracts until June 2023 instead of the end of 2021. In light of this development, the Bureau anticipates publishing the final rulemaking on the LIBOR transition later than the January 2021 target identified in the Unified Agenda.
  • The Bureau is participating in interagency rulemaking processes with the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Federal Housing Finance Agency to develop regulations to implement the amendments made by the Dodd-Frank Act to the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) concerning appraisals. These amendments require implementing regulations for quality control standards for automated valuation models (AVMs). The Agencies will continue to develop a proposed rule to implement the Dodd-Frank Act’s AVM amendments to FIRREA.
  • The Bureau anticipates issuing an NPRM in spring 2021 to consider possible amendments to the Bureau’s mortgage servicing rules to address actions required of servicers working with borrowers affected by natural disasters or other emergencies.
  • The Bureau anticipates publishing two NPRMs in early 2021 concerning possible revisions to the 2015 Home Mortgage Disclosure Act (HMDA). One of these follows an Advance Notice of Proposed Rulemaking in May 2019 concerning certain data points that are required to be reported under the HMDA rule and coverage of certain business or commercial purpose loans, addressing concerns about regulatory burden. The second would address the public disclosure of HMDA data in light of consumer privacy interests, so that stakeholders can concurrently consider and comment on the collection and reporting of data points and public disclosure of those data points. This NPRM will follow up on the Bureau’s 2018 final policy guidance regarding disclosure of the HMDA data. (These proposed rules may not be released by the anticipated February target in the Unified Agenda.)

The Bureau has also added two new items to its long-term agenda. First, the Bureau will weigh feedback from its assessment of the TRID Rule suggesting that modifications of certain aspects of that rule make it more effective. Second, the CFPB has begun research that focuses on providing information to consumers about the costs associated with payday loans. The results of the qualitative testing will inform the Bureau in deciding whether and how to move forward with quantitative testing that might support possible future rulemaking or other actions related to payday loan disclosures.

In August 2020, the Bureau also began its review of Regulation Z rules that implement the CARD Act of 2009, with a focus on an interim final rule and three final rules published by the Federal Reserve Board from July 2009 to April 2011.

12/14/2020

McWilliams remarks at Federal Reserve Bank Supervision Conference

In a presentation at the Federal Reserve Board Conference on Bank Supervision: Past, Present, and Future, FDIC Chairman McWilliams discussed the steps taken by the FDIC in the last two years to improve its supervisory program. She noted the FDIC's task is really quite simple:

  • Foster a technological transformation in the industry we oversee, promoting a safe, dynamic, technology-driven marketplace for financial services;
  • Develop a more dynamic supervision model that improves FDIC effectiveness and promotes financial stability; and
  • Do it all in a manner that reduces unnecessary regulatory burden and cuts compliance costs for banks.

McWilliams said of the agency's current project to leverage technology to engage more regularly and more informally to discuss operations, understanding emerging risks, and resolve questions surrounding new products and services, “When we are successful, this system will reduce the reporting burden for institutions and the compliance costs of an annual examination, while simultaneously providing greater visibility for the FDIC into an institution's financial health and into the health of the entire financial system. And, because we are engaging more regularly, the FDIC will be able to help institutions identify and mitigate risks to financial health or consumers before they become bigger, more challenging problems.”

Pages

Training View All

Penalties View All

Search Top Stories