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Top Story Lending Related


CFPB offers help to consumers with housing insecurity

CFPB Acting Director Dave Uejio is featured in a Bureau vlog, "The CFPB is here to help consumers facing housing insecurity."


FDIC Consumer Compliance Supervisory Highlights

The FDIC has issued FIL-22-2021 to announce the release of the latest issue of the FDIC’s Consumer Compliance Supervisory Highlights, which provides an overview of consumer compliance issues identified through the FDIC’s supervision of state non-member banks and thrifts in 2020. This edition includes:

  • A summary of the FDIC’s supervisory approach in response to COVID-19;
  • A description of the most frequently cited violations and other consumer compliance examination observations;
  • Information on regulatory developments; and
  • A summary of consumer compliance resources and information available to financial institutions

A table of most frequently cited violations highlights the numbers of Level 2 and Level 3 violations (there are three levels of concern from 1 to 3, with Level 1 representing the lowest level of concern), indicating that the most frequently cited violations (representing approximately 74 percent of the total violations cited in 2020) involve: the Truth in Lending Act (TILA), Truth in Savings Act (TISA), Flood Disaster Protection Act (FDPA), Electronic Funds Transfer Act (EFTA), and the Real Estate Settlement Procedures Act (RESPA).

The report section on Consumer Compliance Examination Observations focuses on matters involving RESPA, TILA and fair lending.


Federal Reserve FAQs on longstanding regulations

The Federal Reserve Board has announced it has published frequently asked questions (FAQs) comprising existing legal interpretations related to a number of the Board's longstanding regulations. The FAQs are intended to increase transparency and enhance accessibility to Board and Board staff legal interpretations. The FAQs include legal interpretations that have been formulated over time in response to specific requests related to each regulation. Each set includes significant existing interpretations of the regulation, including those found in Board orders, letters to specific requestors, and other sources, as well as those not previously available in written form.

There are currently separate pages of FAQs for regulations H, K, L, O, W and Y. An FAQs table of contents provides a list of the FAQs with the date of their most recent update, and links to the individual FAQ pages.


NMLS Policy Guidebook updated

The NMLS has posted a notice that an updated version of the NMLS Policy Guidebook has been posted in the NMLS Resource Center and the Regulatory Resource Center. and includes a new business activity, Commercial Financing (Lending/Brokering). A summary of the update was also posted.


CFPB rescinds temporary flexibilities statements

The CFPB announced Wednesday that it is rescinding, effective today (April 1) seven policy statements issued last year that provided temporary flexibilities to financial institutions in consumer financial markets including mortgages, credit reporting, credit cards and prepaid cards. With the rescissions, the CFPB is providing notice that it intends to exercise the full scope of the supervisory and enforcement authority provided under the Dodd-Frank Act, to ensure the industry complies with consumer protection laws. The CFPB is also rescinding its 2018 bulletin on supervisory communications and replacing it with a revised bulletin describing its use of matters requiring attention (MRAs) to effectively convey supervisory expectations.

The rescissions of policy statements, which will be published in the Federal Register, include:

  • Rescission of the March 26, 2020, Statement on Bureau Supervisory and Enforcement Response to COVID-19 Pandemic.

    This rescission also withdraws the CFPB as a signatory to the Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus (April 7, 2020) and the Interagency Statement on Appraisals and Evaluations for Real Estate Related Financial Transactions Affected by the Coronavirus (April 14, 2020).

  • Rescission of the March 26, 2020, Statement on Supervisory and Enforcement Practices Regarding Quarterly Reporting Under the Home Mortgage Disclosure Act.

    This rescission also instructs all financial institutions required to file quarterly to do so beginning with their 2021 first quarter data, due on or before May 31, 2021, for all covered loans and applications with a final action taken date between January 1 and March 31, 2021.

  • Rescission of the March 26, 2020, Statement on Supervisory and Enforcement Practices Regarding CFPB Information Collections for Credit Card and Prepaid Account Issuers.

    This rescission also provides guidance as to how entities should now meet the specified information collections requirements relating to credit card and prepaid accounts.

  • Rescission of the April 1, 2020, Statement on Supervisory and Enforcement Practices Regarding the Fair Credit Reporting Act and Regulation V in Light of the CARES Act.

    This rescission leaves intact the section entitled “Furnishing Consumer Information Impacted by COVID-19” which articulates the CFPB’s support for furnishers’ voluntary efforts to provide payment relief and that the CFPB does not intend to cite in examinations or take enforcement actions against those who furnish information to consumer reporting agencies that accurately reflect the payment relief measures they are employing.

  • Rescission of the April 27, 2020, Statement on Supervisory and Enforcement Practices Regarding Certain Filing Requirements Under the Interstate Land Sales Full Disclosure Act (ILSA) and Regulation J.

    The rescission instructs land developers subject to ILSA and Regulation J to resume filing of annual reports of activity and financial statements as specified in Regulation J.

  • Rescission of the May 13, 2020, Statement on Supervisory and Enforcement Practices Regarding Regulation Z Billing Error Resolution Timeframes in Light of the COVID-19 Pandemic
  • Rescission of the June 3, 2020, Statement on Supervisory and Enforcement Practices Regarding Electronic Credit Card Disclosures in Light of the COVID-19 Pandemic
  • CFPB Bulletin 2021-01, which rescinds and replaces Bulletin 2018-01 (Changes to Types of Supervisory Communications).

    Bulletin 2021-01 announces changes to how CFPB examiners articulate supervisory expectations. It states that the CFPB will continue to rely on MRAs, explains the circumstances under which it will do so, and announces that the CFPB will discontinue use of Supervisory Recommendations.


Guide to HMDA Reporting revised

The OCC and FDIC have announced the issuance of the Federal Financial Institutions Examination Council’s (FFIEC) revised A Guide to HMDA Reporting: Getting It Right!, which is designed to help banks comply with the Home Mortgage Disclosure Act (HMDA) and Regulation C. The 2021 Guide reflects a 2020 HMDA rule to adjust the thresholds for reporting data about closed-end mortgage loans, effective July 1, 2020, and the thresholds for reporting data about open-end lines of credit, effective January 1, 2022. The guide discusses:

  • institutions covered by Regulation C.
  • transactions covered by Regulation C.
  • information that covered institutions are required to collect, record, and report.
  • requirements for reporting and disclosing data.


House prices continue to climb

House prices rose nationwide in January, up 1.0 percent from the previous month, according to the latest Federal Housing Finance Agency House Price Index (FHFA HPI) report. House prices rose 12.0 percent from January 2020 to January 2021. The previously reported 1.1 percent price change for December 2020 was revised upward to 1.2 percent. For the nine census divisions, seasonally adjusted monthly house price changes from December 2020 to January 2021 ranged from -0.2 percent in the East South Central division to +1.5 percent in the Mountain division. The 12-month changes ranged from +10.2 percent in the West South Central division to +14.8 percent in the Mountain division.


PPP extended to May 31

President Biden yesterday signed the PPP Extension Act of 2021, extending the Paycheck Protection Program for an additional two months to May 31, 2021, and then providing an additional 30-day period for the SBA to process applications that are still pending.


Fed Board bans former Wyoming bankers

The Federal Reserve Board has announced it has executed Orders of Prohibition against Frank E. Smith and Mark A. Kiolbasa, former institution-affiliated parties of Farmers State Bank, Pine Bluff, Wyoming, for breach of fiduciary duties and engaging in unsafe or unsound practices.

Smith and Kiolbasa were both formerly employed by Central Bank & Trust, a Wyoming state nonmember bank. Kiolbasa had served as a loan officer and president of Central's Cheyenne, Wyoming, branch, with a loan portfolio of about $17.5 million. Smith was Central's chief financial officer, and acted as Central's customer information security officer from about December 2013 until his departure in 2015.

Smith and Kiolbasa used confidential Central Bank & Trust borrower information to relocate to Farmers State Bank, a member bank, by opening a Farmers loan production office in Cheyenne in direct competition with Central, and convincing Kiolbasa's lending clients to move their business via the LPO to Farmers. After Kiolbasa left for his new job at Farmers, leaving Smith at Central, Smith assisted the movement of loans from Central to Farmers by giving Kiolbasa exact payoff figures so that Central had little, if any, warning of impending payoffs and no opportunity to contact their borrowers to convince them to stay. Smith and Kiolbasa even pirated loan-related forms from Central to create similar documents at Farmers.

Smith's and Kiolbasa's actions are detailed in this BankersOnline Penalty Page.


CDC extends rental eviction moratorium

A press release from the Centers for Disease Control and Prevention has announced that CDC Director Dr. Rochelle Walensky has signed an extension to the eviction moratorium further preventing the eviction of tenants who are unable to make rental payments. The moratorium that was scheduled to expire on March 31, 2021 is now extended through June 30, 2021.

In related news, the Federal Trade Commission has issued guidance for consumers and businesses related to the national moratorium on evictions during the pandemic. A recent CFPB report showed that more than 8.8 million Americans are behind on rent payments. The tenants at risk of homelessness are disproportionately people of color, primarily Black and Hispanic families. Consumer Financial Protection Bureau Acting Director Dave Uejio and Federal Trade Commission Acting Chairwoman Rebecca Slaughter issued a joint statement regarding their agencies’ work to help stop illegal evictions and protect American consumers facing economic hardship due to COVID-19.


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