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

10/16/2020

August G.20 report posted

The Federal Reserve Board has posted the August 2020 G.20 Finance Companies report .

10/16/2020

New York bank pays $546,000 Flood Act penalty

The Federal Reserve Board has issued a consent order for a $546,000 civil money penalty to Manufacturers and Traders Trust Company, Buffalo, New York, for a pattern or practice of unspecified violations of Regulation H, 12 CFR § 208.25, which implements requirements of the National Flood Insurance Act.

10/15/2020

CFPB settles with debt collectors/buyers

The Consumer Financial Protection Bureau announced today it has filed a proposed stipulated final judgment and order to settle its lawsuit against Encore Capital Group, Inc., and its subsidiaries, Midland Funding, LLC; Midland Credit Management, Inc.; and Asset Acceptance Capital Corp. The companies, which are headquartered in San Diego, California, together form the largest debt collector and debt buyer in the United States.

Encore and its subsidiaries are currently subject to a 2015 consent order with the Bureau based on the Bureau’s previous findings that they violated the Consumer Financial Protection Act (CFPA), Fair Debt Collection Practices Act (FDCPA), and Fair Credit Reporting Act. The Bureau sued Encore and its subsidiaries on September 8 of this year, alleging that Encore and its subsidiaries violated the terms of this consent order and again violated the FDCPA and CFPA in their debt-collection practices.

If entered by the court, the stipulated final judgment and order will require Encore and its subsidiaries to pay $79,308.81 in redress to consumers and a $15 million civil money penalty. The settlement will also require Encore and its subsidiaries to make various material disclosures to consumers, refrain from the collection of time-barred debt absent certain disclosures to consumers, and abide by certain conduct provisions in the 2015 consent order for five more years.

10/15/2020

USAA Bank assessed $85M CMP

The OCC has assessed an $85 million civil money penalty against USAA Federal Savings Bank for the bank’s failure to implement and maintain an effective compliance risk management program and an effective information technology risk governance program. These deficiencies resulted in violations of law, including but not limited to violations of the Military Lending Act and the Servicemembers Civil Relief Act. In January 2019, the bank entered into a consent order with the OCC concerning the deficiencies, and is in the process of remediating them.

10/15/2020

FHA Catalyst available for multifamily lenders

The FHA has announced the availability of the first module of its FHA Catalyst technology platform for Multifamily lenders doing business with FHA. The module will allow eligible lenders to electronically submit applications for FHA insurance on multifamily properties. The new capability supports lenders in providing FHA-insured mortgage financing while working remotely because of the COVID-19 pandemic.

10/14/2020

Fed discount rate meetings minutes released

The Federal Reserve Board has released the minutes of its interest rate meetings from August 24 through September 16, 2020.

10/14/2020

CFPB settles with Nissan Motor Acceptance Corp

The CFPB has announced it has issued a consent order against Nissan Motor Acceptance Corporation (NMAC), an auto financing subsidiary of Nissan North America, Inc., which services auto loans and leases originated by Nissan and Infiniti dealerships nationwide.

The Bureau found that NMAC and its agents:

  • wrongfully repossessed vehicles;
  • kept personal property in consumers’ repossessed vehicles until consumers paid a storage fee;
  • deprived consumers paying by phone of the ability to select payment options with significantly lower fees; and
  • in its loan extension agreements, made a deceptive statement that appeared to limit consumers’ bankruptcy protections.

These actions violated the Consumer Financial Protection Act’s (CFPA) prohibition against unfair and deceptive acts and practices.

The Bureau’s consent order requires Nissan to refund fees paid by consumers, credit any outstanding charges stemming from the repossession, and pay consumers redress for each day Nissan wrongfully held the car. Nissan must also pay a civil money penalty of $4 million. The consent order also requires Nissan to:

  • prohibit its repossession agents from charging personal property fees to consumers directly and from demanding fees as a condition of returning personal property;
  • correct its repossession practices and conduct a quarterly review to discover and remediate any future wrongful repossessions;
  • clearly disclose to consumers the fee for each method of making a payment by phone before consumers are asked which method they wish to use; and
  • stop using any language that creates the impression that consumers have surrendered their bankruptcy rights.

10/13/2020

FDIC issues FIL on Hurricane Sally relief

The FDIC has issued FIL-96-2020 announcing steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of Florida affected by Hurricane Sally.

10/13/2020

CIP exemption for premium finance loans

The OCC, Federal Reserve, FDIC, NCUA, and FinCEN have issued an order granting an exemption from the requirements of the customer identification program rules implementing section 326 of the USA PATRIOT Act for certain loans. The affected loans are those extended by banks. credit unions and their subsidiaries under the jurisdiction of the agencies to all customers (entities and individuals) to facilitate purchases of property and casualty insurance policies referred to as insurance premium finance lending or premium finance loans.

This order, which is dated October 5, 2020, supersedes an order issued September 27, 2018.

10/09/2020

School-affiliated credit card decline continues

The CFPB yesterday issued its annual College Credit Card Agreements report to Congress, which covers agreements between credit card issuers and institutions of higher education, as well as certain organizations affiliated with such institutions. The report indicates that in 2019 the number of total agreements in effect, as well as the number of accounts open under the agreements, continues a general downward trend. Overall, between 2009 and 2019, the number of agreements in effect, year-end open accounts, and payments by issuers all declined by more than two-thirds. Agreements with alumni associations continue to represent the large majority of agreements, accounts, and payments by issuers.

Pages

Training View All

Penalties View All

Search Top Stories