Top Story Lending Related

The Federal Reserve Board and the Federal Open Market Committee (FOMC) have released the minutes of the Committee meeting held on January 31–February 1, 2017.

The CFPB has published in this morning's Federal Register a notice and request for comment on a proposed new information collection, "Student Loan Servicing Market Monitoring." Comments on the proposal will be accepted for 60 days, through April 24, 2017. The notice indicates the Bureau expects the collection will affect only 10 respondents, presumably only the largest student loan servicers.

The NCUA has announced that it has replaced the previously announced discussion on prepaid account rules with a discussion regarding the Equal Credit Opportunity Act (ECOA) and Reg B during the regulator’s February 28, 2017, consumer compliance webinar. Prepaid account rules will be discussed in depth during a future webinar.

The Federal Reserve has released data on the charge-off and delinquency rates on loans and leases at commercial banks for the fourth quarter 2016.

The Federal Trade Commission has announced it is mailing 2,031 checks totaling more than $436,000 to people who lost money to Money Now Funding, a work-at-home scheme that conned people, including many seniors with limited income and savings, into thinking they could make money by referring merchants in their area to a non-existent money-lending service.

The OCC 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. Four civil money penalties, one formal agreement, five personal cease and desist orders, and one removal/prohibition order were issued. Among those announced was the January 24, 2017, $65 million CMP issued to ServiceLink Holdings, LLC, of Jacksonville, Florida. There were also orders to cease and desist and to pay a total of $55,500 issued to three former directors of a Greenville, South Carolina bank.

The Department of Defense has posted a notice on its official Military Lending Act (MLA) website that between February 9 and February 15, 2017, there was a problem with MLA Multiple Record Requests that prevented 149 request files from processing. It was suggested that those who submitted a multiple record request file in between those dates, submit the file again for processing.

HUD and the Census Bureau have jointly announced new residential construction statistics for January 2017.

A CFPB Blog article requests comments on a new initiative that would take a closer look at the way consumers repay student debt and track the student loan industry activities that they depend on if they experience financial distress.

The Federal Emergency Management Agency has published a final rule at 82 FR 10962 in today's Federal Register identifying communities in Colorado, Illinois and Virginia where the sale of flood insurance has been authorized under the National Flood Insurance Program (NFIP) that are scheduled for suspension today, February 17, 2017, for noncompliance with the floodplain management requirements of the program.

• Colorado—portions of Arapahoe County
• Illinois—portions of Peoria, Tazewell and Whiteside counties
• Virginia—the City of Norfolk and portions of Loudoun County