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Top Story Lending Related

10/05/2016

OCC to host compliance and operation risk workshops in Ohio

The OCC will host two workshops in Cincinnati, Ohio, at the Hyatt Regency Cincinnati, November 9-10, for directors of national community banks and federal savings associations supervised by the OCC. The Compliance Risk workshop on November 9 combines lectures, discussion, and exercises on the critical elements of an effective compliance risk management program. Topics of discussion include the Bank Secrecy Act, Community Reinvestment Act, and the Truth-in-Lending (TILA) and the Real Estate Settlement Procedures Act of 1974 (RESPA) Integrated Disclosures Rule, also known as TRID. The Operational Risk workshop on November 10 focuses on the key components of operational risk — people, processes and systems. The workshop also covers governance, third-party risk, vendor management, and cybersecurity.

10/05/2016

FDIC CRA compliance exam results

The FDIC has issued a list of state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA). The list covers evaluation ratings that the FDIC assigned to institutions in July 2016. Three were rated outstanding, 55 satisfactory, one needs to improve and none substantial non-compliance.

10/05/2016

HUD proposes utility benchmarking in its housing

HUD has proposed utility benchmarking of water and energy in its portfolio of public and assisted, as well as newly-insured, multifamily housing. This new "utility benchmarking" initiative would apply to approximately 2.2 million units across several categories of HUD-assisted affordable housing: developments with Project Rental Assistance Contracts, multifamily properties with mortgages insured by the Federal Housing Administration (FHA), and Public Housing Authorities (PHAs) with more than 250 public housing units. Notice of the proposal has been sent to owners of multifamily properties and public housing authorities and published at 81 FR 68446 in the Federal Register. Comments are due by December 5, 2016.

10/05/2016

Bureau issues final prepaid account rule

Almost two years after its November 13, 2014, proposal, the Consumer Financial Protection Bureau announced early this morning a finalized rule amending Regulations E and Z to provide federal consumer protections for prepaid account users. The new rule requires financial institutions to limit consumers’ losses when funds are stolen or cards are lost, investigate and resolve errors, and give consumers free and easy access to account information. The Bureau also finalized new “Know Before You Owe” disclosures for prepaid accounts to give consumers clear, upfront information about fees and other key details. Finally, prepaid companies must now generally offer protections similar to those for credit cards if consumers are allowed to use credit on their accounts to pay for transactions that they lack the money to cover.

The rule covers traditional prepaid cards, including general purpose reloadable cards. It also applies to mobile wallets, person-to-person payment products, and other electronic prepaid accounts that can store funds. Other prepaid accounts covered by the new rule include: payroll cards; student financial aid disbursement cards; tax refund cards; and certain federal, state, and local government benefit cards such as those used to distribute unemployment insurance and child support. New protections for these cards under the Electronic Fund Transfer Act and Regulation E include requirements for statements or free and multi-channel access to account information, error resolution rights, and protections for lost cards and unauthorized transactions. New upfront disclosures will use standard formats for both short-form and long-form versions, and card agreements will be publicly available on issuers' websites and, in the future, on a CFPB site.

Credit protections similar to those provided for credit card accounts will apply when consumers have access to credit products via their prepaid accounts, including ability to pay requirements, monthly billing statements, at least 21 days from billing to payment due dates, and limited fee and interest charges. Credit features cannot be made available via a prepaid account until 30 days after a consumer registers the account, and prepaid companies cannot automatically grab a credit repayment when a prepaid account is next reloaded with funds, and can't automatically take funds from a prepaid account balance when a credit payment is due without consumer consent.

The new rule will be effective October 1, 2017.

UPDATE: The rule was published in the Federal Register on November 22, 2016.

10/05/2016

FTC levies $1.3 billion penalty for payday loan scheme

The Federal Trade Commission has announced that a federal court has found that racecar driver Scott A. Tucker and several corporate defendants in a Kansas City-based payday lending scheme violated Section 5 of the FTC Act and has ordered them to pay $1.3 billion for deceiving consumers across the country and illegally charging them undisclosed and inflated fees. The $1.3 billion order handed down by the U.S. District Court for the District of Nevada stems from a complaint filed in 2012 by the agency, which alleged that the operators of AMG Services Inc. falsely claimed they would charge borrowers the loan amount plus a one-time finance fee. Instead, the defendants made multiple withdrawals from consumers’ bank accounts and assessed a new finance fee each time, without disclosing the true costs of the loan. The judgment represents the difference between what consumers actually paid on the loans and what they were told they would have to pay. See "Tucker et al hit with $1.3 B penalty…," in our Penalties pages, for additional information.

10/04/2016

HUD publishes Section 108 fee for FY 2017

The Department of Housing and Urban Development has published an announcement at 81 FR 68297 in this morning's Federal Register concerning the fee that HUD will collect from borrowers of loans guaranteed under HUD's Section 108 Loan Guarantee Program to offset the credit subsidy costs of the guaranteed loans pursuant to commitments awarded in FY 2017. The fee will be 2.59% of the principal amount of the loan. The announcement carries an effective date of November 3, 2016.

10/03/2016

Finance companies report

The July 2016 Finance Companies report has been released by the Federal Reserve System. The report covers owned and managed receivables outstanding (seasonally adjusted) and auto loans: terms of credit (not seasonally adjusted).

10/03/2016

Mortgage performance improves

The OCC has released its Mortgage Metrics Report for the second quarter 2016. Performance of first-lien mortgages improved during the second quarter of 2016 compared with a year earlier. The report indicates 94.7 percent of mortgages included in the report were current and performing at the end of the quarter, compared with 93.8 percent a year earlier. It also showed that foreclosure activity has declined. Reporting servicers initiated 48,732 new foreclosures during the second quarter of 2016, a 31.1 percent decrease from a year earlier.

10/03/2016

HUD files charges for illegal discrimination

HUD has announced the filing of charges against Massachusetts landlords and a Manhattan condo owner alleging discrimination against families with children and residents with disabilities.

10/03/2016

FDIC lists recent enforcement actions

The FDIC has posted a list of 43 administrative enforcement actions taken against banks and individuals in August 2016. Included are seven consent orders; 13 removal and prohibition orders; five Section 19 orders; six civil money penalties; one amended consent order; 13 terminations of previous orders. Orders for civil money penalties totaling $4,850 were issued to two banks in New Jersey for Flood Act violations. The other four CMP orders, calling for payments totaling $395,000, were issued to individuals now or formerly affiliated with banks in Iowa, Vermont, Illinois and Kansas.

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