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Top Story Lending Related

09/15/2016

OCC releases 2017 bank supervision plan

The Office of the Comptroller has released its bank supervision operating plan for fiscal year (FY) 2017. Supervisory strategies for FY 2017 will focus on:

  • Commercial and retail loan underwriting;
  • Business model sustainability and viability;
  • Operational resiliency;
  • Bank Secrecy Act/anti-money laundering compliance management; and
  • Change management to address new regulatory requirements.

09/14/2016

Senate banking committee sets Wells Fargo hearing

The Los Angeles Times and other media outlets report that the U.S. Senate Banking Committee will hold a hearing on September 20 on the sales tactics used by Wells Fargo Bank employees that led to the recently-announced $185 million in penalties (see our September 9 Top Story) assessed by federal regulators and Los Angeles County. Five members of the committee had released a letter asking that committee chair Senator Richard Shelby investigate the matter. The Times said it first revealed the bank's sales practices in 2013.

09/14/2016

CFPB information on unauthorized Wells Fargo accounts

The CFPB has posted an article with information for consumers who incurred fees as a result of an unauthorized Wells Fargo account. The CFPB suggests that customers of any bank or credit union should always closely monitor their accounts to make sure they don’t see unauthorized products or account activity. If they suspect that they had an unauthorized account opened, they should visit their local bank branch or call their financial institution. If they continue to have an issue, they can submit a complaint to the CFPB, either online or by calling toll-free (855) 411-2372. Wells Fargo customers should not have to contact the bank to receive a refund of fees they incurred as a result of the bank's recently revealed illegal conduct. Wells Fargo has already been ordered to identify affected consumers and make the required refunds.

09/14/2016

Curry on marketplace lending risks

In a presentation at the Marketplace Lending Policy Summit, Comptroller Curry discussed marketplace lending’s risks and associated policy questions. He noted, “Marketplace lending may use new technology or techniques, but it’s still about extending credit to borrowers—something that’s been done for more than 3,000 years. Technology has been part of banking since the beginning. Let’s not forget that the Sumerians' invention of coinage and cuneiform writing were revolutionary technological feats.” Curry indicated the OCC Innovation Framework Development Team will complete a framework this fall which will enable the OCC to assess responsible innovation that encourages and promotes advances in products, services, and processes that serve consumers, communities, and businesses better and more fairly.

09/14/2016

HUD rule on discriminatory harassment violations

The Department of Housing and Urban Development has published at 81 FR 63054 in today's Federal Register a final rule amending its fair housing regulations at 24 CFR part 100 to formalize standards for use in investigations and adjudications involving allegations of harassment on the basis of race, color, religion, national origin, sex, familial status, or disability. The rule specifies how HUD will evaluate complaints of quid pro quo (“this for that”) harassment and hostile environment harassment under the Fair Housing Act. It will also provide for uniform treatment of Fair Housing Act claims raising allegations of quid pro quo and hostile environment harassment in judicial and administrative forums. The rule defines “quid pro quo” and “hostile environment harassment,” as prohibited under the Fair Housing Act, and provides illustrations of discriminatory housing practices that constitute such harassment. In addition, this rule clarifies the operation of traditional principles of direct and vicarious liability in the Fair Housing Act context.

09/13/2016

Bureau penalizes college chain for student loan practices

The CFPB has announced it has ordered for-profit college chain Bridgepoint Education, Inc., which deceived students into taking out private student loans that cost more than advertised, to discharge all outstanding private loans and to refund loan payments already made by borrowers. Loan forgiveness and refunds will total over $23.5 million in automatic consumer relief. Bridgepoint must also pay an $8 million civil penalty to the Bureau. For additional information on the Bureau's action, see "Bridgepoint Education penalized for student loan practices," in our Penalties pages.

09/13/2016

HUD funding for tribal housing and community development

The Department of Housing and Urban Development has announced that 77 Native American communities have be awarded a total of $56.5 million to improve housing conditions and stimulate community development for residents, including funding construction projects and local jobs. The grants are part of HUD’s Indian Community Development Block Grant (ICDBG) Program, which supports a wide range of community development and affordable housing activities.

09/13/2016

Interagency fair lending and hot topics webinar

The 2016 Interagency Fair Lending Hot Topics live webinar will be hosted by the Federal Reserve from 2–3 pm ET on October 4, 2016, . During the session, representatives from six federal agencies will discuss a variety of emerging fair lending issues and hot topics, including:

  • CFPB updates
  • Compliance management
  • Redlining
  • HMDA validation
  • Automobile lending

The presentation will be followed by a Q&A, where speakers will respond to audience questions. .

09/12/2016

State Profiles updated

The FDIC has released the second quarter 2016 State Profiles, a quarterly data sheet summation of banking and economic conditions in each state.

09/12/2016

Indian Country housing financing may qualify for CRA

The feature article “Housing Financing in Indian Country: Spotlight on HUD’s Title VI Program,” in the September 2016 edition of the OCC Community Development Investments newsletter, describes the HUD Title VI loan guarantee program, and presents examples of how banks have used the program to extend financing for housing in Indian Country. How these activities may quality for Community Reinvestment Act consideration is also reviewed.

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