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Top Story Lending Related

02/06/2024

Updated NMLS modernization web page available

The Conference of Banking Supervisors has launched an updated NMLS Modernization web page, which has been redesigned to make it easy for NMLS users, the public, and other stakeholders to stay abreast of key NMLS enhancements underway now and in the future.

02/06/2024

Reserve Banks publish 31 CRA evaluation ratings

The Federal Reserve Banks published 31 Community Reinvestment Act evaluation ratings in January. Twenty-four of the listed banks earned Satisfactory ratings. We congratulate the following seven banks for receiving Satisfactory ratings:

02/06/2024

January SLOOS on bank lending practices

The Federal Reserve Board has posted the results of the January 2024 Senior Loan Officer Opinion Survey (SLOOS) on Bank Lending Practices, which addressed changes in the standards and terms on, and demand for, bank loans to businesses and households over the past three months, which generally correspond to the fourth quarter of 2023.

Regarding loans to businesses, survey respondents, on balance, reported tighter standards and weaker demand for commercial and industrial (C&I) loans to firms of all sizes over the fourth quarter. Furthermore, banks reported tighter standards and weaker demand for all commercial real estate (CRE) loan categories.

For loans to households, banks, on balance, reported that lending standards tightened across all categories of residential real estate (RRE) loans other than government residential mortgages and government-sponsored enterprise (GSE)-eligible residential mortgages, for which standards remained basically unchanged. Meanwhile, demand weakened for all RRE loan categories. In addition, banks reported tighter standards and weaker demand for home equity lines of credit (HELOCs). Moreover, for credit card, auto, and other consumer loans, standards reportedly tightened, and demand weakened on balance.

While banks, on balance, reported having tightened lending standards further for most loan categories in the fourth quarter, lower net shares of banks reported tightening lending standards than in the third quarter across all loan categories.

The January SLOOS also included a set of special questions inquiring about banks’ expectations for changes in lending standards, borrower demand, and loan performance over 2024. Banks, on balance, reported expecting lending standards to remain basically unchanged for C&I and RRE loans, but to tighten further for CRE, credit card, and auto loans. In addition, banks reported expecting loan demand to strengthen across all loan categories, and loan quality to deteriorate across most loan types.

02/06/2024

Trade associations sue regulators over new CRA regulations

The American Banker reports that the ABA, Independent Community Bankers of America, U.S. Chamber of Commerce, Texas Bankers Association and other trade associations have filed suit in the Northern District of Texas against the OCC, Federal Reserve, and FDIC, in an attempt to stop the recently finalized Community Reinvestment Act regulations reforms.

The suit argues that the agencies arbitrarily exceeded their statutory authority when they finalized their amendments to the CRA rules in October. The suit also calls on the court to stay the rules pending the outcome of the suit. The complaint argues that the October 2023 update works "a wholesale and unlawful change to a statutory and regulatory regime that, for nearly five decades, has successfully encouraged lending in low- and moderate-income neighborhoods throughout the United States."

02/06/2024

FDIC regulatory relief for West Virginia and Maine banks

Yesterday, the FDIC issued FIL-4-2024 to announce regulatory relief and facilitate recovery in areas of West Virginia affected by severe storms, flooding, landslides, and mudslides from August 28 to August 30, 2023; and FIL-5-2024 to announce regulatory relief and facilitate recovery in areas of Maine affected by severe storms and flooding from December 17 to December 21, 2023.

02/06/2024

FDIC Consumer News features info on student loans

The FDIC has released its February issue of FDIC Consumer News, featuring guidance and strategies concerning student loans.

02/05/2024

FDIC releases list of 56 banks examined for CRA compliance

The FDIC has released a list of 56 banks examined for CRA compliance whose evaluation ratings were assigned in November 2023. Of the banks listed, Norway Savings Bank, Norway, Maine, received the only Outstanding rating. The other 55 banks' evaluations were rated Satisfactory.

02/02/2024

OCC CRA evaluations for 18 institutions

The OCC has released a list of Community Reinvestment Act performance evaluations that became public in January, 2024.

Of the 18 evaluations made public this month, three are rated needs to improve, nine are rated satisfactory, and six are rated outstanding. We congratulate these institutions for their outstanding ratings:

02/01/2024

Agencies publish CRA regulations update

The Federal Reserve Board, OCC, and FDIC published [89 FR 6574] the previously announced joint final rule updating their Community Reinvestment Act regulations.

02/01/2024

OCC fines City National Bank $65 million for deficiencies

The Office of the Comptroller of the Currency yesterday announced it has assessed a $65 million civil money penalty against City National Bank, of Los Angeles, California, related to systemic deficiencies in the Bank’s risk management and internal controls.

The OCC found that the bank engaged in unsafe or unsound practices, including its failure to establish effective risk management and internal controls. This failure also resulted in noncompliance with 12 CFR Part 30, Appendix D, “OCC Guidelines Establishing Heightened Standards for Certain Large Insured National Banks, Insured Federal Savings Associations, and Insured Federal Branches.” The bank also violated the Bank Secrecy Act (BSA) and 12 CFR Part 9 – Fiduciary Activities of National Banks.

The OCC also issued a consent order requiring the bank to take broad and comprehensive corrective actions to improve its strategic plan, operational risk management, including internal controls; compliance risk management, including BSA/anti-money laundering and fair lending; strategic risk management; and investment management practices.

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