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Top Story Lending Related


NMLS call center to close early

The News & Events page on the NMLS Federal Registry Resources site has a notice that the NMLS Call Center will close one hour early, at 8:00 p.m. ET, Friday, April 10, 2929.


OCC CRA evaluations released

The OCC has released a list of Community Reinvestment Act performance evaluations that became public during the month of February. Of the 19 evaluations made public this month, 18 were rated satisfactory and one, First Shore FS & LA, Salisbury, Maryland, was rated outstanding.


OCC revises handbook booklet

The OCC has issued a revised “Protecting Tenants at Foreclosure Act” booklet for the Comptroller's Handbook. The booklet provides information and procedures for examiners in connection with the foreclosure activities and related consumer protections covered under the Protecting Tenants at Foreclosure Act of 2009 (PTFA). The OCC also rescinded:

  • OCC Bulletin 2011-15, “Protecting Tenants at Foreclosure Act of 2009: Revised Examination Procedures”
  • “Protecting Tenants at Foreclosure Act of 2009” booklet of the Comptroller’s Handbook issued in May 2011

The revised booklet:

  • summarizes PTFA requirements;
  • discusses risks associated with a bank’s PTFA compliance; and
  • provides examiners with information and procedures regarding a bank’s risk management and PTFA compliance.


MLA page update announced

The Department of Defense has posted a notice on its Military Lending Act (MLA) News page announcing a planned update scheduled for Thursday, March 12, 2020. The update includes enhanced security features such as an updated Terms of Use Agreement and Email Verification. Users will be required to accept the Terms of Use before each Single or Multiple Record search. Users will also be required to verify the email address associated with their accounts upon logging into the system in order to access Single or Multiple Record searches.


FDIC and OCC post CRA exam schedules

The FDIC and OCC have announced their second and third quarter 2020 schedules for CRA evaluations.


FDIC releases January enforcement orders

The FDIC has released a list of enforcement actions the agency took in January. A civil money penalty of $16,750 was assessed on a Montana Bank for a pattern or practice of flood insurance-related violations. Cease and desist orders were issued by consent to banks in Glendale, California, and Holmen, Wisconsin.

Removal/Prohibition orders were issued to:

  • a former banking center manager at Yosemite Bank, a division of Premier Valley Bank, Fresno, California, after a finding that he took funds payable to the bank and converted them for his personal benefit
  • the former CEO and Chairman of Citizens State Bank, Woodville, Texas, after a finding that he sought and obtained reimbursement from the bank for personal and family expenses and obtaining reimbursement for other expenses without proper documentation
  • a former teller at FNBC Bank & Trust, LaGrange, Illinois, after a finding that she misappropriated over $138,000 from a bank customer's deposits for personal gain or other benefit without reimbursing the customer or the bank


OCC schedules workshops in Charleston WV

The OCC has announced it will host two workshops at the Holiday Inn & Suites in Charleston, West Virginia, April 14 and 15, for directors of national community banks and federal savings associations supervised by the OCC.

  • The Risk Governance workshop on April 14 provides practical information for directors to effectively measure and manage risks. The workshop also focuses on the OCC’s approach to risk-based supervision and major risks in the financial industry.
  • The Credit Risk workshop on April 15 focuses on credit risk within the loan portfolio, such as identifying trends and recognizing problems. The workshop also covers the roles of the board and management, how to stay informed of changes in credit risk, and how to effect change.

There is a fee of $99 for each workshop and each session is limited to the first 35 registrants.


Defense revises Military Lending Act interpretive rule

The Department of Defense has published [85 FR 11842] in this morning's Federal Register an amendment to its interpretive rule for the Military Lending Act (the MLA). The Department is withdrawing the amended question and answer number 2, published in its December 14, 2017, Interpretive Rule, which discussed when credit is extended for the purpose of purchasing a motor vehicle or personal property and the creditor simultaneously extends credit in an amount greater than the purchase price of the motor vehicle or personal property. In withdrawing this amended question and answer, the Department is reverting back to the original Q&A #2 published in the August 26, 2016 Interpretive Rule. This will allow the Department to conduct additional analysis on this matter. The Department is also adding a new question and answer to address questions about the use of Individual Taxpayer Identification Numbers to identify covered borrowers in the Department's database.

The amendments are effective February 28, 2020. They have been posted to the BankersOnline Regulations page for the Interpretive Rule.


FEMA to suspend Alabama communities from NFIP

FEMA has published a notice in today's Federal Register that it has scheduled the City of Atmore and unincorporated areas of Escambia County, Alabama, for suspension on March 6, 2020, from the National Flood Insurance Program for noncompliance with the floodplain management requirements of the program.


Recap of FTC Small Business Financing Forum

The Federal Trade Commission has posted a new paper that provides a look at the information covered in the FTC’s Strictly Business forum on small business financing. The paper outlines a number of topics discussed by participants in the forum. It provides an overview of small business lending and the emergence of new online options available to businesses seeking financing. The paper covers both potential benefits and consumer protection concerns around these online lending options for businesses, and explores in detail consumer protection issues associated with merchant cash advances.

The Commission has also created a direct complaint link for small businesses to submit lending- or financing-related complaints. The agency encourages small business owners to submit complaints if they have experienced potentially unlawful conduct.


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