Skip to content

Exception Tracking Spreadsheet (TicklerTrax™)
Downloaded by more than 1,000 bankers. Free Excel spreadsheet to help you track missing and expiring documents for credit and loans, deposits, trusts, and more. Visualize your exception data in interactive charts and graphs. Provided by bank technology vendor, AccuSystems. Download TicklerTrax for free.

Click Now!


Top Story Lending Related

01/20/2021

LendUp Loans to pay $950,000 under settlement

The CFPB has announced a proposed settlement to resolve its December 4, 2020, lawsuit against LendUp Loans, LLC (LendUp) alleging violations of the Military Lending Act (MLA). This is the first resolution in the Bureau’s broader sweep of investigations of multiple lenders that may be violating the MLA.

LendUp, which has its principal place of business in Oakland, California, is an online lender that offers single-payment and installment loans to consumers. If entered by the court, the proposed settlement would require LendUp to provide $300,000 in redress to consumers and to pay a $950,000 civil money penalty. The settlement would also enjoin LendUp from committing future violations of the MLA and from collecting on, selling, or assigning any debts arising from loans that failed to comply with the MLA. It would also require LendUp to correct or update the information it provided to consumer reporting agencies about affected consumers.

01/20/2021

OCC Community Development Investments Newsletter

The OCC has published the latest edition of its Community Developments Investments newsletter, “Strengthening Communities With Opportunity Zone Investments.” This edition of Community Developments Investments explains how banks can support distressed communities by making investments in tax-advantaged qualified opportunity funds (QOF) as part of their community development strategies. For example, the newsletter highlights transactions in which a national bank created and sponsored its own QOF. The newsletter also highlights banks that invested in QOFs sponsored by third-party intermediaries. The newsletter discusses tools that banks can use to evaluate the social and economic benefits created by QOF-financed projects in designated opportunity zones.

01/20/2021

FHFA RFI on climate and natural disaster management

The FHFA yesterday issued a Request for Input (RFI) on the current and future natural disaster risk to the housing finance system and to Fannie Mae and Freddie Mac (the Enterprises) and the Federal Home Loan Banks—collectively the regulated entities. The information that FHFA is requesting will enhance the Agency's ability to fulfill its statutory mission to ensure that the regulated entities operate in a safe and sound manner. The RFI raises questions about two broad sets of issues: identifying and assessing climate and natural disaster risk and enhancing FHFA's supervisory and regulatory framework.

01/20/2021

60,000 PPP loan applications approved, posts updates

The SBA has reported it has approved approximately 60,000 PPP loan applications submitted by nearly 3,000 lenders, for over $5 billion, between the program’s re-opening on Monday, January 11, at 9 a.m. ET through to Sunday, January 17. Last week, the PPP provided dedicated access to community financial institutions that specialize in serving underserved communities, including minority-, women- and veteran-owned small businesses from Monday through Thursday, joined Friday by smaller lenders. As of yesterday, January 19, the Paycheck Protection Program is open to all participating lenders.

The SBA also released, yesterday evening, updated SBA PPP Loan Forgiveness Application Forms 3508 and 3508EZ and an interim final rule on Loan Forgiveness Requirements and Loan Review Procedures (click the red "Download .pdf" button to save the file before opening).

01/20/2021

CFPB issues rule on HPML escrow exemption

The CFPB has issued a final rule amending section 1026.35 of Regulation Z to implement a requirement of the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA). The final rule exempts certain insured depository institutions and insured credit unions from the requirement to establish escrow accounts for certain higher-priced mortgage loans (HPMLs).

The rule will take effect on publication in the Federal Register. It exempts from the HPML escrow requirement any loan made by an insured depository institution or insured credit union and secured by a first lien on the principal dwelling of a consumer if (1) the institution has assets of $10 billion or less; (2) the institution and its affiliates originated 1,000 or fewer loans secured by a first lien on a principal dwelling during the preceding calendar year; and (3) certain of the existing HPML escrow exemption criteria are met (one or more covered first-lien-secured transactions in a rural or underserved area in the prior year, and no escrow accounts maintained on real estate secured consumer credit other than escrow accounts established for first-lien HPMLs for which applications were received on or after April 1, 2010, and before 120 days after publication of this rule; or escrow accounts established after consummation as an accommodation to distressed consumers to assist such consumers in avoiding default or foreclosure).

01/20/2021

SBA FAQs on second draw PPP loans

SBA has issued a January 19 series of FAQs (Use the download PDF button on the page) with guidance to assist businesses in calculating their revenue reduction and payroll costs (and the relevant documentation that is required to support each set of calculations) for purposes of determining their eligibility for and amount of a Second Draw PPP Loan. The FAQs focus on the topics of Revenue Reduction and Maximum Second Draw PPP Loan Amounts.

01/20/2021

Foreclosure and REO eviction moratoriums extended

The Federal Housing Finance Agency has announced that Fannie Mae and Freddie Mac (the Enterprises) will extend the moratoriums on single-family foreclosures and real estate owned evictions until February 28, 2021. The foreclosure moratorium applies to Enterprise-backed, single-family mortgages only. The REO eviction moratorium applies to properties that have been acquired by an Enterprise through foreclosure or deed-in-lieu of foreclosure transactions. The current moratoriums were set to expire on January 31, 2021.

01/19/2021

Bureau sues 1st Alliance Lending

The CFPB announced on Friday it has filled a lawsuit against 1st Alliance Lending, LLC, John Christopher DiIorio, Kevin Robert St. Lawrence, and Socrates Aramburu for allegedly engaging in various unlawful mortgage-lending practices. 1st Alliance, based in Hartford, Connecticut, originated residential mortgages from 2004 to September 2019 and stopped operating in November 2019. DiIorio was its chief executive officer and he, St. Lawrence, and Aramburu were 1st Alliance’s three managing executives.

The Bureau alleges that 1st Alliance, with DiIorio’s, St. Lawrence’s, and Aramburu’s participation, knowledge, and direction, violated the Truth in Lending Act, the Fair Credit Reporting Act, the Equal Credit Opportunity Act, the Mortgage Acts and Practices—Advertising Rule, and the Consumer Financial Protection Act of 2010. The Bureau’s complaint, filed in the United States District Court for the District of Connecticut, seeks injunctions against the defendants, as well as damages, redress to consumers, disgorgement of ill-gotten gains, and the imposition of civil money penalties.

01/19/2021

Payroll support for airline industry employees

Secretary Mnuchin on Friday announced the U.S. Department of the Treasury approved more than $12 billion in payroll support for major passenger air carriers to support airline industry workers. Treasury made the first PSP2 payments to passenger air carriers Friday, disbursing a total of $6.1 billion to major air carriers to support hundreds of thousands of jobs. To protect taxpayers, Treasury received notes and warrants from these carriers, as required under Section 408 of the PSP Extension Law.

01/19/2021

Last-minute PPP guidance and notices from SBA

Pages

Training View All

Penalties View All

Search Top Stories