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Exception Tracking Spreadsheet (TicklerTrax™)
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Top Story Lending Related

09/19/2016

July TIC data

Treasury has released the July 2016 Treasury International Capital (TIC) data. The sum total in July of all net foreign acquisitions of long-term securities, short-term U.S. securities, and banking flows was a monthly net TIC inflow of $140.6 billion. Of this, net foreign private inflows were $162.7 billion, and net foreign official outflows were $22.1 billion. Foreign residents increased their holdings of long-term U.S. securities in July; net purchases were $72.6 billion. Net purchases by private foreign investors were $90.5 billion, while net sales by foreign official institutions were $17.9 billion. U.S. residents decreased their holdings of long-term foreign securities, with net sales of $31.3 billion.

09/19/2016

OFAC changes on Friday

On Friday, September 16, OFAC announced additions to and deletions from the SDN List. See our OFAC Update for information on the changes.

09/19/2016

Revised method for Bureau to determine APORs

The Consumer Financial Protection Bureau has published, at 81 FR 64142 in the September 19, 2016, Federal Register a Notice of Availability of Revised Methodology for Determining Average Prime Offer Rates. The methodology statement describes the method used to calculate average prime offer rates for purposes of Regulation C and Regulation Z. The Bureau removed from the methodology statement the references to the sources of survey data used to calculate average prime offer rates. The Bureau's sources for the data used have changed.

09/19/2016

OCC lists recent enforcement orders

The Office of the Comptroller of the Currency has released a list of recently-issued enforcement orders taken against national banks, federal savings associations, and individuals currently and formerly affiliated with national banks and federal savings associations. Included were the previously-announced actions taken against First National Bank of Omaha and Wells Fargo Bank, NA, and a consent order to cease and desist and for a civil money penalty of $50,000 against the former chief executive officer and director of First Place Bank (now merged), Warren, Ohio.

09/16/2016

CFPB report on undergraduate student debt by race

The CFPB has posted an article discussing the percentage of fourth-year undergraduate students age 18 to 24 with student loan debt by race. The article reports federal government data shows that over 90 percent of African-American and 72 percent of Latino students leave college with student loan debt, compared to 66 percent of white students and 51 percent of Asian-American students. While Asian-American students may be less likely to borrow federal student loans, separate research has shown that Asian-American students who need to borrow more than $30,000 may be more likely to rely on private student loans to finance their higher education—loans that offer fewer consumer protections for borrowers.

09/16/2016

FDIC guide for single–family lenders

The FDIC has announced the publication of The Affordable Mortgage Lending Guide, Part I: Federal Agencies and Government Sponsored Enterprises, and launched an online resource center to help community bankers learn more about single-family housing products offered by federal agencies and government-sponsored enterprises. The Guide describes federal programs for single-family housing lending that support home purchase, refinance, manufactured housing, and some home improvements. It covers programs that are intended to assist a variety of communities, including rural areas and Native American communities, as well as low- and moderate-income individuals, first-time homebuyers, and veterans. The FDIC's Affordable Mortgage Lending Center is an online resource center featuring data, fact sheets, and mortgage lending studies from the FDIC and other federal resources. The center includes the full version of the guide and also provides links that take the reader directly to the program.

09/16/2016

Curry on condition of federal banking system

In a remarks at the Harvard Kennedy School, Comptroller Curry discussed how the financial system has progressed since the Great Recession, its present strengths, and the need to remain vigilant against risks. Curry stated, “I want to conclude by noting that lessons from 2008 were not really new lessons. Rather, the crisis reminded us of basic principles that have been around since the very first Comptroller of the Currency, Hugh McCulloch, provided sage advice to bankers in 1863. His advice included:

  • Let no loans be made that are not secured beyond a reasonable contingency.
  • Distribute your loans rather than concentrate them in a few hands.
  • Treat your customers liberally, bearing in mind a bank prospers as its customers prosper.
  • The capital of a bank should be a reality, not a fiction.”

09/16/2016

Industrial production and capacity utilization decline

The Federal Reserve Board has released the September 15, 2016, G.17 Industrial Production and Capacity Utilization Report. Industrial production decreased 0.4 percent in August after rising 0.6 percent in July. Manufacturing output also declined 0.4 percent in August, reversing its increase in July; the level of the index in August is little changed from its level in March. Following two consecutive monthly increases, the index for utilities fell back 1.4 percent in August. Even so, the index was 1.7 percent above its year-earlier level, as hot temperatures this summer boosted the usage of air conditioning. The output of mining moved up 1.0 percent in August, its fourth consecutive monthly increase following an extended downturn; the index, however, was still about 9 percent below its year-ago level. At 104.4 percent of its 2012 average, total industrial production in August was 1.1 percent lower than its year-earlier level. Capacity utilization for the industrial sector decreased 0.4 percentage point in August to 75.5 percent, a rate that is 4.5 percentage points below its long-run (1972–2015) average.

09/16/2016

Fair housing protection for those with limited English proficiency

HUD has announced the issuance of “Limited English Proficiency” (LEP) guidance that addresses how the Fair Housing Act would apply to claims of housing discrimination brought by people because they do not speak, read, or write English proficiently. More than 25 million people in the United States do not communicate proficiently in English. Housing providers are prohibited from using limited English proficiency selectively or as an excuse for intentional housing discrimination. The law also prohibits landlords from using limited English proficiency in a way that causes an unjustified discriminatory effect.

09/15/2016

CUs show growth

The NCUA has released the NCUA Quarterly U.S. Map Review for the second quarter 2016. The Review tracks performance indicators for federally insured credit unions in all 50 states and the District of Columbia. It also includes information on two key state-level economic indicators: unemployment rates and home price changes. Nationally, median loan growth in federally insured credit unions was 4.3 percent during the year ending in the second quarter. In the same period, median asset growth was 3.2 percent, the median rate of growth in deposits and shares was 3.3 percent, and the median loans-to-shares ratio rose to 62 percent.

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