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Exception Tracking Spreadsheet (TicklerTrax™)
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02/10/2016

Guidance on Arkansas weather relief

The FDIC has issued FIL-11-2015, which includes guidance to help financial institutions and to facilitate recovery in areas of Arkansas affected by severe storms, tornadoes, straight-line winds, and flooding.

02/10/2016

FDIC 2016 stress test scenarios released

The FDIC has announced its release of the economic scenarios [Excel file] that will be used by certain financial institutions with total consolidated assets of more than $10 billion for stress tests required under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. The baseline, adverse, and severely adverse scenarios include key variables that reflect economic activity, including unemployment, exchange rates, prices, income, interest rates, and other salient aspects of the economy and financial markets. The baseline scenario represents expectations of private sector economic forecasters. The adverse and severely adverse scenarios are not forecasts, rather, they are hypothetical scenarios designed to assess the strength and resilience of financial institutions and their ability to continue to meet the credit needs of households and businesses under stressed economic conditions.

02/10/2016

Curry speaks on revitalization of communities

In remarks before the 2016 National Interagency Community Reinvestment Conference, Comptroller Curry discussed efforts to help revitalize communities and highlighted how community members can voice their concerns. He said, "The comments we receive from individuals and organizations are enormously helpful as we develop guidance, evaluate institutions' CRA performance, and consider corporate applications. The public’s views and perspectives are potentially an even more valuable resource to banks when they use that input to shape the products they offer and the community development efforts they undertake. Banks should encourage community feedback and consider that input in formulating their business plans and strategies."

02/10/2016

CMPs issued to U.S. Bank and Santander

The OCC has announced the termination of previously issued mortgage servicing-related consent orders against U.S. Bank National Association (U.S. Bank) and Santander Bank, N.A. (Santander), and assessed civil money penalties against the banks. The orders were terminated after the OCC determined the banks were complying with them. With the termination of the consent orders, the OCC assessed a $10 million civil money penalty against U.S. Bank and a $3.4 million civil money penalty against Santander. For details, see our Penalty Page entries for the enforcement actions against U.S. Bank and Santander.

02/09/2016

HUD proposes revision of rec vehicle exemption

HUD has announced a proposed rule to exempt certain recreational vehicles from HUD’s Manufactured Housing Procedural and Enforcement Regulations. The proposed rule, published today at 81 FR 8606, seeks to revise the exemption for recreational vehicles that are not self-propelled and is based upon a recommendation from an advisory committee made up of manufactured housing producers, retailers, consumers and the general public. Comments are due by April 11, 2016.

02/08/2016

Consumer credit on the increase

The Federal Reserve System has issued the December 2015 G.19 Consumer Credit Report. Consumer credit increased at a seasonally adjusted annual rate of 5-3/4 percent during the fourth quarter. Revolving credit increased at an annual rate of 5-1/4 percent, while nonrevolving credit increased at a seasonally adjusted rate of 6 percent.

02/08/2016

FDIC issues CRA ratings

The FDIC has issued a list of 58 state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA). Six were rated outstanding, 51 satisfactory, and one needs to improve.

02/07/2016

HSBC to pay $470 million for mortgage abuses

The U.S. Department of Justice announced on Friday, February 5, that the Department, the Department of Housing and Urban Development, the Consumer Financial Protection Bureau and the attorneys general of 49 states and the District of Columbia reached a $470 million agreement with HSBC Bank USA NA and its affiliates (collectively, HSBC) to address mortgage origination, servicing and foreclosure abuses.

In conjunction with that agreement, the Board of Governors of the Federal Reserve System announced its assessment of a $131 million penalty against HSBC North America Holdings, Inc., and HSBC Finance Corporation for deficiencies in residential mortgage loan servicing and foreclosure processing. The Board may remit (cancel) up to the full amount of this penalty to the extent HSBC satisfies the Department of Justice settlement or by providing funding for nonprofit housing counseling organizations. If HSBC does not satisfy the full $131 million penalty amount within two years, the remaining amount must be paid to the U.S. Department of Treasury.

See our Penalty Page entry for additional details.

02/05/2016

OCC 2016 directors workshops schedule

The OCC has released the 2016 schedule of workshops for directors of national community banks and federal savings associations. The examiner-led workshops provide practical training and guidance to support the safe and sound operation of community-based financial institutions. This year, the series includes a new session on Operational Risk.

02/04/2016

SEC files charges against Manhattan lender and owner

The Securities and Exchange Commission has announced a federal court filing of fraud charges against a Manhattan-based lending company and its owner accused of repeatedly lying to investors purchasing high-yield securities. The SEC also charged the brokerage firm that acted as the placement agent and two of its executives. The SEC complaint alleges that American Growth Funding II LLC (AGF II) and Ralph Johnson promised investors 12-percent annual returns and falsely claimed its financial statements were being audited each year. AGF II, which raises capital from investors to provide loans to businesses, is also alleged to have made misrepresentations in offering documents about its management, and concealed details about deteriorating loan values that could imperil full payment of the promised returns to investors. The company’s placement agent Portfolio Advisors Alliance and its owner Howard Allen and president Kerri Wasserman allegedly knew the offering documents were inaccurate, yet continued using them to solicit purchases of AGF II securities.

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