Top Story Lending Related

Information has been posted on the CFPB Blog for students enrolled at ITT Tech concerning their ability to discharge student loans due to the bankruptcy and closing of the college.

The Federal Trade Commission has announced that two groups of debt collectors will be banned from the collection business under settlements with the regulator, and one of them will pay more than $4.4 million civil money penalty (CMP) to resolve charges that they conned people into paying debts they did not owe. A stipulated order resolves FTC charges brought in November 2015 against the businesses. See our January 8, 2016, Top Story, "Operation Collection Protection shuts down abusive collectors," for the details. The court had halted the operation, frozen the defendants’ assets, and appointed a receiver to control the business pending litigation.

The Federal Reserve Board has posted the September 7 issue of the Beige Book, summarizing comments on current economic conditions by Reserve District received from business and other contacts outside the Federal Reserve System through August 29.

The NCUA has announced that, based on call report data, the total lending in the 2016 second quarter at federally insured credit unions increased to $823.4 billion, a 10.5 percent increase from 2015.

The FDIC has announced it will co-sponsor with the Journal for Financial Services Research the 16th Annual Bank Research Conference September 8–9, 2016. The conference features a presentation of papers and keynote addresses by Chairman Martin J. Gruenberg and Professor Douglas Diamond of the University of Chicago's Booth School of Business. The conference will feature seven sessions during the two days on topics ranging from liquidity and capital regulation to central bank asset purchases and the effect on bank credit formation. In addition, 19 papers that were selected from 565 submissions will be presented.

The FDIC has posted its September list of banks whose Community Reinvestment Act (CRA) evaluation ratings have recently become public. Three of the listed banks received ratings of "Outstanding." The remaining 57 institutions received ratings of "Satisfactory."

The FDIC has issued FIL-59-2016, which encourages depository institutions to consider all reasonable and prudent steps to assist customers in communities affected by recent storms and flooding in Louisiana.

The OCC has released a list of Community Reinvestment Act (CRA) performance evaluations that became public during August 2016. The list contains only national banks, federal savings associations, and insured federal branches of foreign banks that have received ratings. The possible ratings are outstanding, satisfactory, needs to improve, and substantial noncompliance. Seven on the list are rated outstanding, 22 are rated satisfactory and one is rated substantial noncompliance.

The Federal Trade Commission has announced that the principals of a mortgage relief operation and their companies are banned from the mortgage loan modification and debt relief business under court orders obtained by the Commission. The order resolve charges that the scheme falsely promised financially distressed homeowners they would receive legal representation to prevent foreclosure or lower their mortgage payments and interest rates, and illegally charged thousands of dollars in advance. Under a stipulated order for permanent injunction to which Edward William Rennick III, Surety Law Group LLP and Redstone Law Group LLC agreed, they are banned from selling secured and unsecured debt relief products or services, and prohibited from misrepresenting any financial products and services, and from violating the Do Not Call Registry rules. The order imposes an $8 million judgment that will be suspended upon surrender of frozen assets.

The OCC has issued its Community Reinvestment Act examination schedule for the fourth quarter of 2016.