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Exception Tracking Spreadsheet (TicklerTrax™)
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Top Story Lending Related

04/11/2016

Wells Fargo pays $1.2B for mortgage practices

The Department of Justice (DOJ) has announced that the United States has settled civil mortgage fraud claims against Wells Fargo Bank, N.A. (Wells Fargo) and Wells Fargo executive Kurt Lofrano, stemming from Wells Fargo’s participation in the Federal Housing Administration (FHA) Direct Endorsement Lender Program. In the settlement, Wells Fargo agreed to pay $1.2 billion and admitted, acknowledged and accepted responsibility for, among other things, certifying to the Department of Housing and Urban Development (HUD), during the period from May 2001 through December 2008, that certain residential home mortgage loans were eligible for FHA insurance when in fact they were not. See "Wells Fargo settles with DOJ for mortgage lending practices" in our Penalties pages for additional information.

04/07/2016

Consumer credit increases

The February 2016 G.19 Consumer Credit Report has been released by the Federal Reserve. Consumer credit increased at a seasonally adjusted annual rate of 5-3/4 percent, revolving credit increased at a 3-3/4 percent annual rate, while nonrevolving credit increased at a 6-1/2 percent annual rate.

04/07/2016

Guidance on assistance to victims of severe weather

The FDIC has issued guidance to help financial institutions and to facilitate recovery in areas of Texas and Mississippi affected by severe storms, tornadoes and flooding.

04/07/2016

FOMC minutes released

The Federal Reserve Board and the Federal Open Market Committee have released the minutes of the Committee meeting held on March 15–16, 2016. Minutes of past meetings can be viewed on the Board's website.

04/07/2016

NCUA webinar

The NCUA's “Hot Topics in Compliance” webinar will begin at 2 p.m. ET on April 27. The free 90-minute presentation, which includes a thirty minute Q&A, will provide an in-depth review of the latest requirements for compliance, including:

  • An overview of the BSA, with discussion of requirements and common violations;
  • Monitoring of money laundering;
  • Suspicious Activity Reports (SARs);
  • Equal Credit Opportunity Act (ECOA) adverse action notice requirements; and
  • Office of Consumer Protection contact information.

04/07/2016

FTC sends funds to victims of scams

The Federal Trade Commission has returned money to consumers who were harmed by a scam that collected millions in phantom payday loans and another involving mortgage relief services. Checks totaling more than $596,000 were mailed to consumers who lost money to a fraudulent debt collection scheme that processed payments for payday loan debts they did not owe. Additional checks totaling more than $33,000 were mailed to consumers who lost money to a scheme that charged homeowners an up-front fee for mortgage relief services that were promised but never provided.

04/05/2016

OCC releases March CRA ratings

The Office of the Comptroller of the Currency has released a list of 23 national banks and federal savings associations whose Community Reinvestment Act (CRA) performance evaluations became public in March 2016. Of the institutions listed, five received outstanding ratings. The others were rated satisfactory.

04/04/2016

FDIC posts April list of recent CRA evaluations

The FDIC has released a list of 57 state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA). The list covers ratings assigned to institutions in January 2016. There were six institutions that earned an "Outstanding" rating. The other 51 banks received "Satisfactory" evaluations.

04/04/2016

CFPB publishes notice on credit card agreement submissions

The Consumer Financial Protection Bureau has published a notice in today's Federal; Register of the expiration of the suspension of Regulation Z requirements that credit card issuers submit their currently-offered credit card agreements to the Bureau for posting on the Bureau's website. The next submission is due on the first business day on or after April 30, 2016 (i.e., May 2, 2016). Instructions for completing this requirement have been greatly simplified during the suspension of submissions. Instructions can be found on the Bureau's website (see also our April 1, 2016, Top Story).

04/04/2016

Board posts economic data

The Federal Reserve Board has posted the G.5 Foreign Exchange Rates data for March 2016, and its 2016 Annual Revision of G.17 Industrial Production and Capacity Utilization data.

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