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Top Story Lending Related

06/28/2017

Credit repair companies to pay for illegal fees and misleading customers

The CFPB has announced the filing of two complaints and proposed final judgments in federal court against four California-based credit repair companies and three individuals for misleading consumers and charging illegal fees. The Bureau alleges that the companies not only charged illegal advance fees for credit repair services, but also misrepresented their ability to repair consumers’ credit scores. Under a proposed final judgment, Prime Credit, LLC, IMC Capital, LLC, Commercial Credit Consultants, Blake Johnson, and Eric Schlegel would pay a civil money penalty of more than $1.5 million. Under a second proposed final judgment, Park View Law, known formerly as Prime Law Experts, Inc., and its owner Arthur Barens would pay $500,000 in relinquished funds to the U.S. Treasury.

06/26/2017

FTC action halts phantom debt collection operation

The Federal Trade Commission has charged a North Carolina debt collection operation and its owner with taking money from consumers for fake debts they did not owe. According to the complaint filed by the Commission, the defendants, Anthony Swatsworth, ACDI Group LLC, and Solutions to Portfolios LLC, bought phony payday loan debts supposedly made by “500FastCash” – from SQ Capital through a debt broker, and continued to collect on those debts even after learning the debts were fake and receiving a full refund for their purchase.

06/26/2017

Residential sales increase

HUD and the Census Bureau have released their report of new residential sales for May 2017. Sales of new single-family houses in May 2017 were at a seasonally adjusted annual rate of 610,000, according to agency estimates. This is 2.9 percent above the revised April rate of 593,000, and 8.9 percent above the May 2016 estimate of 560,000.The median sales price of new houses sold in May 2017 was $345,800. The average sales price was $406,400. The seasonally-adjusted estimate of new houses for sale at the end of May was 268,000. This represents a supply of 5.3 months at the current sales rate.

06/26/2017

Fed tweaks Regs A and D again

As the Fed gradually steers the discount rate higher, it has to make some adjustments in the rate tables in Regulation A (Extensions of Credit by Federal Reserve Banks) and Regulation D (Reserve Requirements of Depository Institutions). The Fed published final rules in today's Federal Register making those adjustments again:

  • Regulation A—Amendments to § 201.51 (Interest rates applicable to credit extended by a Federal Reserve Bank), effective today, with the rate changes effective June 15, 2017.
  • Regulation D—Amendments to § 204.10(b)(5) (Rates for Interest on Required Reserves and Interest on Excess Reserves), effective today, with rate changes effective June 15, 2017.

BankersOnline's Regulations pages will be updated today.

06/23/2017

FEMA to suspend Montana community from Flood Program

The Federal Emergency Management Agency published a final rule [82 FR 28565] in today's Federal Register announcing the suspension, effective July 5, 2017, of Community 300139 (Unincorporated areas of Carbon County, Montana) from the National Flood Insurance Program for noncompliance with the floodplain management requirements of the program.

06/22/2017

Bureau spotlights public service forgiveness of student loan debt

In connection with its public event on student loan servicing in Raleigh, North Carolina, today, the Consumer Financial Protection Bureau has released a report spotlighting complaints from borrowers about student loan servicers mishandling Public Service Loan Forgiveness. The Public Service Loan Forgiveness program provides people in public service jobs with a path to debt forgiveness after 10 years, with the first borrowers eligible in October 2017. According to the Bureau's press release, Borrowers report that servicers delay or deny access to loan forgiveness through wrong information about their loans, flawed payment processing, and bungled job certifications. The CFPB also issued updated guidelines to prioritize oversight of servicers’ administration of the Public Service Loan Forgiveness program. The Bureau also launched a “Certify Your Service” campaign to help public servants stay on track for federal loan forgiveness.

06/22/2017

2017 list of distressed/underserved areas available

The FRB, FDIC, and OCC have announced the availability of the 2017 list of distressed or underserved nonmetropolitan middle-income geographies, where revitalization or stabilization activities are eligible to receive Community Reinvestment Act (CRA) consideration under the community development definition. The criteria for designating these areas are available on the Federal Financial Institutions Examination Council (FFIEC) CRA page.

06/22/2017

OFAC SDN List changes

Yesterday, OFAC posted a number of removals from and updates to its SDN List. See our OFAC Update for identification information.

06/21/2017

Treasury designates individuals and entities in Ukraine conflict

The U.S. Department of the Treasury’s Office of Foreign Assets Control announced yesterday it had reinforced existing sanctions on Russia by designating or identifying a range of individuals and entities involved in the ongoing conflict under four Executive orders (E.O.s) related to Russia and Ukraine. This action was designed in part to provide additional information to assist the private sector with sanctions compliance. U.S. sanctions on Russia related to the situation in eastern Ukraine will remain in place until Russia fully honors its obligations under the Minsk Agreements. U.S. sanctions related to Crimea will not be lifted until Russia ends its occupation of the peninsula.

OFAC designated 38 individuals and entities under Ukraine-related authorities, including one entity that has engaged in the evasion of existing sanctions, two Russian government officials and two individuals acting for or on behalf of a government official, two entities that are owned or controlled by an individual previously designated, and 11 individuals and entities that operate in the Crimea region of Ukraine.

As a result of OFAC's actions, any property or interest in property of the designated persons in the possession or control of U.S. persons or within the United States must be blocked. Additionally, transactions by U.S. persons involving these persons are generally prohibited.

OFAC also identified 20 subsidiaries that are owned 50 percent or more by the previously-designated AK Transneft OAO (Transneft), subject to Directive 2 under E.O. 13662, which prohibits U.S. persons from dealing in new debt of greater than 90 days maturity of the sanctioned entities.

See BankersOnline's OFAC Update for identification information on the individuals and entities involved.

06/20/2017

Bureau hosting student loan servicing event in Raleigh

The CFPB events calendar includes a public event on student loan servicing in Raleigh, North Carolina, at 10 a.m. EDT on June 22, 2017. Featured speakers will be Bureau Director Richard Cordray and North Carolina Attorney General Josh Stein.

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