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Top Story Lending Related

06/02/2017

FTC reports to CFPB on consumer protection enforcement

The Federal Trade Commission has provided its 2016 Annual Financial Acts Enforcement Report to the CFPB on enforcement and other activities related to Regulation Z (Truth in Lending Act), Regulation M (Consumer Leasing Act), and Regulation E (Electronic Fund Transfer Act).

06/02/2017

OCC releases CRA ratings

The OCC has released the ratings recently received by 18 national banks and federal savings associations for compliance with the Community Reinvestment Act. Two institutions were rated outstanding and 16 were rated satisfactory.

06/02/2017

Board announces schedule for release of stress tests and CCAR results

The Federal Reserve Board has announced that the results from the latest supervisory stress tests conducted as part of the Dodd-Frank Act will be released on June 22, and the results from the Comprehensive Capital Analysis and Review (CCAR) will be released on June 28.

06/02/2017

OFAC targets suppliers of DPRK weapons programs and senior Congolese official

The Treasury Department's Office of Foreign Assets Control (OFAC) has announced it has designated six entities and three individuals, and identified three entities, in response to North Korea’s ongoing development of weapons of mass destruction and continued violations of UN Security Council resolutions. Also today, the State Department updated the aliases for two previously designated entities.As a result of these actions, any property or interests in property of the designated persons in the possession or control of U.S. persons or within the United States must be blocked, and U.S. persons are generally prohibited from doing business with them.

OFAC also announced it has sanctioned a senior Democratic Republic of the Congo official pursuant to Executive Order 13413, which authorizes sanctions in light of activities that threaten the peace, security, or stability of the DRC. OFAC also designated a resort located on the outskirts of Kinshasa, for being owned or controlled by that official. As a result of those actions, all of the designated persons’ assets within U.S. jurisdiction are frozen, and U.S. persons are generally prohibited from engaging in transactions with them.

For additional information on both announcements, see our OFAC Update.

06/01/2017

May CFPB complaint report features those from seniors

The CFPB's May 2017 Monthly Complaint Report snapshot summarizes the complaints submitted by people who are 62 and older. The full report highlights issues that older consumers are more likely to experience than their younger counterparts, including issues with traditional and reverse mortgages, credit cards, and bank accounts and services.

06/01/2017

FTC files complaint against Louisiana real estate appraisers board

A complaint has been filed by the Federal Trade Commission against the Louisiana Real Estate Appraisers Board alleging that the board is unreasonably restraining price competition for appraisal services in Louisiana, contrary to federal antitrust law. The FTC alleges that the Louisiana appraisers board limits the freedom of individual appraisers and their customers to engage in bona fide negotiations to set appraisal fees for real estate appraisals in Louisiana. According to the FTC’s complaint, the 2010 Wall Street Reform and Consumer Protection Act, popularly known as the “Dodd-Frank Act,” required appraisal management companies to pay “a rate that is customary and reasonable for appraisal services performed in the market area of the property being appraised.” The FTC alleged in its complaint that the appraisal board’s regulations exceeded the scope of the federal mandate. Specifically, the board required appraisal fees to equal or exceed the median fees identified in survey reports commissioned and published by the board. The board then investigated and sanctioned companies that paid fees below the specified levels. The complaint alleges that Dodd-Frank neither requires nor authorizes the restrictions that the board placed on appraisal fees.

06/01/2017

OCC and FDIC issue CRA exam schedules for two quarters

The OCC and the FDIC have issued their lists of institutions scheduled for a CRA examination during the third and fourth quarters of 2017. Both regulators announced they will publish quarterly the next two quarters of scheduled exams, to be more responsive and transparent to the public, and to afford the public more time to offer comments on the CRA performance of the institutions to be examined.

OCC announcement
OCC exam third- and fourth-quarter schedule
FDIC third quarter schedule
FDIC fourth quarter schedule

06/01/2017

Regulators issue advisory on appraiser availability

In response to concerns over the limited availability of state-certified and -licensed appraisers, particularly in rural areas, a joint press release has been issued by the FRB, FDIC, NCUA, and OCC announcing an interagency advisory that highlights two options to help insured depository institutions and bank holding companies facilitate the timely consideration of loan applications:

  • Temporary practice permits may allow appraisers credentialed in one state to provide their services on a temporary basis in another state experiencing a shortage of appraisers, subject to state law. The advisory also discusses reciprocity, in which one state allows appraisers that are certified or licensed in another state to obtain certification or licensing without having to meet all of the state's certification or licensing standards.
  • Temporary waivers would set aside requirements relating to the certification or licensing of individuals to perform appraisals under Title XI of FIRREA in states or geographic political subdivisions where certain conditions are met. Temporary waivers may be granted when it is determined that there is a scarcity of state-certified or -licensed appraisers leading to significant delays in obtaining an appraisal.

FDIC FIL-19-2017
OCC Bulletin 2017-19

06/01/2017

May 2017 Beige Book

The Board of Governors has announced the release of the full and summary versions of the May 2017 issue of the Beige Book.

06/01/2017

OFAC designates Colombian nationals and entities

OFAC has announced its designation of four Colombian nationals as Specially Designated Narcotics Traffickers (SDNTs) under the Foreign Narcotics Kingpin Designation Act (Kingpin Act) because of their links to previously designated SDNTs Juan Santiago Gallon Henao, Pedro David Gallon Henao, and La Oficina de Envigado (“La Oficina”). Also designated were five Colombian companies, identified by OFAC as being ultimately owned, controlled, or directed by Juan Santiago Gallon Henao through the help of some of the individuals designated today. See our OFAC Update for additional information.

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