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Exception Tracking Spreadsheet (TicklerTrax™)
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Top Story Lending Related

04/12/2016

OCC to host workshops in Texas

The OCC will host two workshops in Corpus Christi, Texas, at the Omni Corpus Christi Hotel, May 17-18, including its first workshop on operational risk. The Credit Risk workshop on May 17 focuses on credit risk within the loan portfolio, such as identifying trends and recognizing problems. The workshop also covers the roles of the board and management, how to stay informed of changes in credit risk, and how to effect change. The Operational Risk workshop on May 18 focuses on the key components of operational risk—people, processes and systems. The session also covers governance, third-party risk, vendor management, and cybersecurity.

04/12/2016

GAO: oversight of nonbank servicers could be better

The U.S. Government Accountability Office (GAO) has issued a report to Congress on the effects of the growth of nonbank servicers in the mortgage market. This report examines, among other things, recent trends in mortgage servicing and the oversight framework in which nonbank servicers operate. The GAO analyzed mortgage industry data from January 2006 through June 2015; reviewed relevant laws and documents from regulatory and housing agencies and an industry group; conducted a literature review; and interviewed consumer groups, regulators and other agency officials, and market participants. The GAO recommends that Congress consider granting the FHFA authority to examine third parties that do business with Fannie Mae and Freddie Mac. In addition, the GAO said the CFPB should take steps to collect more data on the identity and number of nonbank servicers. The 102-page report was also released in a single-page summary format and a larger-print accessible version.

04/11/2016

February survey of business lending terms

The Federal Reserve has released the February 1-5, 2016, E.2 survey of terms of business lending.

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.

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