Skip to content

How to gain more from operational risk management practices. Modern risk management technology solutions improve efficiency and provide greater visibility into risks. Today’s tools provide real-time visibility, action plans, enhanced reporting and business intelligence, and proactive notifications for operational risk. Real-time data empowers banks and financial services organizations to proactively manage risks and instantly detect and mitigate emerging issues. Click here to learn more.


Top Story Lending Related

02/18/2020

Report on 'credit invisibility' problem

A joint study by HUD and the Policy and Economic Research Council (PERC) examined how reporting rent payments made by thousands of HUD-assisted households to nationwide consumer reporting agencies would impact the credit ratings of these families. The study also sought to determine whether reporting rent payments to consumer credit reporting companies would overcome the problem of "credit invisibility."

The results of this preliminary research show that including rental history in credit reports could increase the proportions of tenant with scoreable credit histories and with good credit scores, but the change could be detrimental to credit scores for a subset of tenants.

02/13/2020

2020 Guide to HMDA Reporting

The FFIEC has posted the 2020 Guide to HMDA Reporting, (HMDA GIR) a resource for assisting all institutions in their HMDA reporting. It includes a summary of responsibilities and requirements, directions for assembling the necessary tools, and instructions for reporting HMDA data. The 2020 edition reflects updates to incorporate content from the HMDA Rule issued by the Consumer Financial Protection Bureau in October 2019. It addresses reporting due March 1, 2021, of application and loan data for calendar year 2020

02/13/2020

NMLS Ombudsman meeting agenda

The agenda for the NMLS Ombudsman Meeting has been posted on the NMLS Resource Center. The meeting will be held Thursday, February 20, from 9:00 a.m. – 12:00 p.m. PT in Continental 4-5 (Ballroom Level) at the Hilton San Francisco Union Square, during the 2020 NMLS Annual Conference & Training.

02/13/2020

NY Fed announcement on SOFR averages and index

The Federal Reserve Bank of New York has issued an Operating Policy Statement regarding publication of Secured Overnight Financing Rate (SOFR) averages and a SOFR Index. Publication of 30-, 90-, and 180-day SOFR Averages as well as a SOFR Index will begin March 2, 2020, in order to support a successful transition away from U.S. dollar (USD) LIBOR. The new SOFR Averages will be referred to as “30-day Average SOFR”, “90-day Average SOFR” and “180-day Average SOFR.”

The statement revealed the calculation method to be used to determine the SOFR averages and index and illustrated how they will appear on a dedicated page on the NY Fed's website when published.

02/11/2020

2021 HUD budget proposed

President Trump yesterday announced the release of the Administration’s Fiscal Year 2021 budget, “A Budget for America’s Future.” The FY21 budget seeks to provide the Department of Housing and Urban Development (HUD) with $47.9 billion in funding to assist the fight to end homelessness, boost the promotion of healthy homes, and help America’s low-income families pay rent.

02/10/2020

Fed releases Consumer Credit data

The Federal Reserve Board has released its G.19 data on Consumer Credit for the month of December 2019. In 2019, consumer credit increased 4-3/4 percent, with revolving and nonrevolving credit increasing 4-1/4 percent and 4-3/4 percent, respectively. Consumer credit increased at a seasonally adjusted annual rate of 5 percent in the fourth quarter and at a rate of 6-1/4 percent in December.

02/10/2020

$51M for homes for low-income seniors

HUD has announced its award of $51 million in housing assistance to non-profit organizations across the country to finance more affordable housing construction, provide rental assistance, and facilitate supportive services delivery for very low-income seniors.

02/07/2020

Kraninger signals CFPB plans

In oral and written testimony given yesterday before the House Financial Services Committee, CFPB Director Kathleen Kraninger reported that the Bureau plans to move away from the 43 percent debt-to-income ratio requirement in the qualified mortgage rule, and will propose an alternative such as pricing thresholds to better ensure that responsible, affordable mortgage credit remains available for consumers. The Bureau expects to issue a proposal on changes to the QM rule in May 2020.

Kraninger reported that the Bureau is evaluating comments received on its proposal to rescind the underwriting portions of its Payday Lending rule. She also reported progress on the Bureau's evaluation of comments relating to the EGRRCPA requirement that the Bureau prescribe regulations under the Truth in Lending Act for residential property assessed clean energy (PACE) loans. Also under review are approximately 100 comments received on the Bureau's proposed amendments to the Remittance Rule (subpart B of Regulation E), and comments on the Bureau's proposed rule to implement the requirements applicable to debit collectors under the Fair Debt Collection Practices Act.

02/07/2020

2020 hypothetical stress test scenarios released

The Federal Reserve and the OCC have released the hypothetical scenarios for the 2020 stress test exercises, which ensure that large banks have adequate capital and processes so that they can continue lending to households and businesses, even during a severe recession. The harshest scenario includes a severe global recession with heightened stresses in corporate debt markets and commercial real estate, and for banks with large trading operations, additional pressure on leveraged loans.

02/07/2020

Virginia bank pays flood penalty

The Federal Reserve Board has announced the assessment of a $9,500 civil money penalty against the Farmers and Merchants Bank of Craig County, New Castle, Virginia, for unspecified violations of the National Flood Insurance Act.

Pages

Training View All

Penalties View All

Search Top Stories