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Top Story Lending Related

01/05/2017

OCC and FDIC release CRA evaluations

The OCC and the FDIC issued the ratings received by financial institutions that were recently evaluated for compliance with the Community Reinvestment Act.

  • Of the 18 national banks and federal savings associations on the OCC's list, eight received Outstanding ratings, and ten were rate Satisfactory.
  • Of the 46 state nonmember banks reported by the FDIC, two banks received Outstanding ratings, and 44 were rated Satisfactory.

01/05/2017

FOMC minutes released

The minutes of the December 13–14, 2016, meeting of the Federal Open Market Committee (FOMC) have been released. A summary of economic projections made by Federal Reserve Board members and Reserve Bank presidents for the meeting was included as an addendum to the minutes.

01/04/2017

Two CRAs to refund $17.6M and pay $5.5M CMP

The CFPB has issued a press release announcing that TransUnion and Equifax and their subsidiaries have agreed to change practices that the Bureau found misled consumers about the value of the credit scores they marketed and sold. In their advertising, the two credit reporting agencies misrepresented that the credit scores they provided to consumers were the same scores that lenders typically use to make credit decisions. The companies have also agreed to return more than $17.6 million to consumers and pay penalties totaling $5.5 million. See "Bureau fines 'bureaus' for deceptive marketing" in our Penalties pages, for further details.

01/04/2017

Did your bank or an MLO miss the deadline?

The NMLS has announced the 2017 Renewal Period has closed and the Reactivation Period began on January 1st. Lending organizations and MLOs who missed the December 31 deadline (or who failed to complete the renewal attestation by the deadline) have been placed in "inactive" status. Review the NMLS Annual Renewal page for assistance in reactivating registration.

01/03/2017

November survey of terms of business lending released

The November 7-11, 2016, E.2 terms of business lending report has been released by the Federal Reserve Board.

01/02/2017

OFAC targets new Yazuka criminal syndicate

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has announced it has sanctioned the Kobe Yamaguchi-gumi, a syndicate of the Japanese Yakuza criminal network. Specifically, OFAC designated two entities and three individuals: the Kobe Yamaguchi-gumi, three of its key executive members – Kunio Inoue, Osamu Teraoka, and Takashi Ikeda – and its core clan, the Yamaken-gumi, pursuant to Executive Order (E.O.) 13581, which targets significant transnational criminal organizations (TCOs) and their supporters. As a result of these actions, all assets of those designated that are in the United States or in the control of U.S. persons are frozen, and U.S. persons are generally prohibited from engaging in transactions with them.

The Yakuza has relationships with criminal affiliates in Asia, Europe, and the Americas, where it uses front companies in legitimate industries, including construction, real estate, and finance, to launder money and hide illicit proceeds. In the United States, the Yakuza has been involved in drug trafficking and money laundering.

See OFAC's SDN List Update for identification information on the targeted individuals and entities.

12/30/2016

Dealer financing terms SCOOS released

The Federal Reserve has released the December 2016 results of its senior credit officer opinion survey (SCOOS) on dealer financing, which collected qualitative information on changes over the previous three months in credit terms and conditions in securities financing and over-the-counter (OTC) derivatives markets. In addition to the core questions, the survey included a set of special questions about the use of central clearing services for OTC derivatives and the ease of porting client portfolios from another clearing agent. The survey was conducted between November 15, 2016, and November 28, 2016. A summary of the survey results was also released.

12/30/2016

Agencies make annual CRA threshold changes

The FDIC, Federal Reserve Board and OCC have announced the annual adjustment to the asset-size thresholds used to define small bank, small savings association, intermediate small bank, and intermediate small savings association under the Community Reinvestment Act (CRA) regulations. The annual adjustments are required by the CRA rules. Financial institutions are evaluated under different CRA examination procedures based upon their asset-size classification. Those meeting the small and intermediate small institution asset-size thresholds are not subject to the reporting requirements applicable to large banks and savings associations unless they choose to be evaluated as a large institution.

The changes will be effective on publication of the adjustments in the Federal Register. As a result of the adjustments (which have been posted to BOL's Regulations pages for Federal Reserve Regulation BB):

  • "Small bank" or "small savings association" means an institution that, as of December 31 of either of the prior two calendar years, had assets of less than $1.226 billion.
  • "Intermediate small bank" or "intermediate small savings association" means a small institution with assets of at least $307 million as of December 31 of both of the prior two calendar years and less than $1.226 billion as of December 31 of either of the prior two calendar years.

In addition to these adjustments, the FDIC is amending its CRA Notice requirements in Appendix B of its CRA regulations at 12 CFR Part 345 to reflect two technical changes concerning the manner in which the agency will receive public comments considered in the CRA examination process.

12/30/2016

Executive Order adds 11 to SDN List

The Office of Foreign Assets Control announced yesterday that the president has issued an Executive Order (EO), "Taking Additional Steps To Address The National Emergency With Respect To Significant Malicious Cyber-Enabled Activities." The new EO amends EO 13694, “Blocking the Property of Certain Persons Engaging in Significant Malicious Cyber-Enabled Activities.” The amendments allow for the imposition of sanctions on individuals and entities determined to be responsible for tampering, altering, or causing the misappropriation of information with the purpose or effect of interfering with or undermining election processes or institutions. Five entities and four individuals are identified in the Annex of the amended Executive Order and have been added to OFAC’s list of Specially Designated Nationals and Blocked Persons (SDN List). OFAC designated an additional two individuals who also will be added to the SDN List. For details on the entities and individuals designated, see our OFAC Update.

12/29/2016

October finance companies report

The October 2016 G.20 Finance Companies data on owned and managed receivables outstanding /auto loans: terms of credit have been released by the Federal Reserve Board.

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