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Exception Tracking Spreadsheet (TicklerTrax™)
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Top Story Lending Related

02/06/2017

Dodd-Frank Act to be reevaluated

In an Executive Order issued on Friday, President Trump has declared seven "Core Principles" for regulation of the U.S. financial system: promoting independent consumer choices, preventing bailouts, fostering economic growth, promoting international competitiveness, advancing U.S. interests in international negotiations, tailoring regulations and ensuring regulatory accountability. The Order directs the Secretary of the Treasury to meet with the heads of the other members agencies of the Financial Stability Oversight Council to review how "existing laws, treaties, regulations, guidance, reporting and recordkeeping requirements, and other Government policies promote the Core Principles and what actions have been taken, and are currently being taken, to promote and support the Core Principles." An initial report to the president is due within 120 days.

Although the Dodd-Frank Act is not mentioned in the Order, it is generally seen as the most obvious target of the review. There is no clear vision of the outcome of the review, although several provisions of the Act, including the structure and funding of the CFPB, the Durbin Amendment (interchange fee limits on debit card transactions), and the Volcker Rule (restrictions on proprietary trading by banks) are seen as likely focuses of the ordered study.

02/03/2017

CFPB files against pawn shop for misleading APRs

The CFPB and the Attorney General of Virginia have announced the filing of a complaint and a proposed consent order in the U.S. District Court for the Eastern District of Virginia against Woodbridge Coins and Jewelry Exchange, Inc., doing business as Woodbridge Gold & Pawn, for deceiving consumers about the actual annual costs of its loans. The CFPB found that Woodbridge misled its customers about the costs of their loans by disclosing deceptively low annual percentage rates (APRs) that did not reflect all of the fees and charges tacked onto the loans. These inaccurate disclosures in many cases understated the true annual percentage rate by as much as half of the actual cost. If approved by the court, the proposed order would require Woodbridge Gold & Pawn to pay $79,000 in consumer relief and penalties and end deceptive disclosures.

02/02/2017

2017 FFIEC census file information

The FFIEC has posted the following notice dated 2/1/17 in the "What's New" column on its HMDA webpage: "The 2017 FFIEC Census File (and forward) will use the 2015 ACS 5 year estimates as a basis for the file." The notice also includes a link to a ZIP file list of the Metropolitan Statistical Area/Metropolitan Division (MSA/MD), state, county, tract and income level indicators that will be included in the 2017 FFIEC Census file.

02/02/2017

OCC releases CRA ratings

The OCC has released the ratings received by 20 national banks and federal savings associations recently evaluated for compliance with the provisions of the Community Reinvestment Act (CRA). Two institutions were rated outstanding and the other eighteen received a satisfactory rating.

02/01/2017

November finance companies report

The Federal Reserve has released November 2016 G.20 finance companies data regarding owner and managed receivables outstanding and auto loans credit terms.

02/01/2017

Prospect Mortgage pays $3.5 million for kickbacks

The CFPB has taken action against Prospect Mortgage, LLC, a major mortgage lender, for paying illegal kickbacks for mortgage business referrals. The CFPB also took action against two real estate brokers and a mortgage servicer that took illegal kickbacks from Prospect. Under the terms of the action announced today, Prospect will pay a $3.5 million civil penalty for its illegal conduct, and the real estate brokers and servicer will pay a combined $495,000 in consumer relief, disgorgement, and penalties. See "Kickbacks cost Prospect Mortgage $3.5 million" for details on the Bureau's findings and consent orders.

01/31/2017

Bureau offers advice on home down payments

The CFPB has posted an article with information to assist consumers decide on the right down payment amount when purchasing a new home.

01/31/2017

Severe weather regulatory relief for Georgia

FDIC FIL-7-2017, issued January 30, announced steps intended to provide regulatory relief to financial institutions and to facilitate recovery in areas of Georgia affected by severe weather.

01/30/2017

Bureau blogs tips for student loan borrowers

The CFPB has posted an article with tips to help student loan borrowers tackle their debt.

01/30/2017

FDIC announces enforcement actions

The FDIC released on Friday a list of orders of administrative enforcement actions taken against banks and individuals in December. The FDIC issued a total of 29 orders, including one from November 2016, and two notices. The administrative enforcement actions in those orders consisted of five consent orders; five removal and prohibition orders; twelve Section 19 orders; four civil money penalties; two terminations of consent orders and cease and desist orders; one termination of insurance; one modification; and two notices.

  • First State Bank of Illinois, Peoria, was assessed a civil money penalty of $32,500 for multiple flood insurance rules violations.
  • A Camargo, Oklahoma, bank owner and his wife, a director, received a Notice of the FDIC's intention to prohibit them from further participation, intent to order restitution, and to assess penalties totaling $210,000 in connection with a complex overdraft scheme in violation of Regulation O that allegedly cost the bank $1.7 million, misappropriation of over $650,000 in bank fees, and $600,000 in unauthorized dividends from the bank.
  • The EVP and Chief Banking Officer of a North Carolina bank was issued a Notice of Charges and Hearing with the FDIC's intent to prohibit him from further participation and to assess a $70,000 civil money penalty for his involvement in a fraudulent loan to a nominee borrower, the proceeds of which benefited a third party and ended with a charge-off of over $105,000.

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