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09/24/2020

Fannie and Freddie databases updated

The Federal Housing Finance Agency has released new and revised datasets for the Public Use Databases (PUDBs) of single-family and multifamily mortgage acquisitions by Fannie Mae and Freddie Mac. New data for 2019 are now available, as well as final versions of data for 2018 that replace the interim files uploaded last September. The PUDBs contain additional loan-level data that increases their alignment with information reported under the Home Mortgage Disclosure Act (HMDA), enhances transparency about the Enterprises’ effects on local economies, and provides more information to the public about the secondary mortgage market.

09/23/2020

Telecom firm to pay $1.9M for facilitating credit card relief scheme

The Federal Trade Commission has announced that Globex Telecom, Inc. and an affiliated company will pay a total of $1.9 million to settle charges that they facilitated a scheme that peddled bogus credit card interest rate relief, illegally charging consumers millions of dollars. The settlement marks the end of the FTC's first consumer protection case against a Voice over Internet Protocol service provider. The FTC and Ohio alleged that Globex provided a company called Educare Centre Services with the means to make calls to U.S. consumers, including illegal robocalls, to market Educare’s phony credit card interest rate reduction services.

09/22/2020

CFPB settles with auto lender over unfair loss damage waiver practices

The CFPB reports it has settled with Lobel Financial Corporation, an auto-loan service based in Anaheim, California. The Bureau found that Lobel engaged in unfair practices with respect to its Loss Damage Waiver (LDW) product, in violation of the Consumer Financial Protection Act (CFPA). When a borrower has insufficient insurance, rather than force-placing collateral-protection insurance, Lobel places the LDW product, which is not itself insurance, on borrower accounts and charges a monthly premium of approximately $70 for the LDW coverage.

The LDW product provides that Lobel will pay for the cost of covered repairs and, in the event of a total vehicle loss, cancel the borrower’s debt. The Bureau found that Lobel continued to bill certain consumers for LDW coverage but then failed to provide it, and assessed fees from consumers that they were not obligated to pay.

The Bureau's consent order requires Lobel to pay $1,345,224 in consumer redress to approximately 4,000 harmed consumers and a $100,000 civil money penalty. The order also prohibits Lobel from failing to provide consumers with LDW coverage or similar products or services for which it has charged consumers or from charging consumers fees that are not authorized by its LDW contracts.

09/22/2020

Former Wells Fargo execs settle with OCC

The OCC has announced settlements with three former senior executives of Wells Fargo Bank, N.A., Sioux Falls, South Dakota, for their roles in the bank’s systemic sales practices misconduct.

  • a prohibition order with a $925,000 civil money penalty to former Community Bank Group Finance Officer Matthew Raphaelson
  • a cease and desist order with a $400,000 civil money penalty to the former Head of Community Bank Deposit Products Group Kenneth Zimmerman
  • a cease and desist order with a $350,000 civil money penalty to the former Head of Community Bank Human Resources Tracy Kidd

09/22/2020

'Seasoned QM' comment period extended three days

The CFPB has reported it will extend the comment period on its proposal for a new "seasoned qualified mortgage" definition by three days to end on October 1, 2020, to accommodate the Yom Kippur Jewish holiday occurring on the original comment deadline, September 28.

09/22/2020

Fed ANPR on CRA regs modernization

The Federal Reserve Board announced Monday an Advance Notice of Proposed Rulemaking inviting public comment on an approach to modernize the regulations that implement the Community Reinvestment Act by strengthening, clarifying, and tailoring them to reflect the current banking landscape and better meet the core purpose of the CRA. The ANPR seeks feedback on ways to evaluate how banks meet the needs of low- and moderate-income (LMI) communities and address inequities in credit access.

Board Chair Jerome H. Powell said, "By releasing a thoughtful and balanced ANPR and providing a long period for comment, the Federal Reserve is hoping to build a foundation for the banking agencies to come together on a consistent approach to CRA that has the broad support of the intended beneficiaries as well as banks of different sizes and business models."

The Office of the Comptroller of the Currency published a final rule to modernize its CRA regulations on June 5, 2020, with an October 1, 2020, effective date (but a compliance date of January 1, 2023). The FDIC did not join the OCC in issuing a final rule at that time, although the OCC and FDIC had jointly issued a proposal.

The Federal Reserve said its proposal will have a 120-day comment period starting when it is published in the Federal Register.

PUBLICATION UPDATE: Published at 85 FR 66410 on October 19, 2020. Comments are due by February 16, 2021.

09/21/2020

FDIC Oregon wildfire and wind relief

The FDIC has issued FIL-91-2020 with guidance on steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of Oregon affected by wildfires and straight-line winds starting September 7, 2020.

The Federal Emergency Management Agency declared a federal disaster for selected areas affected in Oregon on September 15, 2020. FEMA may make additional designations after damage assessments are completed in the affected areas. A current list of designated areas is available at www.fema.gov.

The FDIC encouraged banks to work constructively with borrowers experiencing difficulties beyond their control because of damage caused by the wildfires and straight-line winds. Banks that extend repayment terms, restructure existing loans, or ease terms for new loans in a manner consistent with sound banking practices, can contribute to the health of the local community and serve the long-term interests of the lending institution and may receive favorable Community Reinvestment Act consideration for community development loans, investments, and services in support of disaster recovery. The FDIC also will consider regulatory relief from certain filing and publishing requirements.

09/21/2020

Main Street Lending Program FAQs updated

The Federal Reserve Board has updated its frequently asked questions (FAQs) to clarify the Board and Department of Treasury's expectations regarding lender underwriting for the Main Street Lending Program. The revised FAQs emphasize that lender underwriting should look back to the borrower's pre-pandemic condition and forward to their post-pandemic prospects. The FAQs also clarify supervisory expectations for lenders originating Main Street loans.

The updated FAQs may have to be downloaded to be opened.

09/21/2020

FTC requests comments on Prescreen Opt-Out Notice Rule

The Federal Trade Commission has published [86 FR 59226] a notice of proposed rulemaking and request for public comment concerning its Prescreen Opt-Out Notice Rule. The Commission seeks public comment on the Rule and proposes to amend the Rule to conform to changes made to the Fair Credit Reporting Act by the Dodd-Frank Act, and to reinstate a model prescreen opt-put notice.

Comments are due by December 7, 2020.

09/21/2020

FEMA suspends communities in AK, AZ, IA and WA

FEMA published [85 FR 58294] in Friday's Federal Register a notice that it was suspending, as of September 18, communities in Alaska, Arizona, Iowa and Washington from the National Flood Insurance Program for noncompliance with the floodplain management requirements of the program.

  • Alaska: Fairbanks Northstar Borough and the City and Borough of Juneau
  • Arizona: Goodyear
  • Iowa: Harpers Ferry, Lansing, Postville, Waterville, and unincorporated areas of Allamakee County
  • Washington: Chehalis Reservation, Elma, Montesano, Oakville, and unincorporated areas of Grays Harbor County

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