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Top Story Lending Related

05/18/2017

Iran missile program draws more OFAC designations

Yesterday, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) designated seven targets in connection with Iran's ballistic missile program. OFAC designated two senior Iranian defense officials, including a defense official who facilitated the sale of explosives and provided other support to Syria and the director of the organization responsible for Iran's solid-fueled ballistic missile program. In addition, OFAC designated a China-based network that is supporting Iran's military by supplying millions of dollars' worth of missile-applicable items and an Iran-based entity that is assisting Iran's ballistic missile program. Yesterday's actions were taken pursuant to Executive Order (E.O.) 13382, which targets proliferators of weapons of mass destruction and their means of delivery and supporters of such activity. These sanctions underscore the United States' concern with Iran's continued development and testing of ballistic missiles. For identifying information, see our OFAC Update.

05/17/2017

CFPB discusses student loan issues

A Bureau press release has announced a CFPB report that reveals that nine in ten highest-risk student loan borrowers were not enrolled in affordable repayment plans. A CFPB Blog article also disclosed that new data illustrates a disturbing cycle of defaults for struggling student loan borrowers.

05/17/2017

Atlanta OCC workshop scheduled

The OCC will host a Building Blocks for Directors workshop at the Sheraton Atlanta Hotel, June 26–28, for directors, senior management team members and other key executives of institutions supervised by the OCC. The workshop combines lectures, discussion, and exercises to provide practical information on the roles and responsibilities of board participation. The session focuses on duties and core responsibilities of directors and management, discusses major laws and regulations, and increases familiarity with the examination process.

05/17/2017

Industrial production continues advance

The Federal Reserve has released the April 2017 G.17 Industrial Production and Capacity Utilization report. Industrial production advanced 1.0 percent in April for its third consecutive monthly increase and its largest gain since February 2014. Manufacturing output rose 1.0 percent as a result of widespread increases among its major industries. The indexes for mining and utilities posted gains of 1.2 percent and 0.7 percent, respectively. At 105.1 percent of its 2012 average, total industrial production in April was 2.2 percent above its year-earlier level. Capacity utilization for the industrial sector increased 0.6 percentage point in April to 76.7 percent, a rate that is 3.2 percentage points below its long-run (1972–2016) average.

05/17/2017

Refinance volume falls

The Federal Housing Finance Agency (FHFA) has reported that just over 510,000 refinances were completed in the first quarter of 2017, compared to 750,767 in the fourth quarter of 2016. FHFA's first quarter Refinance Report also shows that 3 percent or 13,425 of the mortgages refinanced from January through March were through the Home Affordable Refinance Program (HARP). The Report indicated:

  • Total refinance volume fell in March as mortgage rates remained above the levels observed in 2016
  • Borrowers who refinanced through HARP had a lower delinquency rate compared to borrowers eligible for HARP who did not refinance through the program
  • Ten states accounted for over 60 percent of the nation's HARP-eligible loans with a refinance incentive as of December 31, 2016

05/17/2017

Residential construction mixed

HUD and the Census Bureau jointly announced new residential construction statistics for April 2017:

  • Building permits: Privately owned housing units authorized by building permits in April were at a seasonally adjusted annual rate of 1,229,000, 2.5 percent below the revised March rate of 1,260,000, but 5.7 percent above the April 2016 rate of 1,163,000. Single-family authorizations in April were at a rate of 789,000, 4.5 percent below the revised March figure of 826,000. Authorizations of units in buildings with five units or more were at a rate of 403,000 in April.
  • Housing starts: Privately owned housing starts in April were at a seasonally adjusted annual rate of 1,172,000, 2.6 percent below the revised March estimate of 1,203,000 and 0.7 percent above the April 2016 rate of 1,164,000. Single-family housing starts in April were at a rate of 835,000, 0.4 percent above the revised March figure of 832,000. The April rate for units in buildings with five units or more was 328,000.
  • Housing completions: Privately owned housing completions in April were at a seasonally adjusted annual rate of 1,106,000, 8.6 percent below the revised March estimate of 1,210,000 and 15.1 percent above the April 2016 rate of 961,000. Single-family housing completions in April were at a rate of 784,000, 4.5 percent below the revised March rate of 821,000. The April rate for units in buildings with five units or more was 299,000.

05/16/2017

FTC alert on scam targeting veterans

Debit and credit card issuers should be aware that customers who are veterans may contact them about being scammed by crooks using a phony telephone line to pose as representatives of the Department of Veterans Affairs' Veterans Choice Program (VCP). The VCP is a VA initiative the allows certain eligible veterans to use approved health care providers outside the VA system. The legitimate program uses a toll-free number starting with 866. According to a Federal Trade Commission alert, the scammers set up a phone line with the same number, starting with 800. When a veteran dials the bogus line, a message reports the veteran is entitled to a rebate if he or she provides a card number. An unauthorized charge is posted to the veteran's card account, and the veteran has to cancel the card.

05/15/2017

Bureau publishes request for small business market info

The CFPB has published [82 FR 22318] in today's Federal Register its request for information on the small business lending market, with a 60-day comment period expiring July 14, 2017. See our earlier Top Story for details.

05/15/2017

HUD requests input for regulatory task force

The Department of Housing and Urban Development has published [82 FR 22344] in this morning's Federal Register an invitation for public comment to assist in identifying existing regulations that may be outdated, ineffective, or excessively burdensome, in accordance with Executive Orders 13771, "Reducing Regulation and Controlling Regulatory Costs," and 13777, "Enforcing the Regulatory Reform Agenda." Comments will be received through June 14, 2017.

05/12/2017

OCC workshops in Nashville

The OCC will host two workshops at the Inn at Opryland in Nashville, Tennessee, June 20-21, for directors of institutions supervised by the OCC.

  • The Credit Risk workshop on June 20 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 June 21 focuses on the key components of operational risk—people, processes and systems. The workshop also covers governance, third-party risk, vendor management, and cybersecurity.
  • Each workshop is limited to 35 participants.

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