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OFAC has announced its designation of four Colombian nationals as Specially Designated Narcotics Traffickers (SDNTs) under the Foreign Narcotics Kingpin Designation Act (Kingpin Act) because of their links to previously designated SDNTs Juan Santiago Gallon Henao, Pedro David Gallon Henao, and La Oficina de Envigado (“La Oficina”). Also designated were five Colombian companies, identified by OFAC as being ultimately owned, controlled, or directed by Juan Santiago Gallon Henao through the help of some of the individuals designated today. See our OFAC Update for additional information.

The minutes of the discount rate meetings from March 27 through May 3, 2017, have been released by the Federal Reserve.

The March 2017 G.20 Finance Companies report has been released by the Federal Reserve Board.

The Federal Housing Finance Agency (FHFA) index indicates that nationally, interest rates on conventional purchase-money mortgages decreased from March to April 2017, according to several indices of new mortgage contracts.

• The National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders Index was 3.97 percent for loans closed in late April, down 15 basis points from 4.12 percent in March.
• The average interest rate on all mortgage loans was 3.98 percent, down 14 basis points from 4.12 in March.
• The average interest rate on conventional, 30-year, fixed-rate mortgages of $424,100 or less was 4.04 percent, down 20 basis points from 4.24 in March.
• The effective interest rate on all mortgage loans was 4.10 percent in April, down 15 basis points from 4.25 in March.
• The effective interest rate accounts for the addition of initial fees and charges over the life of the mortgage.
• The average loan amount for all loans was $311,600 in April, down $1,100 from $312,700 in March.

The FDIC has issued a list of orders of administrative enforcement actions taken against banks and individuals in late March and in April and a Final Decision and Order issued in 2016. The administrative orders included one consent order, five removal and prohibition orders, five Section 19 orders, and four civil money penalties.

The 2016 Order involves a Louisiana bank that received an extensive cease and desist order affecting its directors, CEO, CFO, senior lender, BSA officer and entire compliance program, and an order to pay a $500,000 civil money penalty. There was also a $6,000 CMP assessed on an Iowa bank for violations of the Flood Disaster Protection Act.

There were two CMPs totaling $75,000 assessed on institution-affiliated individuals of an Elkhart, Texas, bank and one for $3,444 on a centennial, Colorado, bank. None of those three CMP orders cited reasons for the penalties.

The CFPB announced yesterday a plan to assess the effectiveness of the Ability-to-Repay/Qualified Mortgage rule (ATR/QM rule). The Bureau is asking the public to comment on the plan, to suggest sources of data, and generally to provide information that would help with the assessment. Comments will be due within 60 days following publication of the request in the Federal Register.

UPDATE: Published at 82 FR 25246 on June 1, 2017, with comments due by July 31, 2017.

The Federal Housing Finance Agency (FHFA) has issued a request for Input on issues facing qualified mortgage borrowers with Limited English Proficiency (LEP) throughout the mortgage life cycle, including lending and servicing. Comments are due by July 10, 2017.

The Federal Housing Finance Agency (FHFA) reports that U.S. house prices rose 1.4 percent in the first quarter of 2017 according to the FHFA House Price Index (HPI). House prices rose 6.0 percent from the first quarter of 2016 to the first quarter of 2017. FHFA's seasonally adjusted monthly index for March was up 0.6 percent from February. The HPI is calculated using home sales price information from mortgages sold to, or guaranteed by, Fannie Mae and Freddie Mac. FHFA has also produced a YouTube video of highlights for the quarter.

An Atlanta, Georgia, Bank received a Federal Reserve Bank order to pay $1,501,000 as a civil money penalty for a pattern or practice of violating the National Flood Insurance Act and § 208.25 of Federal Reserve Board Regulation H. No further information on the bank's violation was given. See our Penalty page for further information.

The statement and minutes of the May 2-3, 2017, meeting of the Federal Open Market Committee have been released.