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Top Story Lending Related

05/18/2016

April residential construction activity mixed

HUD and the Census Bureau have released residential construction statistics for April 2016. Privately owned housing units authorized by building permits in April were at a seasonally adjusted annual rate of 1,116,000; 3.6 percent above the revised March rate, but 5.3 percent below the April 2015 estimate. Single-family authorizations in April were at a rate of 736,000; 1.5 percent (±0.8%) above the revised March figure. Privately owned housing starts in April were at a seasonally adjusted annual rate of 1,172,000; 6.6 percent above the revised March estimate but i1.7 percent below the April 2015 rate. Single-family housing starts in April were at a rate of 778,000; 3.3 percent above the revised March figure. Privately owned housing completions in April were at a seasonally adjusted annual rate of 933,000; 11.0 percent below the revised March estimate and is 7.4 percent below the April 2015 rate. Single-family housing completions in April were at a rate of 691,000; 3.6 percent below the revised March rate.

05/18/2016

HUD proposes broadband access in housing

HUD Secretary Castro has announced a proposed rule, published in today's Federal Register, that would require the installation of broadband infrastructure in most HUD-financed multifamily housing developments during their construction or substantial rehabilitation. Comments on the proposal will be accepted through July 18, 2016.

05/17/2016

Montana bank pays $27K for Flood Act violations

The Federal Reserve Board issued an Order for the payment of a Civil Money Penalty of $27,285 by First Community Bank, Glasgow, Montana, on May 11, 2016. The payment was made to the "National Flood Insurance Program," and forwarded via the Board to the Federal Emergency Management Agent (FEMA). Additional information is available in our May 11, 2016, Flood Penalty entry.

05/17/2016

HARP refinances exceed $3.4M

The Federal Housing Finance Agency (FHFA) has released its first quarter 2016 Refinance Report, which shows that more than 19,000 HARP refinances were completed through March, bringing the total to 3,400,543 refinances since the program began in 2009.

05/17/2016

Agencies propose limits on incentive-based compensation

A joint press release from six federal agencies (FDIC, FHFA, FRB, NCUA, OCC, and SEC) invites public comment on a proposed rule that would prohibit incentive-based compensation arrangements that encourage inappropriate risks at covered financial institutions. The deadline for comments on the proposal, which was submitted for publication in the Federal Register, is July 22, 2016. The proposed rules would apply to covered financial institutions with total assets of $1 billion or more. The requirements are tailored based on assets, and covered institutions would be divided into three categories:

  • Level 1: institutions with assets of $250 billion and above;
  • Level 2: institutions with assets of $50 billion to $250 billion; and
  • Level 3: institutions with assets of $1 billion to $50 billion.

Update: The proposed rule was published in the Federal Register at 81 FR 37669 on June 10, 2016.

05/13/2016

Bureau adds TILA-annotated TRID disclosures

The CFPB has added to its offering of blank model disclosure forms for compliance with the TILA-RESPA Integrated Disclosure (TRID) rule a Loan Estimate and a Closing Disclosure, each annotated with citations to the disclosure provisions in the Truth in Lending Act that are referenced in the TRID final rule. The additions can be found on the implementation webpage for the rule.

05/12/2016

Bureau publishes Fair Lending Report

The CFPB published its fourth Fair Lending Report to Congress [81 FR 29533] in this morning's Federal Register, describing the Bureau's fair lending activities in prioritization, supervision, enforcement, rulemaking, research, interagency coordination, and outreach for calendar year 2015.

05/12/2016

CFPB complaint against check casher/payday lender

A federal court complaint has been filed by the Consumer Financial Protection Bureau against All American Check Cashing, Inc. (All American), which offers check cashing and payday loans, for allegedly tricking and trapping consumers. The complaint alleges All American tried to keep consumers from learning how much they would be charged to cash a check and used deceptive tactics to stop consumers from backing out of transactions. It also alleged that All American made deceptive statements about the benefits of its high-cost payday loans and also failed to provide refunds after consumers made overpayments.

All American is headquartered in Madison, Mississippi, and provides check cashing and payday loans at stores in Mississippi, Alabama and Louisiana. The complaint also names Mid-State Finance, Inc., DBA Thrifty Check Advance, and Michael Gray, sole owner of both companies.

05/11/2016

HUD wins Fair Housing case

The U.S. Court of Appeals for the First Circuit has issued a decision upholding a Final Order of the Secretary of Housing and Urban Development following a trial before an administrative law judge who ruled that a condominium association discriminated against a resident with disabilities by refusing to allow him to keep an emotional support animal. In October 2014, HUD found that the Castillo Condominium Association, located in San Juan, Puerto Rico, violated the rights of a homeowner with disabilities by refusing to allow him to keep an emotional support animal as a reasonable accommodation to the Association's "no pets" policy. HUD ordered the Association to pay $20,000 in damages to the victim, who was forced to sell his condominium and find alternative housing as a result of the Association’s discriminatory conduct. HUD also ordered the Association to pay a $16,000 civil penalty. The Association appealed the order to the First Circuit. On May 2, 2016, the Court of Appeals ruled against the Association, affirming HUD's finding that the Association violated the Fair Housing Act, and ordering the Association to pay the damages and penalty.

05/11/2016

Treasury online marketplace lending white paper

The Treasury Department has issued a white paper, “Opportunities and Challenges in Online Marketplace Lending,” following its review of the industry. The white paper provides an overview of what the Treasury Department heard in response to its Request for Information, and it contains research on and recommendations for the industry. A summary of the white paper is included in Treasury's press release.

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