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Exception Tracking Spreadsheet (TicklerTrax™)
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Top Story Lending Related

05/17/2021

CFPB adds TRID FAQs

The CFPB has added five new FAQs relating to housing assistance loans to its TRID FAQs page. The new FAQs explain how the Building Up Independent Lives and Dreams ("BUILD") Act affects the TRID rule requirements for certain housing assistance loans.

05/17/2021

Tennessee storm relief guidance

The FDIC has announced steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of Tennessee (Davidson, Williamson, and Wilson Counties) affected by severe storms, tornadoes, and flooding.

05/17/2021

Industrial production increases slightly

The Federal Reserve has released G.17 Industrial Production and Capacity Utilization data, which indicate total industrial production increased 0.7 percent in April. The indexes for mining and utilities increased 0.7 percent and 2.6 percent, respectively; the index for manufacturing rose 0.4 percent despite a drop in motor vehicle assemblies that principally resulted from shortages of semiconductors. An important contributor to the gain in factory output was the return to operation of plants that were damaged by February's severe weather in the south central region of the country and had remained offline in March. The weather-induced drop in total industrial production in February and the subsequent rebound in March are now estimated to have been larger than reported last month.

05/17/2021

Fed extends Reg O PPP rule again

The Federal Reserve Board has announced the third extension of a rule amending Regulation O to bolster the effectiveness of the Small Business Administration's (SBA) Paycheck Protection Program (PPP). Like the earlier extensions, this one will temporarily modify the Board's rules so that certain bank directors and shareholders can apply to their banks for PPP loans for their small businesses.

The rule extension, which is effective immediately, applies to PPP loans made from March 31 through June 30, 2021. The rule change will continue to apply if the PPP is extended, with the change ultimately sunsetting on March 31, 2022. Comments will be accepted for 45 days after publication in the Federal Register.

05/13/2021

NCUA small-dollar loan program webinar

Credit unions are invited to learn more about the Department of the Treasury’s Community Development Financial Institutions Fund’s Small-Dollar Loan Program during a webinar scheduled for Thursday, May 27, beginning at 2 p.m. Eastern. Staff from the NCUA and the CDFI Fund will describe the program and discuss eligibility and permissible uses of these funds. A question-and-answer session will follow the presentation. Online registration for the 60-minute webinar, co-hosted by the National Credit Union Administration and the CDFI Fund, is open now. Participants will be able to log into the webinar and view it on their computers or mobile devices using the registration link.

05/12/2021

FDIC's 2021 risk review of banking system

The FDIC has published its 2021 Risk Review, a comprehensive summary of emerging risks in the U.S. banking system. The FDIC began reporting key banking sector risks in its Risk Review publication in 2019, and this year’s report expands coverage of key risks during a time of heightened uncertainty.

05/11/2021

Umpqua pays UDAP CMP for collection practices

Umpqua Bank, Roseburg, Oregon, has agreed to the FDIC's issuance of an order that the bank pay a civil money penalty of $1,800,000 following the FDIC's determination that "the Bank has engaged in violations of Section 5 of the Federal Trade Commission Act (“Section 5”), 15 U.S.C. § 45(a)(1), in the commercial finance and leasing products issued by its wholly owned subsidiary, Financial Pacific Leasing, Inc. (FinPac), by engaging in deceptive and/or unfair practices related to certain collection fees and collection practices involving excessive or sequential calling, disclosure of debt information to nonborrowers, and failure to abide by requests to cease and desist continued collection calls."

The FDIC said that FinPac's collection fee practices were unfair and deceptive, because FinPac charged various undisclosed collection fees to borrowers whose accounts were past due, such as collection call and letter fees and third-party collection fees. The FDIC also said that FinPac engaged in excessive and sequential collection calls to customers, even when customers requested that FinPac stop these calls. FinPac also disclosed information about the customers’ debts to third parties. FinPac also advised borrowers FinPac would report delinquencies on commercial debt to the consumer reporting agencies, when its policy and practice was not to make such reports.

The FDIC's Order indicates that Umpqua Bank neither admitted nor denied any violation of law or regulations.

05/10/2021

Consumer credit increases

The Federal Reserve has released the March 2021 G.19 Consumer Credit Report, which shows that credit increased at a seasonally adjusted annual rate of 5.1 percent during the first quarter. Revolving credit increased at an annual rate of 2.4 percent, while nonrevolving credit increased at an annual rate of 5.9 percent. In March, consumer credit increased at an annual rate of 7.4 percent.

05/10/2021

$21.6 billion more for rental assistance

Treasury, the White House American Rescue Plan Implementation Team, and the U.S. Department of Housing and Urban Development, have announced the allocation of an additional $21.6 billion under the American Rescue Plan for emergency rental assistance, which will help prevent evictions and ensure basic housing security for millions of Americans impacted by the affordable housing challenges exacerbated by COVID-19. A Fact Sheet was released with the announcement.

05/10/2021

FEMA schedules community suspensions from flood program

FEMA has published [86 FR 24739] in the May 10, 2021, Federal Register a notice identifying communities in Colorado, Iowa, Oklahoma, and Pennsylvania, that are scheduled for suspension from the National Flood Insurance Program on May 18, because of noncompliance with the floodplain management requirements of the program, unless the community meets the required floodplain management measures prior to that date.

  • Colorado: Fort Morgan, Morgan County (unincorporated areas), and Otis
  • Iowa: Clermont, Elgin, Fayette, Fayette County (unincorporated areas), Maynard, Oelwein, Waucoma, and West Union
  • Oklahoma: Hammon (town) and Roger Mills County (unincorporated areas)
  • Pennsylvania: Barry, Eldred, Foster, Frackville, Grandville, Mahanoy, Middleport, Minersville, New Castle, North Union, Norwegian, Pottsville, Reilly, Schuykill, Shenandoah, Tower City, Tremont (Borough), Tremont (Township), Union, and Wayne

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