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Exception Tracking Spreadsheet (TicklerTrax™)
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Top Story Lending Related

07/29/2014

Lloyds to pay LIBOR-rigging penalty

The Department of Justice has announced that Lloyds Banking Group plc has entered into an agreement with the Department of Justice to pay an $86 million penalty for manipulation of submissions for the London InterBank Offered Rate (LIBOR), a leading global benchmark interest rate. Lloyds has also agreed to admit and accept responsibility for its misconduct, and to continue cooperating with the Department in its investigation.

07/29/2014

New 2014 HMDA data entry software release

The FFIEC has announced that 2014 HMDA and CRA Data Entry Software Release 2 versions are available for calendar year 2014 data due March 3, 2015. NOTE: each software version is year-specific.

07/28/2014

Miami bank to pay for loan ads

One of the CMP orders announced by the FDIC (see above) was for $70,000, assessed against International Finance Bank, Miami, Florida, which was found to have violated section 1026.24(a) of Regulation Z and to have engaged in deceptive and unfair acts and practices in violation of section 5 of the FTC Act, by understating available interest rates on the bank's deposit-secured loans in advertising materials, website ads and brochures.

07/25/2014

NMLS system maintenance scheduled this weekend

The NMLS has announced that enhancements will be made to its system, and consumer access will be unavailable from 9 p.m. ET, Friday, July 25th until Saturday afternoon, July 26th and from 8 to 10 p.m. ET Saturday evening.

07/24/2014

Agencies take action to halt mortgage schemes

The Federal Trade Commission, the Consumer Financial Protection Bureau and various state agencies have announced actions taken against six mortgage relief operations, charging that defendants preyed on distressed homeowners by misrepresenting that they typically could lower homeowners' mortgage payments and interest rates or prevent foreclosure, and illegally charging advance fees. The actions were part of Operation Mis-Modification, a joint federal and state enforcement sweep conducted with the CFPB. The defendants were charged with violating the Federal Trade Commission Act and the Mortgage Assistance Relief Services (MARS) Rule (CFPB Regulation O, 12 CFR Part 1015), which bans mortgage foreclosure rescue and loan modification services from collecting fees until homeowners have a written offer from their lender or servicer that they deem acceptable. The CFPB also issued a Consumer Advisory about foreclosure relief scams or bogus legal help.v

07/23/2014

Flood violation CMP

The Federal Reserve Board has announced it has imposed a $15,785 civil money penalty (CMP) against State Bank, New Hampton, Iowa for violations of Regulation H provisions that implement the National Flood Insurance Act. Information on the order has been posted on the BOL Flood Penalties Watch page.

07/18/2014

Bureau documents published

The Consumer Financial Protection Bureau has published two recently announced documents in the Federal Register.

  • An interpretive rule [79 FR 41631] clarifying that substitution or addition of certain successors-in-interest as obligors on dwelling-secured consumer credit obligations are not subject the the Bureau's Ability-to-Repay Rule (§ 1026.43 of Regulation Z)
  • Policy Guidance on Supervisory and Enforcement Considerations Relevant to Mortgage Brokers Transitioning to Mini-Correspondent Lenders [79 FR 41671]

07/17/2014

CFPB proposes to make complaints public

In prepared remarks at the CFPB Consumer Response Field Hearing in El Paso, Director Cordray announced a new proposal to allow consumers to select an option to share the narrative portion of their complaints in the agency's Consumer Complaint Database. A notice of proposed policy statement and request for public comment has been issued. Companies would be able to publish their own replies to the consumer narratives. Complaints are not entered into the public database until after the company responds or has had the complaint for 15 calendar days without responding. If a consumer has opted to have the complaint narrative published, both the narrative and any response that the company decides to submit would be listed simultaneously, and would be scrubbed to remove personal identifying information (company names would not be redacted). Comments will be due within 30 days after publication of the proposal in the Federal Register.

07/17/2014

Management of Ag credits

The FDIC has issued FIL-39-2014 concerning the prudent management of agricultural credits through economic cycles.
Highlights include:

    • Agricultural lenders are reminded to maintain prudent risk management practices that focus on a borrower's cash flow and repayment capacity across a range of future conditions.
    • Management should consider, but not rely unduly on, secondary repayment sources and collateral positions.
    • Lenders should carefully consider and closely monitor cyclical factors, such as land values, before and after making credit decisions.
    • Management should be cognizant of speculation in agricultural land or commodities.
    • Management should identify and effectively manage credit concentrations.
    • Lenders should work constructively with borrowers experiencing financial difficulties.

    This FIL rescinds and replaces FIL-85-2010, Prudent Management of Agricultural Credit through Farming and Economic Cycles, dated December 14, 2010.

07/16/2014

Florida business pleads guilty in $44M bank fraud

U.S. Immigration and Customs Enforcement (ICE) has announced that Pedro "Pete" Benevides, of Astatula, Florida, has pled guilty to conspiracy to commit bank fraud and faces a maximum penalty of 30 years in federal prison. According to the plea agreement, from about 2005 through September 2008, he obtained 20 commercial and residential loans and lines of credit from several federally insured financial institutions, totaling approximately $44,049,565. Benevides, in addition to paying full restitution to the financial institutions that were the victims of his offense, also agreed to forfeit $44,059,565, including several bank accounts holding approximately $40 million in cash, and three exotic sports cars.

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