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Exception Tracking Spreadsheet (TicklerTrax™)
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Top Story Lending Related

08/24/2016

Board issues CMP and cease and desist order

The Federal Reserve Board has announced the execution of a cease and desist order and the issuance of a $37,500 civil money penalty (CMP) against a former institution-affiliated party of Central State Bank (now known as CBI Bank & Trust), Muscatine, Iowa.

08/24/2016

July residential sales up 12.4 percent

HUD and the Census bureau have jointly announced that the sales of new single-family houses in July 2016 were at a seasonally adjusted annual rate of 654,000, 12.4 percent above the revised June rate and 31.3 percent above the July 2015 estimate. The median sales price of new houses sold in July 2016 was $294,600; the average sales price was $355,800. The seasonally adjusted estimate of new houses for sale at the end of July was 233,000. This represents a supply of 4.3 months at the current sales rate.

08/23/2016

Additional housing assistance for vets announced

HUD and the VA have announced a second round of funding to help provide permanent homes to an estimated 108 veterans experiencing homelessness in seven states. The rental assistance announced today is provided through the HUD-Veterans Affairs Supportive Housing Program (HUD-VASH), which combines rental assistance from HUD with case management and clinical services provided by VA.

08/23/2016

Wells Fargo fined for student loan servicing practices

The Consumer Financial Protection Bureau (CFPB) has taken action against Wells Fargo Bank, N.A., for illegal private student loan servicing practices that increased costs and unfairly penalized certain student loan borrowers. The Bureau identified breakdowns throughout Wells Fargo’s servicing process including failing to provide important payment information to consumers, charging consumers illegal fees, and failing to update inaccurate credit report information. The CFPB's order requires Wells Fargo to improve its consumer billing and student loan payment processing practices. The company must also provide $410,000 in relief to borrowers and pay a $3.6 million civil penalty to the CFPB. See "Wells pays $4 million for student loan servicing violations," in our Penalties pages, for more on this story.

08/22/2016

FRB monetary policy economic goals discussed

A Current FAQ addition has been posted by the Federal Reserve Board addressing the question “What economic goals does the Federal Reserve seek to achieve through its monetary policy?”

08/22/2016

NMLS software update release target date

The NMLS has announced the target date for Release 2016.3 is September 12, 2016. The release contains several enhancements and system maintenance updates. Release notes on the changes were also issued.

08/22/2016

NMLS Ombudsman meeting summary

A summary of the August 2, 2016, meeting with the NMLS Ombudsman held in Tampa, Florida, has been posted.

08/22/2016

GA landlords charged with discriminating against children

HUD has announced the filing of a charge of discrimination against a Georgia couple for refusing to rent an apartment they owned to a single mother and her son. HUD’s investigation alleges the landlords denied one woman’s application because she had a 14-year-old son and that they had a “NO CHILDREN” stipulation in multiple lease agreements with other tenants. “It’s quite simply against the law to deny a person housing simply because they have children living with them,” said Gustavo Velasquez, HUD Assistant Secretary for Fair Housing and Equal Opportunity. “HUD will continue to take enforcement action whenever the rights of families are violated.”

08/22/2016

OCC announces enforcement actions

The Office of the Comptroller of the Currency has released a list of enforcement actions recently taken against national banks, federal savings associations, and individuals currently and formerly affiliated with national banks and federal savings associations.

  • A former loan officer at Fidelity Bank of Florida, NA, Merritt Island, FL, consented to the issuance of an order for removal and prohibition and for assessment of a $7,500 civil money penalty for unspecified infractions.
  • Business Bank of Texas, NA, Austin, TX, was issued an order to cease and desist in connection with unspecified BSA/AML compliance program and loan portfolio management deficiencies.
  • The former Chief Executive Officer of Golden Pacific Bank, NA, Sacramento, CA, was notified of a hearing on whether an order should be issued for prohibition, for restitution of $29,973 and for assessment of a $25,000 civil money penalty in connection with alleged use of his bank's credit card for personal use, which, among other things, caused the bank to violate Regulation O.

08/19/2016

OCC proposes rule on qualified financial contracts

The Office of the Comptroller of the Currency is proposing to add a new part to its rules to enhance the resilience and the safety and soundness of federally chartered and licensed financial institutions by addressing concerns relating to the exercise of default rights of certain financial contracts that could interfere with the orderly resolution of certain systemically important financial firms. Under this proposed rule, a covered bank would be required to ensure that a covered qualified financial contract (1) contains a contractual stay-and-transfer provision analogous to the statutory stay-and-transfer provision imposed under Title II of the Dodd-Frank Act and in the Federal Deposit Insurance Act, and (2) limits the exercise of default rights based on the insolvency of an affiliate of the covered bank. In addition, this proposed rule would make conforming amendments to the OCC's Capital Adequacy Standards and the Liquidity Risk Measurement Standards in its regulations. The requirements of this proposed rule are substantively identical to those contained in a notice of proposed rulemaking issued by the Board of Governors of the Federal Reserve System on May 3, 2016.

The proposal has been published at 81 FR 55381 in today's Federal Register. Comments on the proposal are due by October 18, 2016.

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