Skip to content

Exception Tracking Spreadsheet (TicklerTrax™)
Downloaded by more than 1,000 bankers. Free Excel spreadsheet to help you track missing and expiring documents for credit and loans, deposits, trusts, and more. Visualize your exception data in interactive charts and graphs. Provided by bank technology vendor, AccuSystems. Download TicklerTrax for free.

Click Now!


Top Story Lending Related

05/25/2016

CFPB spotlights credit reporting complaints

The May issue of the CFPB's Monthly Complaint Report focuses on credit reporting complaints. The Bureau reports that consumers continue to complain about incorrect information on their credit reports as well as difficulty having errors resolved. This month’s report also highlights trends seen in complaints coming from New Mexico.

05/25/2016

April residential sales increase

HUD and the Census Bureau have announced that sales of new single-family houses in April 2016 were at a seasonally adjusted annual rate of 619,000, which is 16.6 percent above the revised March rate of 531,000 and 23.8 percent above the April 2015 estimate. The median sales price of new houses sold in April 2016 was $321,100; the average sales price was $379,800. The seasonally adjusted estimate of new houses for sale at the end of April was 243,000. This represents a supply of 4.7 months at the current sales rate. Historic seasonally adjusted data are available back to January 1999.

05/24/2016

Communities to be suspended from Flood Program

The Federal Emergency Management Agency (FEMA) has published a final rule at 81 FR 32660 in today's Federal Register in which the agency identifies communities where the sale of flood insurance has been authorized under the National Flood Insurance Program (NFIP) that are scheduled for suspension on July 6, 2016, for noncompliance with the floodplain management requirements of the program. The affected communities are located in:

  • Morehouse Parish, Louisiana
  • Dona Ana County, New Mexico
  • Aroostook, Knox and Middlesex Counties, Maine

05/24/2016

CFPB updates its rulemaking plans

The Consumer Financial Protection Bureau has posted an article on its Spring 2016 rulemaking agenda, a semi-annual status report on the agency's plans for adding or amending consumer protection rules assigned to the agency for implementation.

  • Arbitration. The Bureau today published a proposed rule that would restrict the use of mandatory arbitration agreements in contracts for consumer financial products or services. Comments are due August 22, 2016.
  • Payday, auto title, and similar lending products. The CFPB plans to release a Notice of Proposed Rulemaking addressing consumer protections for these small consumer loans "in the next several weeks." Industry observers have suggested that the proposed rule is likely to be announced June 2, at a small dollar lending field hearing in Kansas City, Missouri.
  • Prepaid accounts. The Bureau expects to issue a final rule this summer to create a comprehensive set of consumer protections for prepaid financial products. A proposed rule was issued in November 2014.
  • Mortgage servicing. The Bureau reports that a final rule can be expected this summer to amend a proposal published in December 2014. The proposal addressed enhanced loss mitigation requirements and compliance with certain servicing rules when a successor in interest or bankruptcy may be involved.
  • TRID Rule. Also expected this summer is a proposed rule to "make small clarifications and provide further regulatory guidance" on the TRID Rule.
  • Pre-rule stage. The Bureau reports it is still in the "pre-rule stage" in any potential rulemaking related to overdraft services on consumer checking accounts; debt collection practices; and data gathering and reporting for women-owned, minority-owned and small business lending.

Aside from the status of the proposed Arbitration Rule, none of the dates in the Bureau's regulatory agenda are commitments. This update reflects later target dates for most of the agenda items than seen on the Bureau's Fall 2015 agenda. Nonetheless, this summer promises to be one of active regulatory change.

05/23/2016

CFPB proposed Arbitration Rule published

The CFPB has published in today's Federal Register its previously-announced proposal (see our May 5 Top Story) to establish a new part 1040 in Chapter X in title 12 of the Code of Federal Regulations, which would contain regulations governing two aspects of consumer finance dispute resolution. First, the proposed rule would prohibit covered providers of certain consumer financial products and services from using an agreement with a consumer that provides for arbitration of any future dispute between the parties to bar the consumer from filing or participating in a class action with respect to the covered consumer financial product or service. Second, the proposal would require a covered provider that is involved in an arbitration pursuant to a pre-dispute arbitration agreement to submit specified arbitral records to the Bureau. The Bureau proposes that the rulemaking would apply to certain consumer financial products and services. The Bureau is also proposing to adopt official interpretations to the proposed regulation. Comments on the proposal are due by August 22, 2016.

05/23/2016

NMLS year-end reports

05/20/2016

OCC to host workshops in Milwaukee

The OCC will host risk governance and credit workshops in Milwaukee on June 28-29, for directors of national community banks and federal savings associations. The Risk Governance workshop on June 28 will provide practical information for directors to effectively measure and manage risks. The workshop also focuses on the OCC's approach to risk-based supervision and major risks in the financial industry. The Credit Risk workshop on June 29 focuses on credit risk within the loan portfolio, such as identifying trends and recognizing problems. The workshop also covers the roles of the board and management, how to stay informed of changes in credit risk, and how to effect change.

05/20/2016

HUD acts on discrimination against disabled persons

HUD has announced two actions involving discrimination of applicants with disabilities:

05/20/2016

FFIEC proposes AMC registry fees rule

The Appraisal Subcommittee of the Federal Financial Institutions Examination Council (ASC) is proposing a rule [81 FR 31868, May 20, 2016] pursuant to authority granted in the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) to implement collection and transmission of appraisal management company (AMC) annual registry fees by State appraiser certifying and licensing agencies that elect to register and supervise AMCs. The ASC requests comment on all aspects of the proposal by July 19, 2016. The rule would amend 12 CFR 1102 (Appraiser Regulation).

05/19/2016

OCC announces enforcement actions

The Office of the Comptroller of the Currency has released a list of recent enforcement actions taken against national banks and federal savings associations. The list includes one cease and desist (C&D) order, two orders to pay civil money penalties (CMPs), one formal agreement, and five orders terminating previous enforcement actions. Stearns Bank, N.A., St. Cloud, Minnesota, received a C&D and an order to pay a $1 million CMP for violations of SAR filing requirements. A $56,500 CMP was assessed against TCF National Bank, Sioux Falls, South Dakota, for violations of the National Flood Protection Act.

Pages

Training View All

Penalties View All

Search Top Stories