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Exception Tracking Spreadsheet (TicklerTrax™)
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Top Story Lending Related

03/05/2024

FDIC issues list of recently released CRA evaluation ratings

The FDIC has released a list of 56 recently released CRA evaluation ratings of state non-member FDIC-insured financial institutions. Three banks (located in Camden, SC; Doylestown, PA; and Sewell, NJ) were assigned "Needs to Improve" ratings. Forty-six received "Satisfactory" ratings. We congratulation seven institutions whose evaluations were rated "Outstanding":

03/04/2024

OCC releases CRA evaluations for 31 banks

The OCC has released a list of Community Reinvestment Act (CRA) performance evaluations that became public in February. Of the 31 evaluations made public this month, one (in Kentland, Indiana) is rated needs to improve, 24 are rated satisfactory, and the following six are rated outstanding:

03/01/2024

Updated plan for implementation of Enterprise credit score requirements

The Federal Housing Finance Agency has announced updates to the implementation of new credit score requirements for single-family loans acquired by Fannie Mae and Freddie Mac (the Enterprises).

The FHFA is aligning the implementation date of the bi-merge credit reporting requirement with the transition from the Classic FICO credit score model. This aligned transition is expected to occur in the fourth quarter of 2025.

To better support market participants with this transition, the Enterprises will accelerate the publication of VantageScore 4.0 historical data, originally expected to be published in the first quarter of 2025, to early in the third quarter of 2024. FHFA and the Enterprises continue to work towards providing similar data to support the transition to the FICO 10T model, contingent upon achieving the necessary conditions for acquisition and publication of this data. FHFA will provide further details on implementation timing for FICO 10T once this process is complete.

03/01/2024

Agencies to host 2024 interagency Community Reinvestment Conference

The FDIC, Federal Reserve Board, and OCC have jointly announced they and the Federal Reserve Banks of San Francisco and Chicago will host the 2024 National Interagency Community Reinvestment Conference in Portland, Oregon, March 4 to 7.

The biennial conference offers participants the opportunity to learn about the Community Reinvestment Act (CRA) and to discuss best practices, innovations, and emerging challenges in community development with experts from around the country. The 2024 program will focus on the agencies’ new CRA rule, and will include regulator-led sessions on the rule and panels on community development policy and activities. There will be pre-conference tours of local community development organizations and projects.

The conference will also include a panel discussion with Federal Reserve Vice Chair for Supervision Michael J. Barr, FDIC Chairman Martin J. Gruenberg, and Acting Comptroller of the Currency Michael J. Hsu. The panel discussion will be livestreamed.

To register for the conference and view the full agenda, visit the National Interagency Community Reinvestment Conference website.

03/01/2024

OCC and FDIC release CRA evaluation schedules

The FDIC and OCC have issued their Community Reinvestment Act examination schedules for the second and third quarters of 2024.

02/28/2024

House prices continue to climb

The Federal Housing Finance Agency reported yesterday that U.S. house prices rose 6.5 percent between the fourth quarter of 2022 and the fourth quarter of 2023, according to the FHFA House Price Index. House prices were up 1.5 percent compared to the third quarter of 2023. FHFA’s seasonally adjusted monthly index for December was up 0.1 percent from November.

02/28/2024

CFPB/FTC amicus brief against illegal mortgage collection fees

The CFPB has posted a blog article, "Unlawful fees in the mortgage market," announcing that the Bureau has joined the Federal Trade Commission in filing an amicus brief with the U.S. Court of Appeals for the Eleventh Circuit (Atlanta, Georgia) in the case of Glover and Booze v. Ocwen Loan Servicing, LLC.

The case involves Ocwen's practice of charging a fee for making a payment online or by telephone, where the fee had not been agreed to in the agreement creating the debt, and a law had not affirmatively authorized the fee. Glover and Booze sued Ocwen after learning that such fees are illegal, and won their cases in a lower court. Ocwen has appealed the lower court's verdict to the Court of Appeals.

The FTC and the CFPB filed the amicus brief to urge the Court of Appeals to find in favor of Glover and Booze.

02/27/2024

FDIC guidance to financial institutions in areas of Washington

The FDIC has issued Financial Institution Letter FIL-8-2024 with guidance to help financial institutions and facilitate recovery in areas of Washington affected by wildfires that caused significant property damage August 18–25, 2023.

02/27/2024

FinCEN renewing info collections without changes

FinCEN has published two notices and requests for comment to extend its authority to require the collection of information.

On Friday, February 23, FinCEN published [89 FR 13802] a notice on the proposed renewal, without change, of an existing information collection requirement for geographic targeting orders (GTOs). This will allow FinCEN to continue renewing its GTOs while its proposal for requiring nationwide Real Estate Reports of non-financed transfers of residential real estate remains under consideration. Comments are due by April 23, 2024.

On Monday, February 26, FinCEN published [89 FR 14148] a notice on the proposed renewal, without change, of its existing information collection requirement in 31 CFR 1010.230 related to beneficial ownership requirements for legal entity customers. The current requirement for banks to obtain certifications of beneficial ownership from entity customers will continue until FinCEN proposes and issues and makes effective a final rule to change the requirements in section 1010.230, which is not expected until at least the end of 2024. Comments on FinCEN's notice are due by April 26, 2024.

02/26/2024

CFPB orders supervision for World Acceptance Corporation

The CFPB has announced it has issued its first supervisory designation order in a contested matter, after determining that installment lender World Acceptance Corporation has met the legal requirements for supervision.

The CFPB’s procedures require the CFPB to issue a notice to an entity not currently subject to a supervisory examination. The entity can either consent to supervision or contest the notice. Typically, the notices have pointed to consumer complaints and other indicators of risk to consumers.

The order is not a finding that World Acceptance Corporation has engaged in wrongdoing.

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