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Top Story Lending Related

02/10/2017

OFAC CMP caps adjusted for inflation

The Treasury Department has published, in today's Federal Ledger, a final rule to adjust OFAC-enforced civil monetary penalties (“CMPs”) for inflation as mandated by the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015 (collectively referred to herein as “the Act”). This rule adjusts CMPs within the jurisdiction of OFAC to the maximum amount required by the Act. The rule is effective upon publication, and can be applied retroactively to violations since January 15, 2017.

As of January 15, the applicable statutory maximum civil penalty per violation for each statute enforced by OFAC is as follows:

  • International Emergency Economic Powers Act (IEEPA) — greater of $289,238 or twice the amount of the underlying transaction;
  • Trading with the Enemy Act (TWEA) — $85,236;
  • Foreign Narcotics Kingpin Designation Act (FNKDA) — $1,437,153;
  • Antiterrorism and Effective Death Penalty Act of 1996 (AEDPA) — greater of $76,351 or twice the amount of which a financial institution was required to retain possession or control; and
  • Clean Diamond Trade Act (CDTA) — $13,066.

02/09/2017

Fed releases G.19 consumer credit data

The Federal Reserve System has released December 2016 G.19 Consumer Credit data. Consumer credit increased at a seasonally adjusted annual rate of 6 percent during the fourth quarter. Revolving credit increased at an annual rate of 6-3/4 percent, while nonrevolving credit increased at an annual rate of 5-3/4 percent. In December, consumer credit increased at an annual rate of 4-1/2 percent.

02/09/2017

CFPB complaints report focuses on mortgage loans

The CFPB has posted its January 2017 monthly complaint report. Each edition includes spotlight reports on a product or service and on a geographic area. The January report focuses on mortgage complaints and on complaints from Tennessee.

02/09/2017

FHFA extends comment period on potential chattel loan pilot

The Federal Housing Finance Agency (FHFA) has extended the deadline, from February 17 to March 21, 2017, for stakeholders to respond to a request for input on potential manufactured home chattel loans pilot initiatives for Fannie Mae and Freddie Mac as part of the Duty to Serve underserved markets. FHFA now requests input through its dedicated webpage on potential manufactured home chattel loans pilot initiatives.

02/08/2017

Landlords charged with discrimination against disabled vets

HUD has announced that it is charging the landlords of a Moore, Oklahoma, rental home with violating the Fair Housing Act by denying the reasonable accommodation requests of their tenant, a veteran with disabilities, for waiver of pet fees for his dog, an emotional support animal. The Fair Housing Act prohibits housing providers from denying or limiting housing to persons with disabilities, or from refusing to make reasonable accommodations in policies or practices for people with disabilities. This includes waiving pet fees for persons with disabilities who use assistance animals.

02/08/2017

Scammers of 9/11 first responders sued by CFPB and NY

The CFPB and the New York Attorney General have announced they have filed a complaint in the U.S. District Court for the Southern District of New York against RD Legal Funding, LLC, two related entities, and Roni Dersovitz, the companies’ founder and owner, for allegedly scamming 9/11 heroes out of money intended to cover medical costs, lost income, and other critical needs. RD Legal also allegedly conned National Football League (NFL) concussion victims. The complaint also asserts that the transactions are loans at usurious rates under New York law, and therefore void. CFPB Director Cordray also delivered prepared remarks in a press call regarding the complaint.

02/07/2017

Bank lending practices SLOOS released

The Federal Reserve has released the results of the January 2017 Senior Loan Officer Opinion Survey (SLOOS). The survey included up to eighty large domestic banks and twenty-four U.S. branches and agencies of foreign banks. The survey revealed that bankers have been tightening credit for commercial real estate loans and consumer loans in the last three months while slightly easing up on their credit standards for home mortgages.

02/06/2017

FDIC CRA ratings released

The FDIC has released a list of 49 state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA) and the ratings they received. Five were rated Outstanding, 43 received a Satisfactory rating, and one was rated Needs to Improve.

02/06/2017

OFAC sanctions supporters of Iran missile program and Revolutionary Guard

OFAC has announced the imposition of sanctions against multiple entities and individuals involved in procuring technology and/or materials to support Iran’s ballistic missile program, as well as for acting for or on behalf of, or providing support to, Iran’s Islamic Revolutionary Guard Corps-Qods Force. For additional information see our OFAC update.

02/06/2017

Dodd-Frank Act to be reevaluated

In an Executive Order issued on Friday, President Trump has declared seven "Core Principles" for regulation of the U.S. financial system: promoting independent consumer choices, preventing bailouts, fostering economic growth, promoting international competitiveness, advancing U.S. interests in international negotiations, tailoring regulations and ensuring regulatory accountability. The Order directs the Secretary of the Treasury to meet with the heads of the other members agencies of the Financial Stability Oversight Council to review how "existing laws, treaties, regulations, guidance, reporting and recordkeeping requirements, and other Government policies promote the Core Principles and what actions have been taken, and are currently being taken, to promote and support the Core Principles." An initial report to the president is due within 120 days.

Although the Dodd-Frank Act is not mentioned in the Order, it is generally seen as the most obvious target of the review. There is no clear vision of the outcome of the review, although several provisions of the Act, including the structure and funding of the CFPB, the Durbin Amendment (interchange fee limits on debit card transactions), and the Volcker Rule (restrictions on proprietary trading by banks) are seen as likely focuses of the ordered study.

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