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

06/30/2017

Bureau guidance on implementation of Servicing Rule changes

The CFPB published in today's Federal Register policy guidance concerning early compliance with its 2016 amendments to the Servicing Rules under Regulations X and Z. Responding to industry concerns about mid-week effective dates (both the October 19, 2017, and April 19, 2018, effective dates of the 2016 amendments fall on Thursday), the Bureau's guidance says the agency won't take action for violations of existing Regulation X or Regulation Z resulting from compliance with the amendments up to three days early. That will allow servicers to update their systems over the weekend prior to the effective dates, rather than mid-week.

06/29/2017

FEMA suspending communities from Flood Program

The Federal Emergency Management Agency has published a final rule in today's Federal Register identifying communities that will be suspended from the National Flood Insurance Program on July 18, 2017, for noncompliance with the floodplain management requirements of the program. Listed communities include:

  • California—portions of Mendocino County
  • Maine—portions of Washington County
  • Pennsylvania—portions of Fayette County
  • South Carolina—Towns of Reevesville and Summerville

06/28/2017

CFPB snapshot report of state-by-state complaints

The Bureau has released a special edition of its monthly complaint report containing a snapshot of consumer complaints received from each state and the District of Columbia. The report provides statistics on complaint volume, the products and services generating the most complaints, company response rates, and a look at complaints from servicemembers and older Americans. The report also gives a national overview and spotlights narratives submitted by consumers regarding their experience with the CFPB’s complaint process.

06/28/2017

Credit repair companies to pay for illegal fees and misleading customers

The CFPB has announced the filing of two complaints and proposed final judgments in federal court against four California-based credit repair companies and three individuals for misleading consumers and charging illegal fees. The Bureau alleges that the companies not only charged illegal advance fees for credit repair services, but also misrepresented their ability to repair consumers’ credit scores. Under a proposed final judgment, Prime Credit, LLC, IMC Capital, LLC, Commercial Credit Consultants, Blake Johnson, and Eric Schlegel would pay a civil money penalty of more than $1.5 million. Under a second proposed final judgment, Park View Law, known formerly as Prime Law Experts, Inc., and its owner Arthur Barens would pay $500,000 in relinquished funds to the U.S. Treasury.

06/26/2017

FTC action halts phantom debt collection operation

The Federal Trade Commission has charged a North Carolina debt collection operation and its owner with taking money from consumers for fake debts they did not owe. According to the complaint filed by the Commission, the defendants, Anthony Swatsworth, ACDI Group LLC, and Solutions to Portfolios LLC, bought phony payday loan debts supposedly made by “500FastCash” – from SQ Capital through a debt broker, and continued to collect on those debts even after learning the debts were fake and receiving a full refund for their purchase.

06/26/2017

Residential sales increase

HUD and the Census Bureau have released their report of new residential sales for May 2017. Sales of new single-family houses in May 2017 were at a seasonally adjusted annual rate of 610,000, according to agency estimates. This is 2.9 percent above the revised April rate of 593,000, and 8.9 percent above the May 2016 estimate of 560,000.The median sales price of new houses sold in May 2017 was $345,800. The average sales price was $406,400. The seasonally-adjusted estimate of new houses for sale at the end of May was 268,000. This represents a supply of 5.3 months at the current sales rate.

06/26/2017

Fed tweaks Regs A and D again

As the Fed gradually steers the discount rate higher, it has to make some adjustments in the rate tables in Regulation A (Extensions of Credit by Federal Reserve Banks) and Regulation D (Reserve Requirements of Depository Institutions). The Fed published final rules in today's Federal Register making those adjustments again:

  • Regulation A—Amendments to § 201.51 (Interest rates applicable to credit extended by a Federal Reserve Bank), effective today, with the rate changes effective June 15, 2017.
  • Regulation D—Amendments to § 204.10(b)(5) (Rates for Interest on Required Reserves and Interest on Excess Reserves), effective today, with rate changes effective June 15, 2017.

BankersOnline's Regulations pages will be updated today.

06/23/2017

FEMA to suspend Montana community from Flood Program

The Federal Emergency Management Agency published a final rule [82 FR 28565] in today's Federal Register announcing the suspension, effective July 5, 2017, of Community 300139 (Unincorporated areas of Carbon County, Montana) from the National Flood Insurance Program for noncompliance with the floodplain management requirements of the program.

06/22/2017

Bureau spotlights public service forgiveness of student loan debt

In connection with its public event on student loan servicing in Raleigh, North Carolina, today, the Consumer Financial Protection Bureau has released a report spotlighting complaints from borrowers about student loan servicers mishandling Public Service Loan Forgiveness. The Public Service Loan Forgiveness program provides people in public service jobs with a path to debt forgiveness after 10 years, with the first borrowers eligible in October 2017. According to the Bureau's press release, Borrowers report that servicers delay or deny access to loan forgiveness through wrong information about their loans, flawed payment processing, and bungled job certifications. The CFPB also issued updated guidelines to prioritize oversight of servicers’ administration of the Public Service Loan Forgiveness program. The Bureau also launched a “Certify Your Service” campaign to help public servants stay on track for federal loan forgiveness.

06/22/2017

2017 list of distressed/underserved areas available

The FRB, FDIC, and OCC have announced the availability of the 2017 list of distressed or underserved nonmetropolitan middle-income geographies, where revitalization or stabilization activities are eligible to receive Community Reinvestment Act (CRA) consideration under the community development definition. The criteria for designating these areas are available on the Federal Financial Institutions Examination Council (FFIEC) CRA page.

Pages

Training View All

Penalties View All

Search Top Stories