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12/02/2019

FDIC CRA exams for first half of 2020

The FDIC has announced it has posted the lists of institutions scheduled for a Community Reinvestment Act examination during the first and second quarters of 2020. The schedules of institutions to be examined are based on the best information now available and are subject to change.

12/02/2019

FDIC releases enforcement actions

The FDIC has released a list of recent enforcement actions taken in the month of October. Among those actions were:

  • A notice of charges and hearing and assessment of a $225,000 BSA/AML civil money penalty issued to a San Francisco bank.
  • A decision and order of prohibition issued to Donald V. Watkins, Sr., former chairman of the board of Alamerica Bank, Birmingham, Alabama, for violations of Regulation O involving his receipt of proceeds from four loans made by his bank to nominee borrowers in excess of amounts allowed under the regulation and without disclosing his personal interest in the loans to the bank.

11/27/2019

FHFA announces conforming loan limits for 2020

The FHFA has announced the maximum conforming loan limits for mortgages to be acquired by Fannie Mae and Freddie Mac in 2020. In most of the U.S., the 2020 maximum conforming loan limit for one-unit properties will be $510,400, an increase from $484,350 in 2019. The FHFA also posted a list of the 2020 maximum loan limits for all counties and county-equivalent areas in the country.

11/27/2019

US house prices continue to rise

The Federal Housing Finance Agency has released its Housing Price Index for the third quarter 2019, which reports U.S. house prices rose in the third quarter of 2019, up 1.1 percent. House prices rose 4.9 percent from the third quarter of 2018 to the third quarter of 2019. FHFA's seasonally adjusted monthly index for September was up 0.6 percent from August.

Other significant findings:

  • House prices have risen for 33 consecutive quarters across the United States.
  • House prices rose in all 50 states and the District of Columbia between the third quarters of 2018 and 2019. The top five states in annual appreciation were: 1) Idaho 11.6 percent; 2) Maine 7.9 percent; 3) Arizona 7.9 percent; 4) Utah 7.8 percent; and 5) Indiana 7.4 percent. The states showing the smallest annual appreciation were: 1) Illinois 1.9 percent; 2) Connecticut 2.2 percent; 3) Maryland 2.4 percent; 4) South Dakota 2.7 percent; and 5) Iowa 3.2 percent.
  • House prices rose in all 100 of the largest metropolitan areas in the U.S. over the last four quarters. Annual price increases were greatest in Boise City, ID, where prices increased by 11.1 percent. Prices were weakest in Camden, NJ (MSAD), where they increased 0.7 percent.
  • ​Of the nine census divisions, the Mountain division experienced the strongest four-quarter appreciation, posting a 6.9 percent gain between the third quarters of 2018 and 2019 and a 1.8 percent increase in the third quarter of 2019. Annual house price appreciation was weakest in the Middle Atlantic division, where prices rose by 4.0 percent between the third quarters of 2018 and 2019.

FHFA provided Fact Sheets that include graphics on the Top 20 and Bottom 20 and Bottom 20 ranked Metropolitan Statistical Areas in the U.S.

11/27/2019

HUD affordable housing request for info

HUD has announced it has published a Request for Information seeking public comment on federal, state, local, and tribal laws, regulations, land use requirements, and administrative practices that artificially raise the costs of affordable housing development and contribute to shortages in America’s housing supply. This RFI is a request for members of the public to share their knowledge and provide recommendations to HUD regarding regulations and practices that unnecessarily impede housing supply and information on innovative practices that promote increased housing supply. Comments are due by January 21, 2020.

11/26/2019

Military travel lender and servicer settle with CFPB

The CFPB has announced settlements with Edmiston Marketing, LLC, also called Easy Military Travel, its principal, Brandon Edmiston, and USA Service Finance, LLC (USASF). Easy Military Travel, which was located in Murray, Kentucky and is no longer operating, offered and extended financing for airline tickets to military servicemembers and their families and was owned and managed by Edmiston. USASF, which is located in Mayfield, Kentucky, is a company that services travel-related loans, including loans made by Easy Military Travel, for servicemembers.

The Bureau found that Easy Military Travel and Edmiston misrepresented the true cost of credit in violation of the Consumer Financial Protection Act of 2010. The consent order issued against Easy Military Travel and Edmiston requires restitution to servicemembers and their families who paid the hidden finance charges by imposing a suspended judgment for restitution in the amount of $3,468,224 and a $1 civil money penalty.

The Bureau found that USASF, which serviced travel loans made by Easy Military Travel, engaged in deceptive practices in violation of the CFPA by overcharging servicemembers and their families for a debt-cancellation product for loans financing airline tickets made by Easy Military Travel and purchased and serviced by USASF. The Bureau also found that USASF violated Regulation V, which implements the Fair Credit Reporting Act, because it never established, reviewed, or updated any written policies or procedures regarding the accuracy and integrity of the consumer information it furnished to consumer reporting agencies.

The consent order against USASF requires it to provide redress to borrowers who were overcharged for the debt-cancellation product, including paying $54,625 in restitution to borrowers with no outstanding balance on their loans and issuing additional restitution in the form of account credits to borrowers with outstanding balances. The consent order also requires USASF to pay a civil money penalty of $25,000 to the Bureau. The consent order prohibits USASF from collecting on or selling the travel loans purchased from Easy Military Travel. The consent order also requires USASF to establish and update reasonable written policies and procedures for the accuracy and integrity of consumer information it furnishes to consumer reporting agencies.

11/26/2019

Fed report on rural bank branch access

The Federal Reserve Board has released a report, "Perspectives from Main Street: Bank Branch Access in Rural Communities," that examines how rural consumers and small businesses use bank branches and how their communities have been affected by branch closures.

11/25/2019

CFPB report on student IDR plans

The Bureau has released a new Data Point document describing how borrowers fare on IDR (income-driven repayment) plans. This Data Point provides new background on which types of student loan borrowers use IDR, how their delinquencies on student loans and other credit products evolve as they transition onto IDR and thereafter, and borrower experiences with the enrollment recertification process. This research uses the Bureau’s Consumer Credit Panel (CCP), which is a panel of a nationally representative 1-in-48 sample of de-identified credit records, to identify and analyze likely IDR borrowers and to provide broader and more comprehensive statistics on IDR borrowers over the past decade.

11/25/2019

FDIC TRID Rule teleconference scheduled

The FDIC has issued FIL-73-2019 announcing the agency will host a teleconference on December 11, 2019, for FDIC-supervised institutions to provide information and answer questions relating to the TRID Rule, including a review of common issues and tips to help banks address and avoid mistakes. The program, "Understanding the Requirements of the Truth in Lending Act (Regulation Z) and Real Estate Settlement Procedures Act (Regulation X) Integrated Disclosure Rule (TRID Rule)," is scheduled to run from 2:00 p.m. to 3:30 p.m. ET.

  • Registration is required.
  • Following a formal presentation, FDIC staff will respond to questions during a Question-and-Answer segment. Institutions should submit questions by December 4 by sending an email to BankerTeleconference@FDIC.gov.

11/25/2019

NMLS updates Policy Guidebook

The NMLS has posted an updated version of its NMLS Policy Guidebook, including a new section on Temporary Authority to Operate. The NMLS also posted a summary of the updates to the guidebook.

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