Top Story Lending Related

The Federal Housing Finance Agency (FHFA) has extended the public input period on its proposed Evaluation Guidance for the Duty to Serve program. The input period is now extended from May 15 to June 7, 2017. The proposed Evaluation Guidance, released January 18, communicates FHFA's expectations regarding the process for developing the Enterprises' Underserved Markets Plans as well as the process by which FHFA will evaluate the Enterprises' achievements under their Plans each year. In addition, FHFA also is requesting public input on Fannie Mae and Freddie Mac's (the Enterprises) proposed Underserved Markets Plans under the Duty to Serve program, which were released yesterday.

• Fannie Mae’s plan
• Freddie Mac’s plan
  

The CFPB has released its plan to assess the effectiveness of the RESPA mortgage servicing rule. A request has been posted on the Bureau Blog page seeking comments on the plan, to suggest sources of data, and generally to provide other information that would help with the assessment. Comments will be due 60 days after the plan is published in the Federal Register.

UPDATE: The Bureau's Request for Information is scheduled for publication on May 11, 2017 at https://www.federalregister.gov/d/2017-09361. The deadline for comments will be Monday, July 10, 2017.

The FFIEC has posted a preview of the field changes for the upcoming 2017 Census File based on the 2015 ACS 5-year estimates.

The FDIC has posted the list of 58 state nonmember banks recently evaluated for compliance with the Community Reinvestment Act (CRA) and the ratings they received. Four received an "outstanding" rating and 54 were rated "satisfactory."

The Federal Reserve has issued a statement announcing the Federal Open Market Committee has decided to maintain the target range for the federal funds rate at 3/4 to 1 percent.

The Federal Emergency Management Agency has published [82 FR 20832] in this morning's Federal Register a rule suspending, effective May 2, 2017, the Town of North Carrollton, Mississippi (Community number 280028), from the National Flood Insurance Program, for noncompliance with the floodplain management requirements of the program.

The OCC has released a list of Community Reinvestment Act (CRA) performance evaluations that became public in April 2017. Of the 18 institutions listed this month, one is rated "outstanding," 16 are rated "satisfactory" and one is rated "needs to improve."

The Federal Reserve has posted the February 2017 G.20 Finance Companies report of owned and managed receivables outstanding and auto loans: terms of credit.

A message on the Department of Defense's Military Lending Act website states that the MLA service will be unavailable from 2–5 p.m. Pacific time on Saturday, April 29, due to scheduled maintenance.

The CFPB has filed a complaint against four online lenders – Golden Valley Lending, Inc., Silver Cloud Financial, Inc., Mountain Summit Financial, Inc., and Majestic Lake Financial, Inc. – for deceiving consumers by collecting debt that the consumers did not legally owe. In the complaint, the CFPB alleges that the four lenders could not legally collect on these debts because the loans were void under state laws governing interest rate caps or the licensing of lenders. The CFPB also alleges that the lenders made deceptive demands and illegally took money from consumer bank accounts for debts that consumers did not legally owe. The CFPB seeks to stop the unlawful practices, recoup relief for harmed consumers, and impose a penalty.

The Bureau's complaint states that the four companies are owned and incorporated by the Habematolel Pomo of Upper Lake Indian Tribe, whose Rancheria is located in California.

• CFPB's Press Release