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Top Story Lending Related

01/25/2017

Regulators hit ServiceLink Holdings with $65M CMP

The federal banking agencies (FRB,FDIC, and OCC) have levied a $65M civil money penalty on ServiceLink Holdings, LLC (ServiceLink Holdings), for improper actions by its predecessor company, Lender Processing Services, Inc. (LPS) that resulted in significant deficiencies in the foreclosure-related services that LPS provided to mortgage servicers. See "ServiceLink Holdings LLC fined $65M" in our Penalties pages for additional information.

01/24/2017

Be wary of mortgage calculators, urges Bureau

The CFPB has posted an article warning consumers that using a mortgage calculator can be misleading if the calculator if not used properly. A link to a short video on proper use is provided.

01/24/2017

Citi subs pay $28.8M for mortgage servicing violations

The CFPB has announced it has taken separate actions against CitiFinancial Servicing and CitiMortgage, Inc.. subsidiaries of Citigroup, Inc., for giving the runaround to struggling homeowners seeking options to save their homes. The mortgage servicers kept borrowers in the dark about options to avoid foreclosure or burdened them with excessive paperwork demands in applying for foreclosure relief, according to the Bureau's press release. The CFPB is requiring CitiMortgage to pay an estimated $17 million to compensate wronged consumers, and pay a civil penalty of $3 million; and requiring CitiFinancial Services to refund approximately $4.4 million to consumers, and pay a civil penalty of $4.4 million. For additional information, see "Citigroup subs pay for mortgage servicing practices," in our Penalties pages.

01/24/2017

CUs certified as community development financial institutions

The National Credit Union Administration (NCUA) has announced that five federally insured, low-income credit unions have earned certification as community development financial institutions:

  • Central Sunbelt Federal Credit Union, Laurel, Mississippi
  • Chicago Municipal Employees Credit Union, Chicago, Illinois
  • ELGA Credit Union, Burton, Michigan
  • New Covenant Dominion Federal Credit Union, Bronx, New York
  • Softite Community Federal Credit Union, Martins Ferry, Ohio

01/23/2017

FHA suspends FHA MIP reduction indefinitely

On Friday, January 20, HUD issued Mortgagee Letter 2017-07 to announce the immediate and indefinite suspension of Mortgagee Letter 2017-01. The earlier Letter had announced a reduction in mortgage insurance premiums (MIPs) for loans with a closing or disbursement date on or after January 27, 2017.

01/20/2017

Bureau Blog articles

The CFPB has posted two articles on its Blog: one announcing easy-to-remember guidelines to help people reduce credit card debt and the other on understanding the overdraft “opt-in” choice.

01/20/2017

SBA programs to be discussed at NCUA webinar

The NCUA has announced a 90-minute webinar, "SBA Opportunities for Credit Unions," scheduled for 2 p.m. ET on February 15. The webinar will provide an update on the new SBA One automated lending platform and will discuss SBA’s Microenterprise Loan Program for credit unions making loans smaller than $50,000. The webinar will also provide an update on NCUA’s member-business lending rule.

01/20/2017

Yellen on economic outlook and monetary policy

In a presentation at he Stanford Institute for Economic Policy Research, Federal Reserve Board Chair Yellen reviewed the economic outlook and the conduct of monetary policy. She discussed the progress to date, maintaining sustainable growth in a context of price stability, and evaluating the appropriate stance of monetary policy. In her concluding remarks, Yellen said, "it is important to emphasize the considerable uncertainty that attaches to such assessments and the need to constantly update them. In particular, the path of the neutral federal funds rate, which plays an important role in determining the appropriate policy path, is highly uncertain. For example, productivity growth is a key determinant of the neutral rate, and while most forecasters expect productivity growth to pick up from its recent unusually slow pace, the timing of such a pickup is highly uncertain. Indeed, there is little consensus among researchers about the causes of the recent slowdown in productivity growth that has occurred both at home and abroad. The strength of global growth will also have an important bearing on the neutral rate through both trade and financial channels, and here, too, the scope for surprises is considerable. Finally, I would mention the potential for changes in fiscal policy to affect the economic outlook and the appropriate policy path. At this point, however, the size, timing, and composition of such changes remain uncertain. However, as this discussion highlights, the course of monetary policy over the next few years will depend on many different factors, of which fiscal policy is just one."

01/20/2017

December residential construction activity mixed

HUD and the Census Bureau have announced the residential construction statistics for December 2016.

  • BUILDING PERMITS—Privately owned housing units authorized by building permits in December were at a seasonally adjusted annual rate of 1,210,000, 0.2 percent below the revised November rate, but 0.7 percent above the December 2015 estimate of 1,201,000. Single-family authorizations in December were at a rate of 817,000, 4.7 percent above the revised November figure. Authorizations of units in buildings with five units or more were at a rate of 355,000 in December. An estimated 1,186,900 housing units were authorized by building permits in 2016. This is 0.4 percent above the 2015 figure of 1,182,600.
  • HOUSING STARTS—Privately owned housing starts in December were at a seasonally adjusted annual rate of 1,226,000, 11.3 percent above the revised November rate and 5.7 percent above the December 2015 rate. Single-family housing starts in December were at a rate of 795,000, 4.0 percent below the revised November figure. The December rate for units in buildings with five units or more was 417,000. An estimated 1,166,400 housing units were started in 2016. This is 4.9 percent above the 2015 figure.
  • HOUSING COMPLETIONS—Privately owned housing completions in December were at a seasonally adjusted annual rate of 1,123,000, 7.9 percent below the revised November rate of 1,219,000, but 8.7 percent above the December 2015 rate. Single-family housing completions in December were at a rate of 761,000, 0.9 percent below the revised November rate. The December rate for units in buildings with five units or more was 355,000. An estimated 1,062,300 housing units were completed in 2016. This is 9.7 percent above the 2015 figure.

01/20/2017

Board amends Regulations A and D

The Federal Reserve Board has published two final rules in the January 23, 2017, Federal Register.

  • Amendments to Regulation A (12 CFR Part 201), at 82 FR 7635, to reflect the Board's approval of an increase in the rate for primary credit at each Federal Reserve Bank. The secondary credit rate at each Reserve Bank automatically increased by formula as a result of the Board's primary credit rate action.
  • Amendments to Regulation D (12 CFR Part 204), at 82 FR 7636, to revise the rate of interest paid on balances maintained to satisfy reserve balance requirements (“IORR”) and the rate of interest paid on excess balances (“IOER”) maintained at Federal Reserve Banks by or on behalf of eligible institutions. The final amendments specify that IORR is 0.75 percent and IOER is 0.75 percent, a 0.25 percentage point increase from their prior levels.

These amendments take effect on January 23, 2017.

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