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A CFPB Blog article reviews the 2015 CFPB report that found 26 million Americans were “credit invisible.” A brief of the original report is provided as well as a new checklist, “Building credit from scratch.”

The National Credit Union Administration has announced that it has issued a cease and desist order to S M Federal Credit Union of Philadelphia, Pennsylvania. Credit union officials have consented to the order, which requires that the credit union:

• Provide credit union records to the compensated auditor;
• Complete a member account verification and supervisory committee audit;
• Reconcile and maintain accurate financial statements and member share and loan records;
• Calculate and track loan delinquency;
• Actively and effectively collect past due loans;
• Cease granting new loans;
• Ensure the supervisory committee is fully staffed and fulfilling all obligations; and
• Provide the agency with monthly financial statements and board and committee minutes.

S M FCU is an associational (faith-based) credit union serving 115 members. Its September 2016 call report shows $56,005 in total assets.

The NCUA has released the NCUA Quarterly U.S. Map Review for the third quarter 2016. The review indicates federally- insured credit unions saw continued improvement in nearly every category. Nationally, median loan growth in federally insured credit unions was 3.9 percent during the year ending in the third quarter. In the same period, median asset growth was 4.2 percent; the median rate of growth in deposits and shares was 4.5 percent; and the median loans-to-shares ratio rose to 63 percent.

The Federal Deposit Insurance Corporation published in this morning's Federal Register a Notice of renewal of the agency's Advisory Committee on Economic Inclusion. The Committee will continue to review various issues that may include, but not be limited to, basic retail financial services such as low-cost, sustainable transaction accounts, savings accounts, small dollar lending, prepaid cards, money orders, remittances, and other services to promote asset accumulation and financial stability.

OFAC has published a General License authorizing certain transactions and activities to liquidate and wind down Banco Continental, S.A. Those transactions and activities would otherwise be prohibited under the Kingpin Act. Banco Continental, S.A. was sanctioned in October 2015. See our OFAC Update for addition information.

The Office of Foreign Assets Control (OFAC) has sanctioned two Democratic Republic of the Congo (DRC) government officials as the Government of the DRC continues to suppress political opposition and delay political progress in the country, often through violent means. As a result of OFAC’s actions, all of the designated individuals’ assets within U.S. jurisdiction are frozen, and U.S. persons are generally prohibited from engaging in transactions with them. For additional information, see our OFAC Update.

The FFIEC has posted the 2017 CRA edits and file specifications.

• CRA edits
• CRA file specifications

The Federal Housing Finance Agency (FHFA) has announced the successful implementation of Release 1 of the Common Securitization Platform (CSP). This means that Freddie Mac is now using the CSP for Data Acceptance, Issuance Support, and Bond Administration activities related to current single-class, fixed-rate, mortgage-backed securities. The implementation demonstrates that the system, operations, and controls of the CSP and Common Securitization Solutions (CSS), a joint venture owned by Fannie Mae and Freddie Mac (the Enterprises), are functional.

The October 2017 G.19 Consumer Credit Report has been released by the Federal Reserve. Consumer credit increased at a seasonally adjusted annual rate of 5-1/4 percent. Revolving credit increased at an annual rate of 3 percent, while nonrevolving credit increased at an annual rate of 6 percent.

The FDIC has posted links to the Third Quarter 2016 State Profiles which provide a quarterly data sheet summation of banking and economic conditions in each state.