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Top Story Lending Related

12/01/2020

Debt parking scheme halted

The Federal Trade Commission has filed an action in U.S. District Court and received a stipulated Order for Permanent Injunction and Monetary Judgment against a debt collection company that allegedly placed bogus or highly questionable debts on consumers’ credit reports to coerce them to pay the debts. The FTC alleged that the company and its owners, Brandon M. Tumber, Kenny W. Conway, and Joseph H. Smith, had collected more than $24 million from consumers. Under a settlement with the FTC, the company, Midwest Recovery Systems (Midwest Recovery), is prohibited from the practice, known as “debt parking,” and required to delete the debts it previously reported to credit reporting agencies.

The settlement includes a monetary judgment of $24.3 million, which is partially suspended based on an inability to pay. Tumber and the company will be required to pay $56,748, and Tumber will also be required to sell his stake in another debt collection company and provide the proceeds from that sale to the FTC. In addition, Midwest Recovery will be required to surrender all of its remaining assets. If the defendants are found to have misrepresented their ability to pay, the full amount of the judgment would become immediately payable.

12/01/2020

LIBOR transition statement issued

The Federal Reserve Board, FDIC, and the OCC have issued a statement encouraging banks to cease entering into new contracts that use USD LIBOR as a reference rate as soon as practicable and in any event by December 31, 2021, in order to facilitate an orderly—and safe and sound— LIBOR transition.

12/01/2020

Fed lending programs extended through first quarter

Treasury and the Federal Reserve Board have announced an extension of four of the Fed's credit facilities through March 31, 2021:

  • Commercial Paper Funding Facility
  • Money Market Mutual Fund Liquidity Facility
  • Primary Dealer Credit Facility
  • Paycheck Protection Program Liquidity Facility

12/01/2020

HUD awards $54.7M in new rental grants for low-income persons

HUD has announced the awarding of over $54.7 million in capital advance and project rental assistance grants to 15 organizations, to expand the supply of affordable rental housing for extremely low-income persons with disabilities. The capital advance awards will support integrated affordable housing by providing funding for the development of permanent supportive rental housing through it’s Section 811 Supportive Housing for Persons with Disabilities program.

12/01/2020

Revisions to small business size standards proposed

The SBA is requesting public comments on a proposed rule that would revise the small business size standards for businesses in five North American Industrial Classification System (NAICS) sectors to increase small business eligibility for SBA’s loan and contracting programs. The NAICS sectors reviewed in the proposed rule are: Education Services; Health Care and Social Assistance; Arts, Entertainment and Recreation; Accommodation and Food Services; and Other Services. SBA proposes to increase size standards for 70 industries in those sectors.

Comments on the proposal will be accepted through January 26, 2021.

12/01/2020

FDIC and OCC list CRA exam schedules

The FDIC and the OCC have issued their respective schedules for CRA examinations during the first and second quarters of 2021.

12/01/2020

Bureau no-action letter issued

The Consumer Financial Protection Bureau has announced it has granted a no-action letter to Upstart Network, Inc., regarding its automated model for underwriting and pricing applications for unsecured closed-end loans.

12/01/2020

Fed CRA ratings for October and November

Our review of the Federal Reserve Board's archive of CRA evaluation ratings indicates that in the months of October and November, 2020, the Federal Reserve Banks made public 21 ratings. Of the Federal Reserve member banks listed, one received a "Needs to Improve" rating, 17 were rated "Satisfactory," and these three banks received ratings of "Outstanding" (links are to the banks' evaluations):

11/30/2020

Revised Reg F published

The Consumer Financial Protection Bureau has published its previously-announced final rule revising Regulation F, which implements the Fair Debt Collection Practices Act, at 85 FR 76734 of today's Federal Register. The rule will become effective one year from today.

11/25/2020

OCC issues proposed CRA General Performance Standards

The OCC is inviting comment on a notice of proposed rulemaking regarding the Community Reinvestment Act’s (CRA) general performance standards. The OCC published a final rule in June 2020 to strengthen and modernize the agency’s regulations under the CRA to encourage banks to engage in more activities to serve the needs of their communities, particularly low- and moderate-income and other historically underserved communities.

The proposal released yesterday provides the OCC’s proposed approach to determine the CRA evaluation measure benchmarks, retail lending distribution test thresholds, and community development minimums under the general performance standards set forth in the 2020 final rule. The proposal also explains how the OCC would assess significant declines in CRA activities levels in connection with performance context following the initial establishment of the benchmarks, minimums, and thresholds. Finally, the proposed rule would make clarifying and technical amendments to the 2020 final rule.

Comments on the proposal will be accepted for 60 days following publication in the Federal Register.

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