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02/21/2020

CFPB and two states sue loan brokers

The Consumer Financial Protection Bureau has announced that the Bureau, the South Carolina Department of Consumer Affairs, and Arkansas Attorney General Leslie Rutledge have filed a lawsuit in federal district court in the District of South Carolina against Candy Kern-Fuller, Howard Sutter III, and Upstate Law Group LLC. The Bureau alleges that the defendants worked with a series of companies that brokered contracts offering high-interest credit to consumers, primarily disabled veterans, and violated the Consumer Financial Protection Act’s prohibition against deceptive acts or practices and against providing substantial assistance to deceptive and unfair acts or practices of others.

02/20/2020

Comment period extended on CRA proposal

The FDIC and OCC have announced they have extended the public comment period for proposed changes to the rules implementing the Community Reinvestment Act (CRA) through April 8, 2020. On December 12, 2019, the FDIC and OCC announced a proposal to modernize the regulations under the CRA and provided for a 60-day comment period following formal publication on January 9, 2020. The FDIC and OCC have now determined that a 30-day extension of the comment period is appropriate.

02/20/2020

Parts of Florida county suspended from flood program

The Federal Emergency Management Agency has published a notice [85 FR 9675] in this morning's Federal Register that unincorporated areas of Saint Lucie County, Florida were suspended yesterday (February 19, 2020) from the National Flood Insurance Program due to noncompliance with the floodplain management requirements of the program. FEMA's notice was dated February 4, 2020.

02/20/2020

CFPB Winter 2020 Supervisory Highlights

The CFPB has published issue 21 (Winter 2020) of its Supervisory Highlights, reporting examination findings in the areas of debt collection, mortgage servicing, payday lending, and student loan servicing that were completed between April 2019 and August 2019. These observations were reported:

  • Debt collection
    • Failure to disclose in subsequent communications that communication is from a debt collector
    • Failure to send notice of debt
  • Mortgage servicing
    • Loss mitigation notice violations
  • Payday lending
    • Failing to apply borrowers’ payments to their loans
    • Inaccurate disclosure of annual percentage rate
    • Failure to include a fee in calculation of finance charge and annual percentage rate
    • Failure to retain evidence of compliance with Regulation Z
    • Adverse action notices that failed to disclose the principal reason(s) for the adverse action
    • Unfair imposition of unauthorized and undisclosed fee
  • Student loan servicing
    • Inaccurate monthly payment amounts after servicing transfer

As for the loss mitigation notice violations found in exams of mortgage servicers, the Bureau noted that several such problems followed on the heels of major natural disasters that prompted much larger volumes of assistance requests, and no "matters requiring attention" were issued.

02/19/2020

Fannie and Freddie joint credit score model solicitation

The Federal Housing Finance Agency (FHFA) has announced that Fannie Mae and Freddie Mac (the Enterprises) have published a Joint Credit Score Solicitation, which describes the process for credit score model developers to submit applications to the Enterprises. The Enterprises will accept applications for 120 days, from May 18 – September 15, 2020.

02/19/2020

NMLS annual report released

The 12th annual report on NMLS operations, performance and development efforts has been released in conjunction with the start of the NMLS Annual Conference & Training. The report, “Building a Foundation for the Future,” highlights the State Examination System, Temporary Authority to Operate and more.

02/19/2020

$655M for Indian housing grants announced

HUD Secretary Carson has announced more than $655 million in Indian Housing Block Grants (IHBG) to Native American tribes in 38 states. Funding is distributed to eligible tribes and their tribally designated housing entities to carry out a range of affordable housing activities in their communities.

02/18/2020

Report on 'credit invisibility' problem

A joint study by HUD and the Policy and Economic Research Council (PERC) examined how reporting rent payments made by thousands of HUD-assisted households to nationwide consumer reporting agencies would impact the credit ratings of these families. The study also sought to determine whether reporting rent payments to consumer credit reporting companies would overcome the problem of "credit invisibility."

The results of this preliminary research show that including rental history in credit reports could increase the proportions of tenant with scoreable credit histories and with good credit scores, but the change could be detrimental to credit scores for a subset of tenants.

02/13/2020

2020 Guide to HMDA Reporting

The FFIEC has posted the 2020 Guide to HMDA Reporting, (HMDA GIR) a resource for assisting all institutions in their HMDA reporting. It includes a summary of responsibilities and requirements, directions for assembling the necessary tools, and instructions for reporting HMDA data. The 2020 edition reflects updates to incorporate content from the HMDA Rule issued by the Consumer Financial Protection Bureau in October 2019. It addresses reporting due March 1, 2021, of application and loan data for calendar year 2020

02/13/2020

NMLS Ombudsman meeting agenda

The agenda for the NMLS Ombudsman Meeting has been posted on the NMLS Resource Center. The meeting will be held Thursday, February 20, from 9:00 a.m. – 12:00 p.m. PT in Continental 4-5 (Ballroom Level) at the Hilton San Francisco Union Square, during the 2020 NMLS Annual Conference & Training.

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