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Exception Tracking Spreadsheet (TicklerTrax™)
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Top Story Lending Related

05/24/2017

Debt relief scam halted by FTC and Florida

At the request of the Federal Trade Commission and the State of Florida, a federal court has issued a preliminary injunction to temporarily halt a massive phony debt relief operation that bilked tens of millions of dollars from financially strapped consumers, including the elderly and disabled. According to the complaint filed by the FTC and the State of Florida, the defendants, through 11 companies, got people to pay hundreds or thousands of dollars a month by falsely promising they would pay, settle, or obtain dismissals of consumers' debts and improve their credit. Over time, victims found their debts unpaid, their accounts in default, and their credit scores severely damaged. Some were sued by their creditors, and some were forced into bankruptcy.

05/24/2017

OCC updates policies regarding violations

The OCC has issued Bulletin 2017-18 with an update of policies and procedures regarding violations of laws and regulations to become effective July 1, 2017. The updates are reflected in the “Bank Supervision Process,” “Community Bank Supervision,” “Federal Branches and Agencies,” and “Large Bank Supervision” booklets and other sections of the Comptroller’s Handbook and internal guidance. Among the changes will be a consistent format for communicating violations that includes legal citations and descriptions of the violation, a summary of relevant statutory or regulatory requirements, facts supporting the violation and root cause(s), corrective action(s) required, and the commitments of the bank's board and management to corrective action.

05/24/2017

CFPB Advisory Board to meet

The Consumer Financial Protection Bureau has published a Notice in today's Federal Register of a public meeting of its Consumer Advisory Board to be held at the Bureau's offices in Washington from 10:00 a.m. to 4:30 p.m. EDT on Thursday, June 8. On the discussion agenda are credit visibility, credit producs, trends and themes, and small business lending.

05/22/2017

Fed reports on U.S. household economic well-being

The Federal Reserve Board has announced the release of its latest Report on the Economic Well-Being of U.S. Households. The report, based on the Board's fourth annual Survey of Household Economics and Decisionmaking conducted in October 2016, presents a picture of improving financial well-being among Americans. Overall, 70 percent of respondents said they were either "living comfortably" or "doing okay," up 1 percentage point from 2015 and up 8 percentage points from the first survey results in 2013. The improvements in well-being as reported by the survey respondents are concentrated among adults with at least some college education.

05/22/2017

HUD allocates $163M for disaster relief

HUD Secretary Carson has announced the allocation of an additional $163 million to help several state and local communities to recovery from severe flooding that occurred in 2015 and 2016. The grants announced today are provided through HUD's Community Development Block Grant-Disaster Recovery (CDBG-DR) Program.

05/22/2017

OCC announces enforcement actions

The Office of the Comptroller of the Currency has released enforcement actions taken in April 2017 against national banks, federal savings associations, and individuals currently and formerly affiliated with such institutions. .This month's list included the previously announced $15 million civil money penalty levied against U.S. Bank, N.A.. Also included was an $87,500 civil money penalty against a Texas bank for a pattern and practice of flood insurance regulation violations.

There was also an order that a former mortgage loan originator at a Chicago, Illinois, bank make restitution of $3,710, pay a penalty of $10,000, and accept a ban from employment or other involvement in the banking industry. Finally, a former Vice President and Financial Consultant of a Reno, Nevada, bank was banned from the industry for engaging in a check kiting scheme which at one time left his account at the bank overdrawn by $57,000 (which he covered before resigning from the bank).

05/19/2017

FEMA suspends communities from NFIP

Communities in Connecticut, Iowa, Mississippi and South Carolina were suspended from participation in the National Flood Insurance Program on May 16, 2017, according to a rule published in the May 19, 2017, Federal Register. FEMA ordered the suspensions, for non-compliance with the flood plain management requirements of the program, for:

  • CT: portions of Hartford and New Haven counties
  • IA: portions of Cass and Pocahontas counties
  • MS: portions of Panola, Quitman and Tallahatchie counties
  • SC: portions of Chester, Lancaster and York counties

05/18/2017

NCUA community development grant applications

NCUA has announced it will begin accepting community development grant applications on July 1. The agency's Notice of Funding Opportunity was published in this morning's Federal Register.

The NCUA also published a Notice of Funding Opportunity to invite eligible credit unions to submit applications for participation in the OSCUI Loan Program (a.k.a. Community Development Revolving Loan Fund (CDRLF)), subject to funding availability. The OSCUI Loan Program serves as a source of financial support, in the form of loans, for credit unions serving predominantly low-income members. It also serves as a source of funding to help low-income designated credit unions (LICUs) respond to emergencies arising in their communities.

05/18/2017

CFPB adds Blog articles

Two articles have been posted on the Bureau Blog containing tips to get back on track if you’re behind on your auto loan and the most common financial struggles faced by servicemembers.

05/18/2017

Iran missile program draws more OFAC designations

Yesterday, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) designated seven targets in connection with Iran's ballistic missile program. OFAC designated two senior Iranian defense officials, including a defense official who facilitated the sale of explosives and provided other support to Syria and the director of the organization responsible for Iran's solid-fueled ballistic missile program. In addition, OFAC designated a China-based network that is supporting Iran's military by supplying millions of dollars' worth of missile-applicable items and an Iran-based entity that is assisting Iran's ballistic missile program. Yesterday's actions were taken pursuant to Executive Order (E.O.) 13382, which targets proliferators of weapons of mass destruction and their means of delivery and supporters of such activity. These sanctions underscore the United States' concern with Iran's continued development and testing of ballistic missiles. For identifying information, see our OFAC Update.

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