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Exception Tracking Spreadsheet (TicklerTrax™)
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Top Story Lending Related


NMLS update scheduled for next week

The NMLS has scheduled an update to release 2021.3 for March 29, 2021. System enhancements can be reviewed in the NMLS 2021-3 Release Notes.


MLA site update scheduled

The News page of the official Department of Defense Military Lending Act records search website has announced that an update to version 5.8 of the research site has been scheduled for April 29, 2021. The update will make the site's password access controls more robust by increasing the number of characters required, requiring that new passwords be used for a minimum of 24 hours and a maximum of 60 days, and requiring more than minimal character alterations at each change. The system upgrade should not interrupt access to the system.


Lending limit increased for EIDL program

The SBA has announced it is increasing the maximum amount small businesses and non-profit organizations can borrow through its COVID-19 Economic Injury Disaster Loan (EIDL) program. Starting the week of April 6, 2021, the SBA is raising the loan limit for the EIDL program from 6-months of economic injury with a maximum loan amount of $150,000 to up to 24-months of economic injury with a maximum loan amount of $500,000.


Bureau may revive Payday Lending ATR requirement

The CFPB has posted a blog article by Acting Director Dave Uejio with a commitment to protect vulnerable borrowers. The article focused on consumer harms in the small dollar lending market, with particular concerns about any lender’s business model that is dependent on consumers’ inability to repay their loans. Uejio said that years of research by the CFPB found the vast majority of this industry’s revenue came from consumers who could not afford to repay their loans, with most short-term loans in reborrowing chains of 10 or more. One-in-five payday loans, and one-in-three vehicle title loans, ended in default, even including periods of reborrowing. And one-in-five vehicle title loan borrowers ended up having their car or truck seized by the lender.

Uejio noted that in 2020 the prior CFPB administration had revoked parts of its Payday Lending rule that would have addressed these harms. The later rule was challenged in court and the Bureau had a legal obligation to respond to the lawsuit. Accordingly, the Bureau has filed a brief addressing only the court’s jurisdiction to hear the case. The brief does not address the merits of the underlying rule, and the Bureau’s filing should not be regarded as an indication that the Bureau is satisfied with the status quo in this market. To the contrary, said Uejio, the Bureau believes that the harms identified by the 2017 rule still exist, and will use the authority provided by Congress to address these harms, including through vigorous market monitoring, supervision, enforcement, and, if appropriate, rulemaking.


Agencies in some states eligible for SBA training funding grants

The SBA has announced private organizations, colleges and universities, private sector firms, nonprofit organizations and state, local or tribal governmental agencies across Pennsylvania, Delaware, Washington, D.C., Maryland, Northern California, and Nevada are eligible to apply for funding as Veterans Business Outreach Centers to provide training and counseling to aspiring and existing veteran small business owners.


Agencies publish ECIP investments rule

The Federal Reserve, FDIC and OCC have published [86 FR 15076] their previously announced interim final rule that makes Treasury's investments under the Emergency Capital Investments Program qualify as regulatory capital of insured depository institutions and holding companies.

The rule became effective yesterday, upon its Federal Register publication.


CFPB submits report on FDCPA administration to Congress

The XFPB has released its 2020 annual report to Congress on the administration of the Fair Debt Collection Practices Act (FDCPA). The report highlights efforts by the CFPB and the Federal Trade Commission (FTC) to protect consumers, particularly those who have suffered profound financial impacts due to the COVID-19 pandemic.


FTC informs CFPB of debt collection activities

The Federal Trade Commission has provided the Consumer Financial Protection Bureau (CFPB) with an annual summary of its activities in the debt collection arena. The annual report highlights both agencies’ efforts to stop unlawful debt collection practices, including law enforcement, education and public outreach, and policy initiatives. Among the actions taken to combat unfair, deceptive, and otherwise unlawful debt collection practices in 2020, the FTC:

  • led Operation Corrupt Collector, a nationwide federal/state law enforcement sweep and outreach initiative targeting phantom debt collection and abusive and threatening debt collection practices;
  • filed or resolved 7 cases against 39 defendants, and obtained $26 million in judgments;
  • brought the first federal action combating unlawful “debt parking";
  • banned the operator of a debt collection scheme who engaged in serious and repeated violations of law from ever working in debt collection again;
  • deployed educational materials to inform consumers about their rights, and educate debt collectors about their responsibilities, under the FDCPA and FTC Act; and
  • supplied 15,755 copies of a fotonovela (graphic novel) on debt collection, developed for Spanish speakers, to raise awareness about scams targeting the Latino community.


Wells Fargo resolves customer discrimination claim

HUD announced on Friday that it has approved a Conciliation Agreement between Wells Fargo Bank and a customer, resolving the customer’s claim that the mortgage lender denied her a loan after learning it was for a group home for persons with disabilities. Under the Conciliation Agreement, Wells Fargo Bank will pay $125,000 to the woman and provide fair housing training for its employees, including home mortgage consultants, managers and underwriters. It will also ensure that its policies do not violate the Fair Housing Act.


PA bank pays flood insurance penalty

The Federal Reserve Board has issued a civil money penalty order directing that the Bryn Mawr Trust Company, Bryn Mawr, Pennsylvania, pay $105,000 for a pattern or practice of unspecified violations of the National Flood Insurance Act.


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