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Exception Tracking Spreadsheet (TicklerTrax™)
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Top Story Lending Related

06/08/2017

Mortgage servicer pays $1.15M for illegal practices

The CFPB announced yesterday it has taken action against mortgage servicer Fay Servicing for failing to provide mortgage borrowers with the protections against foreclosure that are required by law. The Bureau found that Fay violated the CFPB’s servicing rules by keeping borrowers in the dark about critical information about the process of applying for foreclosure relief. The Bureau also found instances in which the servicer illegally launched or moved forward with the foreclosure process while borrowers were actively seeking help to save their homes. A consent order has been filed by the CFPB ordering Fay Servicing to stop its illegal practices and pay up to $1.15 million to harmed borrowers.

06/08/2017

OCC directors workshops in Ohio

The OCC has announced it will host two workshops in Cleveland on July 18-19, for directors of institutions supervised by the OCC. The Risk Governance workshop on July 18 combines lectures, discussion, and exercises to provide practical information for directors to effectively measure and manage risks. The workshop also focuses on the OCC’s approach to risk-based supervision and major risks in the financial industry. The Compliance Risk workshop on July 19 combines lectures, discussion, and exercises on the critical elements of an effective compliance risk management program. This workshop also focuses on major compliance risks and critical regulations. Topics of discussion include the Bank Secrecy Act, Flood Disaster Protection Act, Fair Lending, Home Mortgage Disclosure Act, Community Reinvestment Act, and other compliance areas of interest.

06/08/2017

Consumer credit increases modestly

The Federal Reserve Board's G.19 Consumer Credit Report for April 2017 reveals that consumer credit increased at a seasonally adjusted annual rate of 2½ percent. Revolving credit increased at an annual rate of 1¾ percent, while nonrevolving credit increased at an annual rate of 3 percent.

06/07/2017

Regulatory relief for Missouri financial institutions

The FDIC has issued FIL-20-2017 announcing actions intended to provide regulatory relief to financial institutions and to facilitate recovery in areas of Missouri affected by severe weather. Highlights of the announcement include:

  • Severe storms, tornadoes, straight-line winds and flooding caused significant property damage in areas of Missouri from April 28 to May 11, 2017.
  • A federal disaster for selected areas in Missouri was declared on June 2, 2017. Additional designations may be made after damage assessments are completed in the affected areas. A current list of designated areas is available at http://www.fema.gov.
  • The FDIC is encouraging banks to work constructively with borrowers experiencing difficulties beyond their control because of damage caused by the severe weather.
  • Extending repayment terms, restructuring existing loans, or easing terms for new loans, if done in a manner consistent with sound banking practices, can contribute to the welfare of the local community and serve the long-term interests of the lending institution.
  • Banks may receive favorable Community Reinvestment Act (CRA) consideration for community development loans, investments, and services in support of disaster recovery.
  • The FDIC will consider regulatory relief from certain filing and publishing requirements.

06/07/2017

OFAC SDN list updates

The name of one individual has been deleted from OFAC's list of Transnational Criminal Organizations and updated identification information has been added to an unrelated individual Kingpin Act designation. See our OFAC Update Page for the details.

06/06/2017

FDIC CRA ratings released

The ratings received by 63 banks recently examined by the FDIC for CRA compliance have been released. Three were rated outstanding and 60 received a satisfactory rating.

06/05/2017

FEMA suspending communities from Flood Program

The Fderal Emergency Management Agency has published a final rule at 82 FR 25739 in today's Federal Register identifying communities in California, Indiana, Iowa and North Dakota that it will suspend from participation in the National Flood Insurance Program on June 21, 2017, for noncompliance with the floodplain management requirements of the program:

  • Cities of Areata and Eureka, and unincorporated areas of Humboldt County, California
  • City of Salem and unincorporated areas of Washington County, Indiana
  • Cities of Earlham, Patterson, St. Charles, and Winterset, and unincorporated areas of Madison County, Iowa
  • Unincorporated areas of Foster County, North Dakota

06/05/2017

Bureau plans debt collection disclosure survey

The CFPB has published a Notice and Request for Comment in today's Federal Register on a proposed web survey of 8,000 individuals as part of the Bureau's research on debt collection disclosures. The survey would explore consumer comprehension and decision making in response to debt collection disclosure forms. Comments will be accepted through August 4, 2017.

06/02/2017

Fed adjusts collateral margins for discount window

The Federal Reserve has issued a Collateral Bulletin to announce new collateral margin requirements for discount window lending and payment system risk purposes, effective July 3, 2017. The value that the Federal Reserve assigns to collateral may increase or decrease when the new margins go into effect. Reserve Banks will make individual contact with institutions that are required to pledge additional collateral in advance of the effective date.

06/02/2017

FHFA updates data on sales of non-performing loans

The Federal Housing Finance Agency (FHFA) has released its third report providing information about the sale of non-performing loans (NPLs) by Fannie Mae and Freddie Mac (the Enterprises). The Enterprise Non-Performing Loan Sales Report includes information about NPLs sold and outcomes for borrowers as of December 31, 2016. The sale of NPLs reduces the number of severely delinquent loans in the Enterprises’ portfolios.

FHFA press release

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