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Top Story Lending Related

05/05/2021

PPP funds nearly depleted

The ABA Banking Journal has reported that the Paycheck Protection Program ran out of funding on Tuesday afternoon and has stopped accepting most new applications. About $8 billion is still available through a set-aside in the law for community financial institutions, and those institutions will be permitted to process applications until that money has been exhausted. Other lenders should be receiving a message through the SBA origination portal that loans are no longer available. Sources have also reported that funds remain for lenders to finish pending applications that are "on hold."

05/05/2021

FDIC and OCC release CRA evaluation ratings

The FDIC has released its May 2021 list of banks recently examined for CRA compliance. Of the 56 banks listed, one was rated "Needs to Improve," 52 were rated "Satisfactory," and three earned "Outstanding" ratings. Here are the banks that garnered the "Outstanding" ratings, with links to their evaluation reports:

The OCC also released CRA evaluations that became public in April for 15 national banks and federal savings associations. Twelve of these evaluations were rated "Satisfactory." The three banks listed below (with links to their evaluation reports) received "Outstanding" ratings:

05/04/2021

FHFA final rule on GSE resolution planning

The Federal Housing Finance Agency has issued a final rule, published at 86 FR 23577 in the May 4 Federal Register, that requires Fannie Mae and Freddie Mac (the Enterprises) to develop credible resolution plans, also known as “living wills." These resolution plans would facilitate a rapid and orderly resolution of the Enterprises should FHFA in the future be appointed their receiver per the Housing and Economic Recovery Act of 2008 (HERA).

Under the final rule, the Enterprises must demonstrate how core or important business lines would be maintained to ensure continued support for mortgage finance and stabilize the housing finance system, without extraordinary government support, to prevent an Enterprise from being placed in receivership, indemnify investors against losses, or fund the resolution of an Enterprise.

The FHFA also released a Fact Sheet on the rule. The rule will be effective July 6, 2021.

05/03/2021

FDIC March enforcement actions released

The FDIC has released a list of enforcement actions taken against banks and individuals in the month of March. Among the 12 administrative actions listed were five prohibition orders and three civil money penalty orders.

  • A civil money penalty of $40,500 was assessed on Oriental Bank, San Juan, Puerto Rico, for 27 violations of flood insurance requirements
  • FirstBank, Nashville, Tennessee, was assessed a $172,500 civil money penalty for 196 violations of flood insurance requirements
  • William Derek Martin, formerly a vice president and loan officer of Anderson Brothers Bank, Mullins, South Carolina, was ordered to pay a civil money penalty of $15,000 and issued an order of prohibition
  • Orders of prohibition were issued to:
    • William Weisbrod, a former of Lincoln 1st Bank, Lincoln Park, New Jersey
    • Erica E. Franklin, former treasury services supervisor of Bank of Labor, Kansas City, Kansas
    • Mark Wong, formerly employed by Bank of the West, San Francisco, California
    • Gina Champion-Cain, formerly a director of Endeavor Bank, San Diego, California

05/03/2021

Alabama and Kentucky severe storms relief

The FDIC has issued two financial institution letters announcing steps to provide regulatory relief to financial institutions and facilitate recovery.

  • FIL-31-2021 concerning areas of Kentucky affected by severe storms, slooding, landslides, and mudslides
  • FIL-32-2021 with regard to areas of Alabama affected by severe storms, straight-line winds, and tornadoes

05/03/2021

CA mortgage mod service charged with fair housing violations

HUD has announced that it is charging the owners and employees of a business known as The House Lawyer, which operated in Redwood City, California, with violating the Fair Housing Act by targeting Hispanic homeowners with illegal and unfair mortgage modification services. HUD’s charge alleges, among other things, that the company collected fees from Hispanic borrowers for loan modification services prior to the completion of those services, in violation of California law, while encouraging them to withhold their mortgage payments, putting them at risk of foreclosure.

04/30/2021

Comptroller’s Handbook booklet revised

The OCC has issued Bulletin 2021-22 announcing the revision of the “Credit Card Lending” booklet of the Comptroller’s Handbook. The revised booklet—

  • reflects the adoption of the current expected credit loss methodology by some banks and the increased use of models in credit card originations and risk management
  • reflects changes to OCC issuances published and rescinded since this booklet was last issued
  • includes clarifying edits regarding supervisory guidance, sound risk management practices, or legal language
  • revises certain content for general clarity

04/29/2021

CFPB issues consumer complaint bulletin

The CFPB announced it has issued a Complaint Bulletin with a county-level demographic overview of consumer complaints.

Among other key findings in this bulletin:

  • From 2019 to 2020, consumer complaints increased across all demographic groups. Complaints increased at a greater rate in predominantly minority counties compared to predominantly white, non-Hispanic counties.
  • Consumers living in predominantly minority counties submitted more complaints on a per capita basis in nearly every one of the 11 product categories about which the Bureau accepts complaints.
  • Credit or consumer reporting appears to cause significantly more issues for consumers in predominantly minority counties.

The Bureau plans to enhance its complaint form to give consumers the option to provide household size and household income when submitting a complaint. It will also begin exploring what additional information it may need to help better understand the experiences of diverse communities that submit complaints.

04/29/2021

FOMC statement issued - Fed Funds rate unchanged

The Federal Reserve Board issued the Federal Open Market Committee statement following yesterday's FOMC meeting. In the statement, the committee said it:

"... seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. With inflation running persistently below this longer-run goal, the Committee will aim to achieve inflation moderately above 2 percent for some time so that inflation averages 2 percent over time and longer‑term inflation expectations remain well anchored at 2 percent. The Committee expects to maintain an accommodative stance of monetary policy until these outcomes are achieved. The Committee decided to keep the target range for the federal funds rate at 0 to 1/4 percent and expects it will be appropriate to maintain this target range until labor market conditions have reached levels consistent with the Committee's assessments of maximum employment and inflation has risen to 2 percent and is on track to moderately exceed 2 percent for some time...."

04/29/2021

GSEs offer new refi option for low-income borrowers

The FHFA announced on Wednesday that Fannie Mae and Freddie Mac will implement a new refinance option this summer for low-income borrowers with Enterprise-backed single-family mortgages. Eligible borrowers will benefit from a reduced interest rate and lower monthly payment. The FHFA estimates that borrowers who take advantage of the new refinance option could save an average of between $100 and $250 a month.

The new refinance option includes:

  • A requirement that the lender provides a savings of at least $50 in the borrower’s monthly mortgage payment, and at least a 50-basis point reduction in the borrower’s interest rate;
  • A maximum $500 credit from the lender for an appraisal if the borrower is not eligible for an appraisal waiver (the Enterprises will provide the lender a credit of $500 upon the loan’​s sale to an Enterprise); and A waiver of the 50 basis point up-front adverse market refinance fee for borrowers with loan balances at or below $300,000.

To qualify, a borrower must:

  • Have an Enterprise-backed 1-unit single-family mortgage that is owner-occupied;
  • Have an income at or below 80% of the area median income;
  • Have not missed a payment in the past six months, and no more than one missed payment in the past 12 months; and
  • Not have a mortgage with a loan-to-value ratio greater than 97%, a debt-to-income ratio above 65%, or a FICO score lower than 620.

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