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Exception Tracking Spreadsheet (TicklerTrax™)
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Top Story Lending Related

08/19/2016

CFPB focus on student loan servicing complaints

The CFBP Student Loan Ombudsman has released a report finding that consumers complain of servicing problems that make it difficult to get lower student loan payments tied to their income. Student loan borrowers seeking to take advantage of income-driven repayment plans with their federal student loans complain to the CFPB about prolonged processing delays and wrongful rejections by their student loan servicers. The Bureau also posted an article with tips for students who are trying to enroll in an income-driven student loan repayment plan.

08/19/2016

2015 CRA data released

A joint press release from the banking members (FRB, FDIC and OCC) of the Federal Financial Institutions Examination Council (FFIEC) has announced the availability of data on small business, small farm, and community development lending reported by certain commercial banks and savings associations, as required by the Community Reinvestment Act (CRA). An FFIEC disclosure statement on the reported 2015 CRA data, in electronic form, is available for each reporting commercial bank and savings association. The FFIEC also has prepared aggregate disclosure statements of small business and small farm lending for all of the metropolitan statistical areas and nonmetropolitan counties in the United States and its territories.

08/19/2016

Charge-off and delinquency rates report

The Federal Reserve System has posted data on charge-off and delinquency rates on loans and leases at commercial banks for the second quarter 2016.

08/19/2016

TX auto dealers pay $85K CMP for false ads

The Federal Trade Commission reports that three Dallas-area auto dealers have agreed to pay a $85,000 civil money penalty to settle charges that they violated a Commission administrative order barring them from deceptively advertising the cost of buying or leasing a car. The FTC’s complaint cited a TV ad targeted at people with major credit problems, such as repossessions or foreclosures. The ad touted vehicles for $250 per month, but in fine print disclosed that the offer was based on a 4.25 annual percentage rate that few, if any, consumers with such major credit issues could obtain. In addition, the FTC alleged that the dealers advertised credit and lease terms without clearly and conspicuously disclosing information required by federal law, and failed to keep records required by the 2014 order.

08/18/2016

Disaster assistance for Louisiana flood victims

HUD has announced it will speed federal disaster assistance to the State of Louisiana and provide support to homeowners and low-income renters forced from their homes due to severe storms and flooding. HUD is assisting the state of Louisiana and local governments in re-allocating existing federal resources toward disaster relief, granting immediate foreclosure relief, making mortgage insurance available, making insurance available for both mortgage and home rehabilitation, and offering Section 108 loan guarantee assistance.

08/18/2016

FDIC updates ATR and QM videos

The Federal Deposit Insurance Corporation's FIL-56-2016, issued yesterday, announced the release of updated technical assistance videos on the Ability-to-Repay and Qualified Mortgages Rule. The updated videos provide financial institution management, compliance officers, and staff with resources for a better understanding of the current requirements of the Ability-to-Repay and Qualified Mortgages Rule. The updated videos can be accessed HERE, in the FDIC's Directors' Resource Center pages.

08/18/2016

Bureau posts updated HMDA implementation video

The CFPB has posted a second version of its recent "Overview of the HMDA final rule" video for those who do not have YouTube access. It can be found under the Videos heading on the Bureau's HMDA rule implementation page.

08/18/2016

FEMA to suspend communities from Flood Program

The Federal Emergency Management Agency has published two final rules in today's Federal Register in which FEMA identifies communities where the sale of flood insurance has been authorized under the National Flood Insurance Program (NFIP) that are scheduled for suspension because of noncompliance with the floodplain management requirements of the program:

08/17/2016

NCUA monitors flooded areas of Louisiana

The NCUA has reported it is monitoring the flooded areas of Louisiana and will work with federally insured credit unions affected by the recent severe flooding to help protect consumers and ensure continuity of services.

08/17/2016

Industrial production and capacity utilization increases

The Federal Reserve System has released June 2016 G.17 industrial production and capacity utilization data. Industrial production rose 0.7 percent in July after moving up 0.4 percent in June. The advance in July was the largest for the index since November 2014. Manufacturing output increased 0.5 percent in July for its largest gain since July 2015. The index for utilities rose 2.1 percent as a result of warmer-than-usual weather in July boosting demand for air conditioning. The output of mining moved up 0.7 percent; the index has increased modestly, on net, over the past three months after having fallen about 17 percent between December 2014 and April 2016. At 104.9 percent of its 2012 average, total industrial production in July was 0.5 percent lower than its year-earlier level. Capacity utilization for the industrial sector increased 0.5 percentage point in July to 75.9 percent, a rate that is 4.1 percentage points below its long-run (1972–2015) average.

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