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01/10/2020

FHFA Q3 foreclosure prevention and refinance report

The Federal Housing Finance Agency (FHFA) yesterday released its third quarter 2019 Foreclosure Prevention and Refinance Report, which shows that Fannie Mae and Freddie Mac (the Enterprises) completed 26,475 foreclosure prevention actions in the third quarter of 2019, bringing the total number of foreclosure prevention actions to 4,381,036 since September 2008. The report also shows that 37 percent of loan modifications completed in the third quarter reduced borrowers' monthly payments by more than 20 percent. The Enterprises' serious delinquency rate dropped to 0.65 percent at the end of the third quarter. This compares with 3.39 percent for Federal Housing Administration (FHA) loans, 1.87 percent for Veterans Affairs (VA) loans and 1.81 percent for all loans (industry average). The report also shows that the Enterprises completed 539,485 refinances in the third quarter.

01/10/2020

NMLS annual conference registration info

The NMLS has posted the full agenda for the 2020 NMLS Annual Conference & Training to be held February 18–21 in San Francisco. The event attracts a growing number of state and federal regulators, licensees and general registrants who come together to exchange information on NMLS user and regulatory compliance issues that affect their organizations. Registrants will also get a first look at the State Examination System (SES), which is currently in pilot testing, and learn how to use the system to improve the exam process for companies.

01/10/2020

OCC adds CRA Request for Info

Yesterday, the FDIC and OCC published [85 FR 1204] their previously announced proposal to amend their respective Community Reinvestment Act regulations. Today, the OCC separately published [85 FR 1285] a Request for Information seeking bank-specific data and information to supplement currently available data and to inform potential revisions to modernize and strengthen the CRA regulatory framework. Responses to this request for information will be accepted through March 10, 2020. Comments on the FDIC/OCC proposed amendments are due by March 9, 2020.

01/09/2020

Brainard explains Fed's CRA stance

Federal Reserve Board Governor Lael Brainard spoke at the Urban Institute yesterday on "Strengthening the Community Reinvestment Act by Staying True to Its Core Purpose." Without disparaging the proposal of the OCC and FDIC to amend their CRA regulations, Brainard described the Federal Reserve Board's approach to measuring CRA performance, indicating that the Board of Governors hopes to inform the public comment process with a goal of arriving at a uniform approach that will allow for an interagency final rule.

01/09/2020

Maximum amount of OCC CMPs adjusted

The OCC has announced that, on December 30, 2019, it published [84 FR 71735] a notice to adjust the maximum amount of each civil money penalty within its jurisdiction pursuant to the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015 (2015 Adjustment Act). The adjusted maximum penalties were effective January 1, 2020, for violations occurring on or after November 2, 2015.

The inflation adjustment multiplier for 2020 is 1.01764, as prescribed by the Office of Management and Budget.

01/09/2020

Consumer credit increases

The Federal Reserve Board has posted its November 2019 G.19 data, which show that consumer credit increased at a seasonally adjusted annual rate of 3-1/2 percent. Revolving credit decreased at an annual rate of 2-3/4 percent, while nonrevolving credit increased at an annual rate of 5-3/4 percent.

01/08/2020

Mortgage broker pays for revealing consumer info

The Federal Trade Commission has announced a California-based mortgage broker will pay $120,000 to settle FTC allegations that it violated the Fair Credit Reporting Act and other laws by revealing personal information about consumers in response to negative reviews posted on the review website Yelp. A complaint filed by the FTC alleged that Mortgage Solutions FCS, Inc. (doing business as Mount Diablo Lending) and its sole owner, Ramon Walker, responded to consumers who posted negative reviews on Yelp by revealing their credit histories, debt-to-income ratios, taxes, health, sources of income, family relationships, and other personal information. Several responses also revealed reviewers’ first and last names, according to the complaint.

01/08/2020

NCUA lists 2020 supervisory priorities

The National Credit Union Administration has announced it is has sent its annual letter to credit unions listing supervisory priorities as well as updates on regulations and the agency’s modernization programs. The priorities listed were:

  • Bank Secrecy Act and anti-money-laundering compliance;
  • Consumer financial protection;
  • Cybersecurity;
  • Credit risk and liquidity risk;
  • Continued monitoring of the implementation of the new standard for current expected credit losses, or CECL; and
  • Planning for the transition from the London Interbank Offered Rate, or LIBOR, as the benchmark for setting interest rates.

01/08/2020

HUD proposes improved AFFH rule

HUD has released its proposed Affirmatively Furthering Fair Housing (AFFH) rule, which offers clearer guidance to states and local governments to help them improve affordable housing choices in their communities.

01/06/2020

OCC releases CRA evals for two dozen banks

The OCC has released a list of 24 CRA evaluations of national banks and federal savings associations that were made public in December, 2019. Sixteen of the evaluations were assigned ratings of "Satisfactory." Congratulations to these eight institutions that received ratings of "Outstanding" (links are to their evaluations):

  1. The Litchfield National Bank, Litchfield, Illinois
  2. The Riddell National Bank, Brazil, Indiana
  3. Home Bank, National Association, Lafayette, Louisiana
  4. Winter Hlll Bank, Somerville, Massachusetts
  5. Valley National Bank, Passaic, New Jersey
  6. First National Bank, Alamogordo, New Mexico
  7. American Express National Bank, Salt Lake City, Utah
  8. The Bank of Bennington, Bennington, Vermont

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