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Top Story Lending Related

06/15/2021

FTC amends complaint against RCG Advances

In a newly filed amended complaint, the Federal Trade Commission alleges that merchant cash advance provider RCG Advances and other defendants made multiple unauthorized withdrawals from small businesses’ banks, sometimes taking thousands of dollars more than the agreed repayment amount. The amended complaint also alleges that RCG, formerly known as Richmond Capital Group, LLC and also doing business as Viceroy Capital Funding and Ram Capital Funding, violated the Gramm-Leach-Bliley Act’s prohibition on using false or deceptive information to obtain a consumer’s bank account information.

The amended complaint also alleges wanton and egregious behavior by the defendants, including laughing at consumer requests for refunds from RCG’s unauthorized withdrawals from customer bank accounts; abusing the legal system to seize the business and personal assets of their customers; and threatening to break their customers’ jaws or falsely accusing them of child molestation during collection calls. The FTC asks the court to assess civil penalties against the defendants, along with injunctive relief and requiring the defendants to turn over ill-gotten gains.

The case was originally filed in June, 2020.

06/15/2021

FDIC Board meets today

The FDIC Board will meet today [Sunshine Act notice] in open session, with public observation via webcast only. Included on the summary agenda for the meeting are memoranda and resolutions regarding:

  • a Final Policy Statement Regarding Minority Depository Institutions
  • a Notice of Proposed Rulemaking on Real Estate Lending Standards

06/14/2021

Other agency agendas

Other agencies also published their Spring 2021 Regulatory Agendas.

The Federal Reserve and FinCEN plan to issue a final rule in September that would apply information collection requirements to domestic and cross-border transactions involving cryptocurrencies.

FinCEN intends to issue a final rule in November to impose BSA recordkeeping and identity verification requirements to transactions involving convertible virtual currency or digital assets with legal tender status.

The Fed, FDIC and OCC continue to work toward modernization of their CRA regulations.

06/14/2021

CFPB spring 2021 rulemaking agenda

The Bureau has published its Spring 2001 Regulatory Agenda, which is part of the Unified Agenda of Federal Regulatory and Deregulatory Actions. The Bureau's agenda lists the regulatory matters that, to further its consumer protection mission and mandate, the Bureau is currently pursuing under interim leadership pending the appointment and confirmation of a permanent Director.

COVID-19 pre-foreclosure review period. The CFPB expects to issue a final rule by the end of June amending Regulation X to help ensure that borrowers impacted by the COVID-19 pandemic have an opportunity to be evaluated for loss mitigation before the initiation of foreclosure. The Bureau issued proposed amendments on April 5 that would prevent initial foreclosure actions until after December 31, 2021.

Extension of FDCPA rules.The Bureau expects to finalize its April 7 proposal to extend by 60 days the effective date of two recent final rules issued to implement the Fair Debt Collection Practices Act for third-party collectors.

Small business lending data. The Bureau expects to issue a notice in September 2021 of proposed rulemaking to implement section 1071 of the Dodd-Frank Act, which requires financial institutions to collect, report, and make public certain information about credit applications by women-owned, minority-owned, and small businesses.

Availability of consumer financial account data. The Bureau continues to review comments from its November 2020 advance notice of proposed rulemaking to implement section 1033 of the Dodd-Frank Act to address the availability of consumer financial account data in electronic form.

Standards for Automated Valuation Models (AVMs). The Bureau is pursuing an interagency rulemaking with the Federal Reserve Board, OCC, FDIC, NCUA, and FHFA to develop regulations to implement the amendments made by the Dodd-Frank Act to FIRREA concerning appraisals. The FIRREA amendments require implementing regulations for quality control standards for automated valuation models (AVMs).

Transition from LIBOR. The Bureau expects to issue a final rule in January 2022 amending Regulation Z to lessen the financial impact to consumers and facilitate creditor compliance by providing examples of replacement indices that meet Regulation Z requirements.

06/14/2021

Non-profits and private firms compete for SBA funding

The SBA has announced that non-profit organizations and private sector firms are now eligible to compete for funding of up to $500,000 to deliver federal procurement training to veteran and service-disabled veteran entrepreneurs. The application period began on Friday and runs thru through July 12, 2021. Awards will be made for a base project period of 12 months, with three option periods of 12 months each. Funding will be used to cover the costs of educating veterans and service-disabled veterans who intend to pursue, or are already engaged in, federal procurement.

Eligible organizations must submit applications for the Veteran Federal Procurement Entrepreneurship Training Program by 11:59 p.m. ET on July 12, 2021, through Grants.gov. Search for opportunity number SB-OVVT-21-001. Applications not submitted via Grants.gov will not be evaluated.

SBA’s Office of Veterans Business Development will host a conference call on Tuesday, June 22, 2021, at 2 p.m. EDT to answer questions related to the Veteran Federal Procurement Entrepreneurship Training Program grant announcement.

06/11/2021

FDIC guidance on recovery after Louisiana storms

The FDIC has issued FIL-40-2021 with guidance and steps to provide regulatory relief to financial institutions and facilitate recovery in areas of Louisiana affected by severe storms, tornadoes, and flooding May 17–21..

06/10/2021

Reserve Banks released two outstanding CRA evals in May

The Federal Reserve Banks released two CRA evaluations rated Outstanding in May 2021. We congratulate:

The Reserve Banks also released 13 CRA evaluations in May with Satisfactory ratings.

06/09/2021

Rural Housing Service proposes loan program amendments

The U.S. Department of Agriculture's Rural Housing Service has published [86 FR 30565] a proposed rule that would amend the current regulation for the Single Family Housing Guaranteed Loan Program (SFHGLP) at 7 CFR 3555 to update the requirements for Federally supervised lenders, minimum net worth and experience for non-supervised lenders, approved lender participation requirements, treatment of applicants with delinquent child support payments and builder credit requirements.

The changes are being proposed to promote an efficient and robust management and oversight structure of lenders in the SFHGLP, strengthen underwriting practices by denying loan guarantees for applicants who are subject to administrative offset to collect delinquent child support payments, and streamline requirements for screening builder-contractors by lenders.

Comments on the proposal are due by August 9, 2021.

06/08/2021

Fed bank stress test results due June 24

The Federal Reserve Board announced on Monday that results from its bank stress tests will be released on Thursday, June 24, at 4:30 p.m. EDT.

Stress tests help ensure that banks have adequate capital to absorb losses so that they can lend to households and businesses even in a severe recession. For the 2021 stress tests, the resilience of large banks is being tested against a hypothetical recession featuring a severe global downturn with substantial stress in commercial real estate and corporate debt markets.

Banks with more than $100 billion in total consolidated assets are subject to the Board's stress tests. The smaller banks among those subject to the Board's stress test are only required to participate every other year with all firms participating last year. For this year's test, four firms voluntarily opted-in: BMO Financial Corp., MUFG Americas Holdings Corporation, RBC US Group Holdings LLC, and Regions Financial Corporation.

06/08/2021

Federal Reserve consumer credit data

The Federal Reserve has posted April 2021 G.19 Consumer Credit data indicating that consumer credit increased at a seasonally adjusted annual rate of 5.3 percent. Revolving credit decreased at an annual rate of 2.4 percent, while nonrevolving credit increased at an annual rate of 7.6 percent.

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