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Top Story Lending Related

01/12/2024

FDIC updates Manual of Examination Policies

The FDIC has updated its Risk Management Manual of Examination Policies (RMS Manual). The RMS Manual provides FDIC examiners information relating to examination activities and supervisory practices and promotes consistency in examination activities, which center on evaluating an institution’s capital, assets, management, earnings, liquidity, sensitivity to market risk, and adherence to laws and regulations.

The January 2024 update reorganized section 3.1 (Asset Quality) to separate FDIC-only explanatory instructions from the specific Uniform Financial Institutions Rating System (UFIRS) Asset Quality component rating language.

01/11/2024

'1071' rule remains in limbo as veto override fails

The U.S. Senate yesterday failed to override President Biden's veto of a Congressional Review Act resolution that would have nullified the CFPB's Small Business Lending reporting rule (mandated by section 1071 of the Dodd-Frank Act). The president's veto could have been overridden by two-thirds votes in both the House and the Senate. The Senate vote failed with a 54-45 vote.

The CFPB rule remains in limbo, however, pending a U.S. Supreme Court decision on the constitutionality of the Bureau's funding mechanism.

01/11/2024

Agencies release video on CRA regulation update

The Federal Reserve Board, FDIC, and OCC have issued an overview video on the final rule issued on October 24, 2023, to strengthen and modernize their regulations implementing the Community Reinvestment Act.

The nearly one-hour video on the regulators' YouTube channels provides an overview of the new CRA rule and its objectives. Additional topics in the recording include assessment areas, community development, evaluation framework, performance tests, ratings, data collection and reporting, and applicability dates.

01/10/2024

Appraisal subcommittee to meet on appraisal bias

The OCC will host a public hearing of the FFIEC Appraisal Subcommittee on appraisal bias on February 13, 2024, from 10:00 a.m. to 1:00 p.m. ET, at its headquarters, 400 7th Street SW, Washington, D.C.

The subcommittee panel will include a representative from each of the five Federal Financial Institutions Examination Council (FFIEC) regulatory agencies, the U.S. Department of Housing and Urban Development and the Federal Housing Finance Agency. Witnesses will include representatives from the Appraisal Foundation, state appraiser licensing and regulatory organizations, and active appraisers.

The meeting is open to the public, but in-person and virtual attendees must register to attend no later than February 9. Registration for in-person attendance may close sooner if maximum capacity is reached.

01/09/2024

OCC publishes FAQs on State Small Business Credit Initiative

Yesterday, OCC Bulletin 2024-1 announced the publication of answers to frequently asked questions about the State Small Business Credit Initiative 2.0 (SSBCI) based on the facts and circumstances presented in the questions.

The FAQs do not introduce new policy or guidance and are based on previously communicated policy, guidance, and interpretations.

01/09/2024

CFPB announces civil penalty inflation adjustments

The Consumer Financial Protection Bureau has announced its adoption of a final rule to adjust for inflation the maximum amount of each civil penalty within the CFPB’s jurisdiction. The adjustments are required by the Federal Civil Penalties Inflation Adjustment Act of 1990 (Inflation Adjustment Act), as amended.

The changes are effective January 15, 2024. The inflation multiplier used this year was 1.03241. The Bureau's notice has been published at 89 FR 1787 in the January 11, 2023, Federal Register.

01/09/2024

Reserve Banks released 8 CRA evaluation ratings in December

The Federal Reserve Banks made public eight Community Reinvestment Act compliance evaluations in December 2023. Six of those evaluations were rated "Satisfactory." We congratulate two banks that earned ratings of "Outstanding" on their evaluations (links are to the public portion of the evaluations):

01/08/2024

CFPB: Borrowers face challenges in resumption of student loan payments

The CFPB on Friday announced its publication of Issue Spotlight: Federal Student Loan Return to Repayment, on the CFPB’s oversight of student loan servicing practices in the early months of the resumption of federal student loan repayments after over three years of a payment pause due to the COVID-19 emergency.

  • Long hold times and abandoned calls: The report finds that borrowers are frequently forced to wait on hold for more than an hour when calling their servicer, and many give up without ever receiving assistance. Many servicers were able to boost their financial performance by dramatically reducing staffing during the pandemic. However, servicers have not met the foreseeable borrower demand for help with their loans.
  • Significant delays in processing income-driven repayment plan applications: Millions of income-driven repayment plan applications were submitted between August and October 2023. As of late October, servicers reported more than 1.25 million pending income-driven repayment plan applications – with more than 450,000 of those applications pending for more than 30 days with no resolution. Processing times vary across servicers, with some servicers taking five times longer than others to process applications.
  • Inaccurate and untimely billing statements: Borrowers are receiving faulty and confusing bills from servicers. Errors include listing premature due dates before the end of the payment pause, inflating monthly payment amounts due to the servicer using outdated poverty guidelines, or using the incorrect income when calculating a borrower’s new income-driven repayment plan payment. These mistakes can cause significant borrower confusion, and can further strain the servicers’ resources by forcing borrowers to contact their servicer to resolve the errors.

01/05/2024

FTC and Connecticut sue Manchester Nissan dealership

The Federal Trade Commission has announced it has joined the State of Connecticut in filing a complaint against auto dealer Chase Nissan LLC d/b/a Manchester City Nissan, its owner, and key employees, for systematically deceiving consumers about the price of certified used cars, add-ons, and government fees.

The complaint alleges that the dealership, in addition to deceiving consumers, regularly charges them junk fees for certification, add-on products, and inflated government charges without the consumers’ consent, sometimes costing them thousands of dollars in unwanted and unauthorized charges.

Connecticut also alleges that all these practices are deceptive or unfair under Connecticut law.

01/05/2024

FDIC releases recent CRA evaluation ratings

The FDIC has released a list of 68 banks whose evaluations of compliance with the Community Reinvestment Act were recently made public. We congratulate four banks on the list whose evaluations were rated Outstanding:

First Trust and Savings Bank, Coralville, Iowa, received a "Needs to Improve" rating. The remaining 63 banks' evaluations were rated Satisfactory.

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