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Exception Tracking Spreadsheet (TicklerTrax™)
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Top Story Lending Related

09/16/2016

Industrial production and capacity utilization decline

The Federal Reserve Board has released the September 15, 2016, G.17 Industrial Production and Capacity Utilization Report. Industrial production decreased 0.4 percent in August after rising 0.6 percent in July. Manufacturing output also declined 0.4 percent in August, reversing its increase in July; the level of the index in August is little changed from its level in March. Following two consecutive monthly increases, the index for utilities fell back 1.4 percent in August. Even so, the index was 1.7 percent above its year-earlier level, as hot temperatures this summer boosted the usage of air conditioning. The output of mining moved up 1.0 percent in August, its fourth consecutive monthly increase following an extended downturn; the index, however, was still about 9 percent below its year-ago level. At 104.4 percent of its 2012 average, total industrial production in August was 1.1 percent lower than its year-earlier level. Capacity utilization for the industrial sector decreased 0.4 percentage point in August to 75.5 percent, a rate that is 4.5 percentage points below its long-run (1972–2015) average.

09/16/2016

Fair housing protection for those with limited English proficiency

HUD has announced the issuance of “Limited English Proficiency” (LEP) guidance that addresses how the Fair Housing Act would apply to claims of housing discrimination brought by people because they do not speak, read, or write English proficiently. More than 25 million people in the United States do not communicate proficiently in English. Housing providers are prohibited from using limited English proficiency selectively or as an excuse for intentional housing discrimination. The law also prohibits landlords from using limited English proficiency in a way that causes an unjustified discriminatory effect.

09/15/2016

CUs show growth

The NCUA has released the NCUA Quarterly U.S. Map Review for the second quarter 2016. The Review tracks performance indicators for federally insured credit unions in all 50 states and the District of Columbia. It also includes information on two key state-level economic indicators: unemployment rates and home price changes. Nationally, median loan growth in federally insured credit unions was 4.3 percent during the year ending in the second quarter. In the same period, median asset growth was 3.2 percent, the median rate of growth in deposits and shares was 3.3 percent, and the median loans-to-shares ratio rose to 62 percent.

09/15/2016

OCC releases 2017 bank supervision plan

The Office of the Comptroller has released its bank supervision operating plan for fiscal year (FY) 2017. Supervisory strategies for FY 2017 will focus on:

  • Commercial and retail loan underwriting;
  • Business model sustainability and viability;
  • Operational resiliency;
  • Bank Secrecy Act/anti-money laundering compliance management; and
  • Change management to address new regulatory requirements.

09/14/2016

Senate banking committee sets Wells Fargo hearing

The Los Angeles Times and other media outlets report that the U.S. Senate Banking Committee will hold a hearing on September 20 on the sales tactics used by Wells Fargo Bank employees that led to the recently-announced $185 million in penalties (see our September 9 Top Story) assessed by federal regulators and Los Angeles County. Five members of the committee had released a letter asking that committee chair Senator Richard Shelby investigate the matter. The Times said it first revealed the bank's sales practices in 2013.

09/14/2016

CFPB information on unauthorized Wells Fargo accounts

The CFPB has posted an article with information for consumers who incurred fees as a result of an unauthorized Wells Fargo account. The CFPB suggests that customers of any bank or credit union should always closely monitor their accounts to make sure they don’t see unauthorized products or account activity. If they suspect that they had an unauthorized account opened, they should visit their local bank branch or call their financial institution. If they continue to have an issue, they can submit a complaint to the CFPB, either online or by calling toll-free (855) 411-2372. Wells Fargo customers should not have to contact the bank to receive a refund of fees they incurred as a result of the bank's recently revealed illegal conduct. Wells Fargo has already been ordered to identify affected consumers and make the required refunds.

09/14/2016

Curry on marketplace lending risks

In a presentation at the Marketplace Lending Policy Summit, Comptroller Curry discussed marketplace lending’s risks and associated policy questions. He noted, “Marketplace lending may use new technology or techniques, but it’s still about extending credit to borrowers—something that’s been done for more than 3,000 years. Technology has been part of banking since the beginning. Let’s not forget that the Sumerians' invention of coinage and cuneiform writing were revolutionary technological feats.” Curry indicated the OCC Innovation Framework Development Team will complete a framework this fall which will enable the OCC to assess responsible innovation that encourages and promotes advances in products, services, and processes that serve consumers, communities, and businesses better and more fairly.

09/14/2016

HUD rule on discriminatory harassment violations

The Department of Housing and Urban Development has published at 81 FR 63054 in today's Federal Register a final rule amending its fair housing regulations at 24 CFR part 100 to formalize standards for use in investigations and adjudications involving allegations of harassment on the basis of race, color, religion, national origin, sex, familial status, or disability. The rule specifies how HUD will evaluate complaints of quid pro quo (“this for that”) harassment and hostile environment harassment under the Fair Housing Act. It will also provide for uniform treatment of Fair Housing Act claims raising allegations of quid pro quo and hostile environment harassment in judicial and administrative forums. The rule defines “quid pro quo” and “hostile environment harassment,” as prohibited under the Fair Housing Act, and provides illustrations of discriminatory housing practices that constitute such harassment. In addition, this rule clarifies the operation of traditional principles of direct and vicarious liability in the Fair Housing Act context.

09/13/2016

Bureau penalizes college chain for student loan practices

The CFPB has announced it has ordered for-profit college chain Bridgepoint Education, Inc., which deceived students into taking out private student loans that cost more than advertised, to discharge all outstanding private loans and to refund loan payments already made by borrowers. Loan forgiveness and refunds will total over $23.5 million in automatic consumer relief. Bridgepoint must also pay an $8 million civil penalty to the Bureau. For additional information on the Bureau's action, see "Bridgepoint Education penalized for student loan practices," in our Penalties pages.

09/13/2016

HUD funding for tribal housing and community development

The Department of Housing and Urban Development has announced that 77 Native American communities have be awarded a total of $56.5 million to improve housing conditions and stimulate community development for residents, including funding construction projects and local jobs. The grants are part of HUD’s Indian Community Development Block Grant (ICDBG) Program, which supports a wide range of community development and affordable housing activities.

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