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Exception Tracking Spreadsheet (TicklerTrax™)
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Top Story Lending Related

01/20/2021

CFPB issues rule on HPML escrow exemption

The CFPB has issued a final rule amending section 1026.35 of Regulation Z to implement a requirement of the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA). The final rule exempts certain insured depository institutions and insured credit unions from the requirement to establish escrow accounts for certain higher-priced mortgage loans (HPMLs).

The rule will take effect on publication in the Federal Register. It exempts from the HPML escrow requirement any loan made by an insured depository institution or insured credit union and secured by a first lien on the principal dwelling of a consumer if (1) the institution has assets of $10 billion or less; (2) the institution and its affiliates originated 1,000 or fewer loans secured by a first lien on a principal dwelling during the preceding calendar year; and (3) certain of the existing HPML escrow exemption criteria are met (one or more covered first-lien-secured transactions in a rural or underserved area in the prior year, and no escrow accounts maintained on real estate secured consumer credit other than escrow accounts established for first-lien HPMLs for which applications were received on or after April 1, 2010, and before 120 days after publication of this rule; or escrow accounts established after consummation as an accommodation to distressed consumers to assist such consumers in avoiding default or foreclosure).

01/20/2021

SBA FAQs on second draw PPP loans

SBA has issued a January 19 series of FAQs (Use the download PDF button on the page) with guidance to assist businesses in calculating their revenue reduction and payroll costs (and the relevant documentation that is required to support each set of calculations) for purposes of determining their eligibility for and amount of a Second Draw PPP Loan. The FAQs focus on the topics of Revenue Reduction and Maximum Second Draw PPP Loan Amounts.

01/20/2021

Foreclosure and REO eviction moratoriums extended

The Federal Housing Finance Agency has announced that Fannie Mae and Freddie Mac (the Enterprises) will extend the moratoriums on single-family foreclosures and real estate owned evictions until February 28, 2021. The foreclosure moratorium applies to Enterprise-backed, single-family mortgages only. The REO eviction moratorium applies to properties that have been acquired by an Enterprise through foreclosure or deed-in-lieu of foreclosure transactions. The current moratoriums were set to expire on January 31, 2021.

01/19/2021

Bureau sues 1st Alliance Lending

The CFPB announced on Friday it has filled a lawsuit against 1st Alliance Lending, LLC, John Christopher DiIorio, Kevin Robert St. Lawrence, and Socrates Aramburu for allegedly engaging in various unlawful mortgage-lending practices. 1st Alliance, based in Hartford, Connecticut, originated residential mortgages from 2004 to September 2019 and stopped operating in November 2019. DiIorio was its chief executive officer and he, St. Lawrence, and Aramburu were 1st Alliance’s three managing executives.

The Bureau alleges that 1st Alliance, with DiIorio’s, St. Lawrence’s, and Aramburu’s participation, knowledge, and direction, violated the Truth in Lending Act, the Fair Credit Reporting Act, the Equal Credit Opportunity Act, the Mortgage Acts and Practices—Advertising Rule, and the Consumer Financial Protection Act of 2010. The Bureau’s complaint, filed in the United States District Court for the District of Connecticut, seeks injunctions against the defendants, as well as damages, redress to consumers, disgorgement of ill-gotten gains, and the imposition of civil money penalties.

01/19/2021

Payroll support for airline industry employees

Secretary Mnuchin on Friday announced the U.S. Department of the Treasury approved more than $12 billion in payroll support for major passenger air carriers to support airline industry workers. Treasury made the first PSP2 payments to passenger air carriers Friday, disbursing a total of $6.1 billion to major air carriers to support hundreds of thousands of jobs. To protect taxpayers, Treasury received notes and warrants from these carriers, as required under Section 408 of the PSP Extension Law.

01/19/2021

Last-minute PPP guidance and notices from SBA

01/15/2021

NCUA Board actions

The NCUA Board (NCUA) has held its first open meeting of 2021 and announced its approval of approved six items:

  • A proposed rule that would raise the asset threshold for defining a credit union as “complex” for purposes of being subject to any risk-based net worth requirement
  • An advance notice of proposed rulemaking that solicits comments on two approaches to simplify risk-based capital requirements
  • A proposed rule that would add the “S” component to the existing CAMEL rating system and redefine the “L” component
  • A proposed rule expanding the list of permissible activities and services for credit union service organizations
  • A final rule clarifying that corporate credit unions may purchase subordinated debt instruments
  • The NCUA’s 2021 Annual Performance Plan

01/15/2021

OCC Virtual Bank Director Workshops announced

The OCC has announced its 2021 schedule of free, virtual workshops for directors of national banks and federal savings associations. Four virtual workshops are offered:

  • Building Blocks: Keys to Success for Directors and Senior Management
  • Risk Governance: Improving Director Effectiveness
  • Credit Risk: Directors Can Make a Difference
  • Operational Risk: Navigating Rapid Changes

The schedule of the workshops and registration are available on the OCC's website.

01/15/2021

New letter of agreement required for PPPLF

A new letter of agreement (LOA) is required to receive new advances from the Paycheck Protection Program Liquidity Facility (PPPLF). The program will continue to be available to eligible participants that pledge any SBA-guaranteed Paycheck Protection Program (PPP) Loans that they have originated or purchased, which may include second draw loans or loans that are increased pursuant to the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (Economic Aid Act). All PPP loans pledged to the PPPLF must meet all applicable SBA and PPPLF requirements. Any institution that plans to request a new advance under the PPPLF must execute an updated LOA as amended on January 14, 2021.

01/15/2021

Fannie and Freddie stock purchase agreements amended

The Department of the Treasury and the Federal Housing Finance Agency have announced an agreement to amend the Preferred Stock Purchase Agreements (PSPAs) between Treasury and Fannie Mae and Freddie Mac (the Government Sponsored Enterprises or GSEs) to move the GSEs toward capitalization levels consistent with their size, risk, and importance to the U.S. economy, and to codify several existing FHFA conservatorship practices, including providing small lender protections and limiting future increases in certain higher risk lending practices. The agreement also outlines a plan for Treasury, in consultation with the FHFA, to develop a proposal for continued GSE reform.

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