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Low-income CUs top 2,100

The NCUA has announced that 2,107 federally insured credit unions now have the low-income designation. The credit unions have 23.6 million members and $218 billion in assets. More than 70 percent of the low-income designated credit unions are also small credit unions, with assets of less than $50 million.


G-Fee comment deadline extended

The Federal Housing Finance Agency (FHFA) has announced the extension of the deadline for its Request for Input on the guarantee fees (g-fees) that Fannie Mae and Freddie Mac charge lenders to September 8, 2014. The deadline was pushed back from August 4, 2014.


Servicemembers to get relief from predatory lender

The CFPB has announced that it and 13 state attorneys general obtained a Consent Order providing approximately $92 million in debt relief from Colfax Capital Corporation and Culver Capital, LLC, also known as "Rome Finance," for about 17,000 U.S. servicemembers and other consumers harmed by the company's predatory lending scheme. The relief comes in the form of termination of servicemembers' obligations under current Rome Finance financing agreements. Portions of the order calling for reimbursements will be suspended because Rome Finance is in bankruptcy. However, a $1 million civil penalty is to be paid under the order.


Lloyds to pay LIBOR-rigging penalty

The Department of Justice has announced that Lloyds Banking Group plc has entered into an agreement with the Department of Justice to pay an $86 million penalty for manipulation of submissions for the London InterBank Offered Rate (LIBOR), a leading global benchmark interest rate. Lloyds has also agreed to admit and accept responsibility for its misconduct, and to continue cooperating with the Department in its investigation.


New 2014 HMDA data entry software release

The FFIEC has announced that 2014 HMDA and CRA Data Entry Software Release 2 versions are available for calendar year 2014 data due March 3, 2015. NOTE: each software version is year-specific.


Miami bank to pay for loan ads

One of the CMP orders announced by the FDIC (see above) was for $70,000, assessed against International Finance Bank, Miami, Florida, which was found to have violated section 1026.24(a) of Regulation Z and to have engaged in deceptive and unfair acts and practices in violation of section 5 of the FTC Act, by understating available interest rates on the bank's deposit-secured loans in advertising materials, website ads and brochures.


NMLS system maintenance scheduled this weekend

The NMLS has announced that enhancements will be made to its system, and consumer access will be unavailable from 9 p.m. ET, Friday, July 25th until Saturday afternoon, July 26th and from 8 to 10 p.m. ET Saturday evening.


Agencies take action to halt mortgage schemes

The Federal Trade Commission, the Consumer Financial Protection Bureau and various state agencies have announced actions taken against six mortgage relief operations, charging that defendants preyed on distressed homeowners by misrepresenting that they typically could lower homeowners' mortgage payments and interest rates or prevent foreclosure, and illegally charging advance fees. The actions were part of Operation Mis-Modification, a joint federal and state enforcement sweep conducted with the CFPB. The defendants were charged with violating the Federal Trade Commission Act and the Mortgage Assistance Relief Services (MARS) Rule (CFPB Regulation O, 12 CFR Part 1015), which bans mortgage foreclosure rescue and loan modification services from collecting fees until homeowners have a written offer from their lender or servicer that they deem acceptable. The CFPB also issued a Consumer Advisory about foreclosure relief scams or bogus legal help.v


Flood violation CMP

The Federal Reserve Board has announced it has imposed a $15,785 civil money penalty (CMP) against State Bank, New Hampton, Iowa for violations of Regulation H provisions that implement the National Flood Insurance Act. Information on the order has been posted on the BOL Flood Penalties Watch page.


Bureau documents published

The Consumer Financial Protection Bureau has published two recently announced documents in the Federal Register.

  • An interpretive rule [79 FR 41631] clarifying that substitution or addition of certain successors-in-interest as obligors on dwelling-secured consumer credit obligations are not subject the the Bureau's Ability-to-Repay Rule (§ 1026.43 of Regulation Z)
  • Policy Guidance on Supervisory and Enforcement Considerations Relevant to Mortgage Brokers Transitioning to Mini-Correspondent Lenders [79 FR 41671]


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