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Top Story Lending Related

09/30/2016

FTC charges LA auto group with 'yo-yo' financing

The Federal Trade Commission has announced it filed a complaint charging nine Los Angeles-area auto dealerships and their owners with using a wide range of deceptive and unfair sales and financing practices. This is the Commission's first action against an auto dealer for “yo-yo” financing tactics — using deception or other unlawful pressure tactics to coerce consumers who have signed contracts and driven off the dealership lots into accepting a different deal. The FTC also alleges that the defendants packed extra, unauthorized charges for “add-ons,” or aftermarket products and services, into car deals financed by consumers.

09/30/2016

HMDA mortgage lending data available

The FFIEC has announced the availability of the 2015 data on mortgage lending transactions at 6,913 U.S. financial institutions covered by the Home Mortgage Disclosure Act (HMDA). Covered institutions include banks, savings associations, credit unions, and mortgage companies. The CFPB also issued a press release on the data.

09/30/2016

MLA exam procedures revised

Federal Reserve Board Consumer Affairs Letter CA 16-6, issued September 29, introduces the recently developed interagency Military Lending Act (MLA) examination procedures. The MLA and its implementing Department of Defense regulation contain limitations on and requirements for certain types of consumer credit extended to active duty service members and their spouses, children, and other dependents. These revised examination procedures supersede the interagency MLA examination procedures transmitted with CA 08-4. The compliance date for the final rule is October 3, 2016, but for credit card accounts the compliance date is October 3, 2017.

09/30/2016

Property owners and developer face discrimination charges

HUD has announced it is charging the owners and developers of Ashlynn Estates, a 27-unit complex in Ellensburg, Washington, with housing discrimination for designing and constructing housing units that fail to meet the accessibility requirements of the Fair Housing Act. HUD’s charge is the result of a complaint that was filed by Northwest Fair Housing Alliance, a non-profit organization located in Spokane. The charge alleges that the owners and developer of the complex, Riexinger Enterprises, doing business as Crossroads Construction, failed to design and construct the property in an accessible manner. Specifically, HUD alleges that the buildings’ bathroom and closet doors that are not wide enough for wheelchair access; there is insufficient floor space at bathroom fixtures; and there are no accessible entrances, parking spaces or accessible curbs or ramps.

09/30/2016

OCC hits Wells Fargo again

The Office of the Comptroller of the Currency has issued a $20 million Civil Money Penalty order to Wells Fargo Bank, N.A., along with an order to make restitution to servicemembers harmed by the bank's violations of the Servicemembers Civil Relief Act (SCRA). The OCC found that between approximately 2006 and 2016, the bank violated three separate provisions of the SCRA. The bank failed to:

  • provide the 6-percent interest rate limit to servicemember obligations or liabilities incurred before military service;
  • accurately disclose servicemembers’ active duty status to the court via affidavits prior to evicting those servicemembers; and
  • obtain court orders prior to repossessing servicemembers’ automobiles.

The OCC said that the $20 million penalty reflects "the duration and frequency of violations, the financial harm to the servicemembers, deficiencies and weaknesses in the bank’s SCRA compliance program and ineffective compliance risk management."

The OCC took this action in coordination with the Department of Justice’s Civil Rights Division, which issued a separate order for restitution and a $60,000 civil penalty, related to the bank’s repossession-related SCRA violations.

See "Wells Fargo pays $20M for SCRA infractions," in our Penalties pages, for more information on these enforcement actions.

09/29/2016

Settlement administrator to contact Provident borrowers

The CFPB has posted an article with information for eligible borrowers who were overcharged by Provident Funding Associates. As part of a settlement agreement with the CFPB and the Department of Justice, Provident Funding Associates, L.P. agreed to pay $9 million in relief to minority borrowers whom Provident overcharged between 2006 and 2011. Over the next few days, African-American and Hispanic borrowers harmed by these actions will receive packets with instructions on how to participate in the settlement.

09/29/2016

Fannie and Freddie delinquency rates down

The Federal Housing Finance Agency (FHFA) has released its second quarter Foreclosure Prevention Report which shows that Fannie Mae and Freddie Mac completed 48,438 foreclosure prevention actions in the second quarter of 2016, bringing the total number of foreclosure prevention actions to more than 3.7 million since the start of the conservatorships in September 2008. The report also shows that the serious delinquency rates of Fannie Mae and Freddie Mac loans declined to their lowest levels since 2008.

09/29/2016

August mortgage rates decrease

The FHFA index for August 2016 indicates that interest rates on conventional purchase-money mortgages decreased from July to August, according to selected indices of new mortgage contracts. The National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders Index was 3.58 percent for loans closed in late August, down 4 basis points. The average interest rate on all mortgage loans was 3.59 percent, down 4 basis points. The average interest rate on conventional, 30-year, fixed-rate mortgages of $417,000 or less was 3.74 percent, down 6 basis points. The effective interest rate on all mortgage loans was 3.72 percent in August, down 5 basis points. The effective interest rate accounts for the addition of initial fees and charges over the life of the mortgage. The average loan amount for all loans was $322,700 in August, down $3,000.

09/29/2016

OCC issues enforceable guidelines for recovery planning

The Office of the Comptroller of the Currency has published a final rule and guidelines establishing standards for recovery planning by insured national banks, insured Federal savings associations, and insured Federal branches of foreign banks with average total consolidated assets of $50 billion or more (Final Guidelines). The OCC is issuing the Final Guidelines as an appendix to its safety and soundness standards regulations, and the Final Guidelines will be enforceable by the terms of the Federal statute that authorizes the OCC to prescribe operational and managerial standards for national banks and Federal savings associations. The guidelines become effective January 1, 2017, with phased-in compliance dates over 18 months from that date, with the largest banks (total assets of $750 billion or more) required to comply by July 1, 2017.

09/29/2016

FEMA to suspend Virginia community from Flood Program

The Federal Emergency Management Agency (FEMA) has published a final rule in this morning's Federal Register identifying unincorporated areas of Louisa County, Virginia, as a community where the sale of flood insurance has been authorized under the National Flood Insurance Program (NFIP) that is scheduled for suspension on October 31, 2016, for noncompliance with the floodplain management requirements of the program.

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