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Top Story Lending Related

04/21/2017

Ocwen sued by CFPB

The CFPB has announced the filing of a lawsuit against Ocwen Financial Corporation and its subsidiaries for failing borrowers at every stage of the mortgage servicing process. The Bureau's complaint alleges that Ocwen, one of the country’s largest non-bank mortgage loan servicers, allegedly mishandled basic functions like sending accurate monthly statements, properly crediting payments, and handling taxes and insurance. In addition, Ocwen also allegedly illegally foreclosed on struggling borrowers, ignored customer complaints, and sold off the servicing rights to loans without fully disclosing the mistakes it made in borrowers' records. The Bureau's announcement reported that the Florida Attorney General took a similar action against Ocwen in a separate lawsuit, and that many state financial regulators are also independently issuing cease-and-desist and license revocation orders against Ocwen for escrow management and licensing issues.

04/21/2017

CFPB finalizes extension of Prepaid Accounts rule

The Consumer Financial Protection Bureau has announced a final rule delaying by six months the general effective date of the CFPB rule governing prepaid accounts. The rule will now take effect on April 1, 2018. The Bureau also reported it would revisit at least two substantive issues in the prepaid accounts rule through a separate notice and comment rulemaking process:

  • The linking of credit cards to digital wallets that are capable of storing funds
  • Error resolution and limitations on liability for prepaid accounts that cannot be registered, have not yet been registered, or for which consumers have attempted but have not successfully completed the registration process

04/20/2017

Beige Book posted

The Federal Reserve Board has posted the April 19, 2017, issue of the Beige Book.

04/20/2017

California lenders resolve HUD discrimination charges

The Department of Housing and Urban Development has announced a conciliation agreement with a group of California mortgage lenders to resolve allegations they discriminated against a mortgage applicant based on his national origin. A complaint filed by HUD alleged that American Financial Network of Brea, Benchmark Communities of Fresno, Brigantino Enterprise of Hollister, and an employee of Benchmark Communities failed to prequalify the applicant to purchase a home in Hollister because he is Hispanic. The case came to HUD's attention when the applicant filed a fair housing complaint alleging that he was unfairly denied an opportunity to prequalify for a mortgage loan, precluding him from purchasing a home because he is Hispanic. American Financial Network will pay the man $5,000; Benchmark Communities will provide annual fair housing training for its employees who interact with prospective homebuyers; and American Financial Network will provide annual fair housing training to current and new employees as they are hired.

04/19/2017

Residential construction continues mixed

The new residential construction statistics for March 2017 have been jointly announced by HUD and the Census Bureau.

  • BUILDING PERMITS: Privately-owned housing units authorized by building permits in March were at a seasonally adjusted annual rate of 1,260,000, 3.6 percent above the revised February rate of 1,216,000 and 17.0 percent above the March 2016 rate of 1,077,000. Single-family authorizations in March were at a rate of 823,000, 1.1 percent below the revised February figure of 832,000. Authorizations of units in buildings with five units or more were at a rate of 401,000 in March.
  • HOUSING STARTS: Privately-owned housing starts in March were at a seasonally adjusted annual rate of 1,215,000, which is 6.8 percent below the revised February estimate of 1,303,000, but 9.2 percent above the March 2016 rate of 1,113,000. Single-family housing starts in March were at a rate of 821,000, 6.2 percent below the revised February figure of 875,000. The March rate for units in buildings with five units or more was 385,000.
  • HOUSING COMPLETIONS: Privately-owned housing completions in March were at a seasonally adjusted annual rate of 1,205,000, 3.2 percent above the revised February estimate of 1,168,000 and 13.4 percent above the March 2016 rate of 1,063,000. Single-family housing completions in March were at a rate of 819,000, 7.9 percent above the revised February rate of 759,000. The March rate for units in buildings with five units or more was 374,000.

04/19/2017

Fed posts March G.17 Industrial Production stats

The Federal Reserve Board has posted its G.17 statistical release on Industrial Production and Capacity Utilization for March 2017. Industrial production increased 0.5 percent in March after moving up 0.1 percent in February. The increase in March was more than accounted for by a jump of 8.6 percent in the output of utilities—the largest in the history of the index—as the demand for heating returned to seasonal norms after being suppressed by unusually warm weather in February. For the first quarter as a whole, industrial production rose at an annual rate of 1.5 percent. At 104.1 percent of its 2012 average, total industrial production in March was 1.5 percent above its year-earlier level. Capacity utilization for the industrial sector increased 0.4 percentage point in March to 76.1 percent, a rate that is 3.8 percentage points below its long-run (1972–2016) average.

04/18/2017

OCC to host workshops in San Antonio

The OCC has announced it will host two workshops at the Crowne Plaza San Antonio Airport in San Antonio, Texas, May 23-24, for directors of national community banks and federal savings associations. The Credit Risk workshop on May 23 focuses on credit risk within the loan portfolio, such as identifying trends and recognizing problems. The workshop also covers the roles of the board and management, how to stay informed of changes in credit risk, and how to effect change. The Operational Risk workshop on May 24 focuses on the key components of operational risk—people, processes and systems. The workshop also covers governance, third-party risk, vendor management, and cybersecurity.

The OCC also reported that space is still available at its community bank workshops in Charlotte, North Carolina on April 25-26. The agency has expanded the invitation to the Charlotte workshops to include executive management and other key management officials of OCC-supervised institutions.

04/18/2017

CFBP sues law firm for deceiving consumers

The CFPB has filed a complaint in a federal district court against the debt collection law firm, Weltman, Weinberg & Reis, Cleveland, Ohio, for falsely representing in millions of collection letters to consumers that attorneys were involved in collecting the debt. The law firm made statements on collection calls and sent collection letters creating the false impression that attorneys had meaningfully reviewed the consumer’s file, when no such review had occurred. The CFPB is seeking to stop the unlawful practices and recoup compensation for consumers who have been harmed.

04/17/2017

NCUA meeting notice

The NCUA has published a notice of an open meeting of its Board at 10:00 a.m. EDT, April 20, at which the NCUA Board will consider quarterly reports on the Share Insurance and Corporate Stabilization funds, and proposed changes to Illinois' Member Business Loan Rule. The open meeting will be followed by a closed meeting to consider a share insurance appeal.

04/17/2017

CFPB Fair Lending Report released

The Bureau has released its fifth Fair Lending Report. The CFBP reports that, during 2016:

  • To protect consumers and better understand issues facing lenders, the Bureau engaged in significant outreach with industry, civil rights advocates, consumer groups, and other stakeholders to ensure a diverse set of viewpoints are incorporated into our work
  • The CFPB protected consumers by working with other government regulators and agencies to ensure companies reimbursed harmed consumers and put tools and processes in place to protect consumers
  • The Bureau encouraged lenders to find ways to expand access to credit in responsible ways, including to consumers with limited proficiency in English

In 2017, the CFPB plans to monitor institutions for compliance in redlining, mortgage and student loan servicing, and small business lending.

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