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Exception Tracking Spreadsheet (TicklerTrax™)
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Top Story Lending Related

04/03/2017

Annual revision of G.17 available

The Federal reserve has posted the annual revision of the G.17 industrial production and capacity utilization statistical report.

03/31/2017

Treasury and State sanction terrorism facilitators

OFAC has announced it has taken action to disrupt the Islamic State of Iraq and Syria's (ISIS) global financial and facilitation networks by designating two individuals as Specially Designated Global Terrorists pursuant to Executive Order (E.O.) 13224. The individuals designated are Syria- and Iraq-based ISIS members who provide financial and operational support for ISIS's recruitment and attack plotting in Indonesia, Malaysia, and elsewhere in Southeast Asia. The State Department also designated five individuals under E.O. 13224. As a result of those actions, all property and interests in property of the seven individuals subject to U.S. jurisdiction are blocked, and U.S. persons are generally prohibited from engaging in transactions with them.

For additional information, see our OFAC Update.

03/31/2017

OCC newsletter on preserving affordable housing

The OCC has published the latest edition of its Community Development Investments newsletter entitled "Preserving Affordable Housing: Innovative Partnerships." The issue describes the role of national banks and federal savings associations in preserving America’s affordable rental housing and presents examples of how financial institutions and nonprofit organizations have utilized federal and state programs, tax incentives, loan funds, and the secondary market to create innovative partnerships in urban and rural areas. This edition also reviews how these activities may be eligible for Community Reinvestment Act consideration.

03/30/2017

Progress made on Fannie and Freddie’s 2016 scorecard

The Federal Housing Finance Agency (FHFA) has issued a Progress Report summarizing the 2016 activities of Fannie Mae and Freddie Mac (the Enterprises) to further FHFA's three strategic objectives as conservator: Maintain, Reduce, and Build. The Progress Report details efforts made to address borrower impediments to credit access while transitioning from crisis era policies and programs to those that will help borrowers and communities that are still struggling. The report also describes advances made in the Enterprises' credit risk transfer programs and other activities designed to increase the role of private capital in the secondary mortgage market and reduce risk for taxpayers. The report also describes the successful implementation of Release 1 of the Common Securitization Platform, a significant milestone toward the ultimate goals of building a new securitization infrastructure and issuance by both Enterprises of a single, common security. In addition, the Progress Report documents Fannie Mae's and Freddie Mac's ongoing actions to promote diversity and inclusion in furtherance of the strategic goals of the conservatorships.

03/30/2017

January G.20 finance companies report released

The Federal Reserve Board has released the G.20 finance companies report for January 2017. The report covers owned and managed receivables outstanding plus auto loans: terms of credit not seasonally adjusted.

03/29/2017

Mortgage rates increased in February

The FHFA index indicates mortgage rates increased in February 2017. Nationally, interest rates on conventional purchase-money mortgages increased from January to February, according to several indices of new mortgage contracts.

  • The National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders Index was 4.27 percent for loans closed in late February, up 5 basis points from 4.22 percent in January.
  • The average interest rate on all mortgage loans was 4.25 percent, up 8 basis points from 4.17 in January.
  • The average interest rate on conventional, 30-year, fixed-rate mortgages of $424,100 or less was 4.41 percent, up 4 basis points from 4.37 in January.
  • The effective interest rate on all mortgage loans was 4.38 percent in February, up 8 basis points from 4.30 in January. 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 $301,600 in February, down $3,800 from $305,400 in January.

03/29/2017

FRB issues enforcement action against Arkansas bank

The Federal Reserve Board has announced the execution of an enforcement action and the assessment of a $11,000 civil money penalty against the Bank of Star City, Star City, Arkansas, for violations of the National Flood Insurance Act. See our Flood Penalty Page for further information.

03/29/2017

Yellen on workforce development challenges in low-income communities

In a presentation at "Creating a Just Economy," the 2017 annual conference of the National Community Reinvestment Coalition, Federal Reserve Board Chair Yellen discussed the workforce development challenges in low-income communities. The Chair noted, “the Community Reinvestment Act (CRA) requires banks to help meet the credit needs of the communities they are chartered to serve, including low- and moderate-income neighborhoods. Since its enactment, the CRA has helped channel capital into communities and, in the process, supported innovative and effective approaches to community development.” Dr. Yellen concluded, "while the economy overall is recovering and the job market has improved substantially since the recession, pockets of persistently high unemployment, as well as other challenges, remain. Fortunately, programs such as the ones I have highlighted today can help address these challenges in more targeted ways than the Federal Reserve is equipped to do through monetary policy."

03/29/2017

CFPB spotlight on credit card complaints

The CFPB has released its monthly complaint snapshot, which this month focuses on consumer complaints about credit cards. The snapshot shows that consumers continue to report problems when they attempt to dispute charges on their cards. This month’s report also highlights trends seen in complaints coming from Massachusetts.

03/27/2017

CFPB proposes changes to Reg B

The Bureau has announced a proposal to increase flexibility for mortgage lenders in collecting demographic information. The CFPB’s proposal would provide compliance flexibility for individual mortgage lenders, and would also support the broader mortgage industry’s ability to use consistent forms and compliance practices. Under the proposal, mortgage lenders would not be required to maintain different practices depending on their loan volume or other characteristics, allowing more lenders to adopt application forms that include expanded requests for information regarding a consumer’s ethnicity and race, including the revised Uniform Residential Loan Application. The proposal also contains other amendments to Regulation B and its commentary to facilitate compliance with Regulation B’s requirements for the collection and retention of information about the ethnicity, race, and sex of applicants seeking certain types of mortgage loans. Comments will be accepted for 30 days following publication in the Federal Register.

UPDATE: Published April 4, 2017, with comment deadline of May 4, 2017.

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