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Exception Tracking Spreadsheet (TicklerTrax™)
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Top Story Lending Related

02/14/2017

CDFI certification open

The NCUA has announced that federally insured low-income credit unions can now apply for certification as community development financial institutions through the streamlined application process developed by the regulator and the Community Development Financial Institutions Fund. The NCUA will host three streamlined CDFI-certification application rounds in 2017, the first beginning today and running through March 17. The second round runs from May 1 through May 26, and the third round runs from August 7 through September 1.

02/14/2017

HUD disaster assistance for Louisiana tornado victims

HUD has announced it will speed federal disaster assistance to the State of Louisiana and provide support to homeowners and low-income renters forced from their homes due to severe storms, tornadoes, and straight-line winds.

02/10/2017

FTC sends annual ECOA letter to CFPB

The Federal Trade Commission has provided the Consumer Financial Protection Bureau with an annual summary of its activities enforcing the Equal Credit Opportunity Act (ECOA).

02/10/2017

FinCEN CMP caps adjusted

The Treasury Department's final rule adjusting maximum civil money penalties for inflation (see "OFAC CMP caps adjusted for inflation") also included adjustments to maximum CMP amounts for Bank Secrecy Act violations. The new maximum penalties are found in revised Table 1 of § 1010.821 of FinCEN's regulations at 31 CFR Part 1010, amended on publication, and applicable retroactively to penalty assessments since January 15, 2017.

02/10/2017

OFAC CMP caps adjusted for inflation

The Treasury Department has published, in today's Federal Ledger, a final rule to adjust OFAC-enforced civil monetary penalties (“CMPs”) for inflation as mandated by the Federal Civil Penalties Inflation Adjustment Act of 1990, as amended by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015 (collectively referred to herein as “the Act”). This rule adjusts CMPs within the jurisdiction of OFAC to the maximum amount required by the Act. The rule is effective upon publication, and can be applied retroactively to violations since January 15, 2017.

As of January 15, the applicable statutory maximum civil penalty per violation for each statute enforced by OFAC is as follows:

  • International Emergency Economic Powers Act (IEEPA) — greater of $289,238 or twice the amount of the underlying transaction;
  • Trading with the Enemy Act (TWEA) — $85,236;
  • Foreign Narcotics Kingpin Designation Act (FNKDA) — $1,437,153;
  • Antiterrorism and Effective Death Penalty Act of 1996 (AEDPA) — greater of $76,351 or twice the amount of which a financial institution was required to retain possession or control; and
  • Clean Diamond Trade Act (CDTA) — $13,066.

02/09/2017

Fed releases G.19 consumer credit data

The Federal Reserve System has released December 2016 G.19 Consumer Credit data. Consumer credit increased at a seasonally adjusted annual rate of 6 percent during the fourth quarter. Revolving credit increased at an annual rate of 6-3/4 percent, while nonrevolving credit increased at an annual rate of 5-3/4 percent. In December, consumer credit increased at an annual rate of 4-1/2 percent.

02/09/2017

CFPB complaints report focuses on mortgage loans

The CFPB has posted its January 2017 monthly complaint report. Each edition includes spotlight reports on a product or service and on a geographic area. The January report focuses on mortgage complaints and on complaints from Tennessee.

02/09/2017

FHFA extends comment period on potential chattel loan pilot

The Federal Housing Finance Agency (FHFA) has extended the deadline, from February 17 to March 21, 2017, for stakeholders to respond to a request for input on potential manufactured home chattel loans pilot initiatives for Fannie Mae and Freddie Mac as part of the Duty to Serve underserved markets. FHFA now requests input through its dedicated webpage on potential manufactured home chattel loans pilot initiatives.

02/08/2017

Landlords charged with discrimination against disabled vets

HUD has announced that it is charging the landlords of a Moore, Oklahoma, rental home with violating the Fair Housing Act by denying the reasonable accommodation requests of their tenant, a veteran with disabilities, for waiver of pet fees for his dog, an emotional support animal. The Fair Housing Act prohibits housing providers from denying or limiting housing to persons with disabilities, or from refusing to make reasonable accommodations in policies or practices for people with disabilities. This includes waiving pet fees for persons with disabilities who use assistance animals.

02/08/2017

Scammers of 9/11 first responders sued by CFPB and NY

The CFPB and the New York Attorney General have announced they have filed a complaint in the U.S. District Court for the Southern District of New York against RD Legal Funding, LLC, two related entities, and Roni Dersovitz, the companies’ founder and owner, for allegedly scamming 9/11 heroes out of money intended to cover medical costs, lost income, and other critical needs. RD Legal also allegedly conned National Football League (NFL) concussion victims. The complaint also asserts that the transactions are loans at usurious rates under New York law, and therefore void. CFPB Director Cordray also delivered prepared remarks in a press call regarding the complaint.

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