Links in “Agencies”

In March, the Federal Reserve Board required Bank of America to resubmit its capital plan due to certain deficiencies. Bank of America has made progress in remediating deficiencies and the federal reserve board has indicated that the firm must continue to progress. [12/10/15]

The CFPB has released its biennial consumer credit card report, titled, “The Consumer Credit Card Market.” The report identifies a number of card issuer practices, outlining areas of concern as well as potential areas of future regulatory scrutiny. [12/9/15]

The CFPB is requesting to renew OMB approval for an information collection related to Regulation Z, titled, “Loan Originator Compensation Amendment.” Written comments regarding this request are encouraged, and must be received before February 8, 2016 for consideration. [12/9/15]

FDIC reports that loan and lease balances are up $95 billion, and the problem list of banks fell from 228 to 203. NCUA reports loans increased 3.3% over the previous quarter, and the percentage of federally insured credit unions that were well-capitalized credit unions rose a half a point over the same time last year. [12/9/15]

The Interagency Appraisal Complaint Form is used for making formal complaints that institutions have not complied with appraisal independence standards or USPAP.  The OCC and FDIC have requested comments regarding whether its use should be continued. [12/8/15]

Two mortgage lenders find out the hard way that originating home loans that don't meet HUD guidelines can be a bad idea. A Tennessee lender has agreed to pay $70 million and a much smaller lender in Utah has agreed to pay $1 million. [12/8/15]

A bank teller in Georgia cashed fraudulent tax refund checks for several individuals in return for a fee, even going so far as to documenting on the check that identification had been checked, even though no identification had been offered. She has agreed to pay restitution of more than $780,000 and faces up to five years in prison. [12/7/15]

Revised manual includes updated templates of CRA performance evaluation, new guidance about matters requiring board attention, guidance on evaluating the impact of consumer harm on examination and supervisory activities, and more. [12/7/15]

Duplicate complaints, complaints about third-parties that may not even know the complaining consumer, and the normalization of data are among the recommendations offered to the CFPB by its ombudsman. [12/7/15]

TILA-RESPA Integrated Disclosure rule "anxieties were much like the errant predictions of technological disaster stemming from Y2K, which of course never materialized," said CFPB Director Cordray. [12/4/15]