Links in “Agencies”

Davis Polk progress report finds that of 279 passed rulemaking deadlines, 172 (62%) have been missed. [8/26]

EB added to long list of Banks with servicing departments that have paid fines for mishandling of loan servicing on troubled loans. Penalties do not stop process and other actions remain in play. [8/26]

HUD charges Fifth 3rd with discrimination on basis of disability for requiring unnecessary medical documentation from elderly couple in order to qualify the couple for a Federal Housing Administration (FHA) loan. Significantly larger fair lending impact on underwriting process likely to emerge. [8/23]

Banking and housing advocates argued the original 20% down payment standard to qualify as a QRM would mean higher costs for lower-income borrowers unable to afford such a big cash payment; FDIC's board to take up matter again next week. [8/23]

Let the comparative small business, small farm and community development analysis season begin. [8/23]

Topics on Regional Realignment, Interest Rate Risk, Capital Requirement and July Actions of NCUA among topics presented. [8/23]

The Fed announced yesterday that it has filed an appeal that it hopes will bring a conclusion to the case within nine months. In addition, the Fed has requested that the stay of the District Court’s decision that would have resulted in a reduction in the debit interchange fee cap. [8/22]

Last month, Morgan Drexen sued the CFPB, claiming its structure violates the Constitution’s separation of powers. This week, CFPB sued Morgan Drexen alleging the company charged advance fees for debt relief services in violation of the Telemarketing Sales Rule (TSR) and engaged in deceptive acts and practices in violation of the Consumer Financial Protection Act (CFPA). [8/22]

Fascinating table shows delay in detection and reporting of mortgage fraud with event of fraud often not reported for years in mortgage lending. Analysis shows 2006 and 2007 event of fraud years combined exceed all other years 2001 through 2012 combined. [8/22]

With a capital "S" as in "servicing"! CFPB report declares inadequate compliance systems for handling mortgage servicing at banks and nonbanks. Problems center on sloppy account transfers, poor payment processing, and loss mitigation systems. Declares the fix a high priority. [8/22]