Links in “Agencies”
- TRID Rule Confusion and the CFPB’s Non-Fixing Fix
In a post-TRID world, there remained some ambiguity about the percentage tolerance associated with property taxes, homeowner's association dues, condominium fees, etc., that are paid in advance to applicable parties and not into an escrow account. The CFPB has published a correction that apparently does not actually address the issue in an appropriate manner. [2/11/16]
- OCC: When Is It OK to Exceed Supervisory Loan-to-Value Limits?
When it is consistent with safe and sound lending and will have a positive impact in stabilizing and revitalizing distressed communities. [2/11/16]
- OFAC Uses 50% Rule to Impose Penalty
The U.S. Department of the Treasuryâs Office of Foreign Assets Control (OFAC) announced the first settlement of apparent violations based on its â50 Percent Ruleâ that mandates blocking entities that are 50% or more owned by a blocked person. The $2.5 million fine shows the importance of understanding customer ownership. [2/10/16]
- OCC Terminates with Impact
The OCC announced the termination of the mortgage servicing-related consent orders against U.S. Bank and Santander Bank, but not before assessing civil money penalties against both Banks for previous violations of the orders. The $10 million and $3.4 million fine respectively for the two Banks ends business restrictions imposed by the Orders. [2/10/16]
- OCC Comptroller Speaks on CRA
Comptroller of the Currency Thomas J. Curry's speech to the National Interagency Community Reinvestment Conference discussed efforts to help revitalize communities and highlighted how community members can voice their concerns regarding performance of Banks. [2/10/16]
- Teaching Consumers How to Avoid Mortgage Fraud
If you're told to exaggerate  your income, assets or credit to help you get your loan approved, that's a red flag. Freddie Mac's efforts to teach consumers to identify other red flags of mortgage fraud are featured in a video aimed at consumers. [2/10/16]
- How’s the OCC Doing on Regulatory Relief?
The OCC issues its 2015 annual report, recapping the progress of legislative proposals to provide regulatory relief. Among the proposals are extending the examination cycle for community banks and exempting community banks from the Volcker rule. [2/9/16]
- Opportunity to Comment on OCC Information Collection
Pursuant to the Paperwork Reduction Act of 1995, the OCC is soliciting comments regarding extension of  its current information collection entitled "Privacy of Consumer Financial Information." [2/9/16]
- Cybersecurity Gets Presidential Boost
Pres. Obama's final budget calls for additional funding for cybersecurity, including the creation of a new chief information security officer for the government and the creation of a new cybersecurity council. [2/9/16]
- One NI from SD in a Sea of S’s and O’s
Western Dakota Bank in South Dakota earned the dubious distinction of being the sole "needs to improve" rating holder among the list of institutions whose CRA ratings were made public this month by the FDIC. [2/8/16]
