Links in “Lending”
- Loan Swap Scheme Nets Former Bank President 2 Years
Former president of MidCoast Community Bank in Delaware is sentenced to two years in prison for his role in a fraud and money laundering scheme in which he recruited customers to obtain loans, who then loaned proceeds back to him. [12/1/14]
- Capital Hits Record High: The Good and Bad of QM
A solid quarter for the banking industry, with capital hitting a record high, due in large part to banks aggressively reinforcing the support backing their loans. The downside: new regulatory requirements have made it particularly difficult for first-time homebuyers. [11/26/14]
- Why the DOD Proposed Rule Affects All Credit Unions
Many credit unions believe the proposed DOD lending rule will not affect them because they either have very few servicemembers in their membership or they don't have any products that are over the 36% lending cap. Unfortunately, neither of those facts have a major impact on the compliance burden caused by the proposed rule. [11/24/14]
- CFPBâs Rulemaking Agenda Rules
The fall 2014 rulemaking agenda has been released. It covers key areas of focus such as mortgages, prepaid cards, payday loans, debt collection, and overdraft services. [11/24/14]
- Steering Clear? Not So for Franklin
The CFPB ordered Franklin Loan Corporation (18 locations in Southern California and one in Chicago) to pay $730,000 for giving its employees illegal bonuses for steering consumers into loans with higher interest rates and is seeking injunctions to have the company end the practice and provide compensation to the potential 1,400 harmed consumers. [11/14/14]
- Leveraged Loans: Your Questions Answered
The FDIC, FRB, and OCC responded to a number of FAQs regarding the leveraged lending guidance released in March 2013. Responses include clarification on underwriting standards, institution applicability, and the definition of "leveraged loan." [11/13/14]
- Some Assembly Required: Building a Sound Relationship with a Money Services Business
Just as âsome assembly requiredâ is a red flag to non-DIY types, âmoney services businessâ is a red flag to many institutions. However, as AffirmX's Jane Pannier explains in this article, money services businesses (MSBs) "provide a much-needed service for individuals that may not have access to or donât want to use traditional banking accounts or services." Read this "instruction manual" to find out how to more safely offer these types of accounts. [11/3/14]
- CFPB Goes Final on Certain TILA Amendments
CFPB issues a definition under a final rule for certain alternative small servicing nonprofit entities. Exemption will not apply to credit union industry directly. Additionally, the CFPB's final rule also provides a cure mechanism for the points and fees limit that applies to qualified mortgages. [11/3/14]
- Want to Grow Your Lending Program? Add Hispanic Outreach!
A study release by CUNA and Coopera showed that credit unions with Hispanic outreach programs experienced a 3.51% increase in their lending program after three years. [10/30/14]
- CFPB Identifies Illegal Student Loan Practices
The CFPB has student loan servicers squarely in its sights as a result of a recent review where the agency found a host of illegal activities including servicers that divided payments among loans in order to maximize late payment fees, overstating the minimum payment due on periodic statements, failing to provide borrowers with accurate tax information and making illegal debt collection calls. [10/29/14]
