Links in “Lending”

NCUA announced yesterday that it has developed a new webpage to assist credit unions with compliance to the new mortgage rules and other consumer lending regulations. The site provides consolidated information from NCUA, CFPB, FFIEC and other regulatory agencies and can be accessed here. [6/27/14]

A recent OCC report notes an intensifying competition for limited lending opportunities resulting in loosening underwriting standards. The report also noted the growing challenges associated with the evolving cyber-threats and risks associated with BSA due to rapidly changing money-laundering methods. [6/26/14]

The changes would increase the number of risk-weighted categories as part of Schedule RC-R, Part II. Additionally, the revision includes greater detail on loans and new items for reporting securitization exposures under the standardized approach. [6/26/14]

Credit unions and CUSOs in the fastest moving mortgage markets have had to think outside the box when it comes to their mortgage pre-approval programs. The limited supply of homes for sale has meant that potential buyers need flexibility in order to move quickly on the properties they like. Credit unions and CUSOs have responded with new twists, such as issuing multiple pre-approval letters for tiered amounts and extending the time periods for pre-approvals and interest rate locks. [6/24/14]

When it comes to fair lending, many institutions fail to compare their performance to the complete contextual picture, neglecting such factors as income, low-/high-minority population, age, gender, etc. In this video, AffirmX EVP and Director of Risk Management Ken Agle gives us an idea of how to complete the fair lending picture to discover potential problems or explain misleading numbers. [6/19/14]

A look at the key points that came out of the first in a series of CFPB webinars on the integrated disclosure rules for Truth in Lending and Real Estate Settlement Procedures Acts. [6/20/14]

The merger of two Texas banks demonstrates another reason why a clean compliance program is needed for a smooth merger or acquisition. The regulatory scrutiny is on the bank's performance in helping to meet the credit needs of its communities, compliance with fair lending laws, and fair lending policies and procedures. [6/20/14]

Last year, the CFPB warned banks that dealer finance charge participation may violate Fair Lending rules, even if the practices are neutral on their face. The industry pressed for clarification from the CFPB on how it determines what would constitute discrimination. In testimony before the House yesterday, CFPB Director Cordray says that the bureau will be issuing a white paper this summer regarding the use of proxy methodology it would use. [6/19/14]

Meeting in Reno, the Consumer Advisory Board (CAB) discussed the mortgage market specifically noting action against mortgage lenders conducting illegal practices, such as SunTrust. CAB asked the public to provide insights into the effects of the six-month-old rules. [6/19/14]

CFPB, DOJ, and HUD proposed a federal court order requiring SunTrust Mortgage, Inc. to provide $500 million in loss-mitigation relief to underwater borrowers. “Today’s action will help homeowners and consumers harmed by SunTrust’s unlawful foreclosure practices," said Richard Cordray.  [6/18/14]