Links in “Lending”

CFPB Director Richard Cordray stated, "If these borrowers could refinance, their debt would be much more manageable." In this article, Credit Union Student Choice delineates what credit unions can do to help their members. [3/21]

Final rule issued on U.S. Small Business Administration (“SBA”) efforts to improve its two flagship business lending programs: the 504 Loan Program and the 7(a) Loan Program. Focus of the rule modification is about streamlining heavy documentation and expanding program participant requirements. [3/21]

CFPB Director Richard Cordray's remarks at the National Association of State Treasurers highlighted the mortgage crisis, complaints, consumer education efforts, and use of prepaid cards by states. [3/19]

Moody's predicts the private student loan default rate will decline at a double-digit pace, but remain high by historical standards. [3/19]

CFPB's servicing and secondary markets program manager is reported to have said at a Federal Reserve Bank of Cleveland last week that possible actions the agency is considering in response to "zombie foreclosures" include creating a national definition of "abandonment," hastening the foreclosure process, and creating a national registry of zombie properties. [3/18]

12-page report provides insights on wide range of topics including the strength of Insurance Fund, threats to and management of cyber security, voluntary liquidation, "know your member," verification, fraud, HMDA data, and Fair Lending impact. [3/18]

Numerous credit union members have filed civil suits against Alabama One CU alleging they were encouraged to take out personal loans and then lend the proceeds to businessman Danny Ray Butler in order to help him pay off his $20 million dollar loan to the credit union. Butler, who was indicted last year for bank fraud, has signed a plea agreement with federal prosecutors to provide information about others who knew about his crimes. [3/17]

Despite public statements by the Department of Justice that mortgage fraud is a high priority, the Office of the Inspector General finds instances that indicate a low prioritization, such as the FBI's ranking of mortgage fraud as the lowest ranked criminal threat in its lowest crime category. [3/17]

Proposed expansion of SBA's Microloan Program that covers loans of $50,000 or less to businesses that assist women, low income, veteran, and minority entrepreneurs (et al) in financial assistance. Proposal would expand program to credit unions, allow loans to businesses with an associate who is on probation or parole, ease deposit requirements and require minimum levels of performance for intermediaries. [3/17]

The OCC announced the adoption of the interagency examination procedures reflecting new mortgage rules requirements under Dodd-Frank with procedures on assessing an institution’s compliance with the new mortgage rules and conducting examinations. [3/17]