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- August 25, 2017On Friday, August 25, 2017, the FDIC released a list of orders of administrative enforcement actions taken against banks and individuals in July. There are no administrative hearings scheduled for September 2017. The FDIC issued a total of 24 orders. The administrative enforcement actions in those orders consisted of three consent orders; seven removal and prohibition orders; four Section 19...August 25, 2017On Friday, August 25, 2017, the OCC issued a bulletin informing national banks, federal savings associations, and federal branches and agencies and all OCC examining personnel about new Federal Financial Institutions Examination Council (FFIEC) examination procedures for testing and validating the accuracy and reliability of home mortgage loan data to be reported under the Home Mortgage...August 24, 2017On Thursday, August 24, 2017, the CFPB issued a rule amending the 2015 updates to the HMDA rule. The Bureau has temporarily changed reporting requirements for banks and credit unions that issue home-equity lines of credit, and clarified the information that financial institutions are required to collect and report about their mortgage lending. Key points of the update are as follows: Reporting...August 24, 2017On Thursday, August 24, 2017, issued a report warning older consumers about taking out a reverse mortgage loan in order to bridge the gap in income while delaying Social Security benefits until a later age. The CFPB report found, in general, the costs and risks of taking out a reverse mortgage exceed the cumulative increase in Social Security lifetime benefits that homeowners would receive by...August 23, 2017CFPB Takes Action against American Express Subsidiaries On Wednesday, August 23, 2017, the CFPB took action against two American Express banking subsidiaries for allegedly discriminating against consumers in Puerto Rico, the U.S. Virgin Islands, and other U.S. territories. The agency claims the companies provided consumers with credit and charge card terms inferior to those available in the 50...August 23, 2017On Wednesday, August 23, 2017, the OCC issued the “ Substantial Asset Changes, Including Changes in Charter Purpose ” booklet of the Comptroller’s Licensing Manual. This is a new booklet incorporating procedures and requirements after the Office of Thrift Supervision’s integration into the OCC in 2011 and the issuance of revised regulations (under 12 CFR 5) that became effective April 1, 2017...August 23, 2017On Wednesday, August 23, 2017, the OCC issued a bulletin inviting comment on a proposed rule to increase the appraisal threshold for commercial real estate (CRE) transactions from $250,000 to $400,000. This threshold sets the transaction value above which national banks and federal savings associations (collectively, banks) must obtain appraisals that conform with Title XI of the Financial...August 22, 2017On Tuesday, August 22, 2017, the FDIC released the Second Quarter 2017 Quarterly Banking Profile . Commercial banks and savings institutions insured by FDIC reported aggregate net income of $48.3 billion in the second quarter of 2017, up $4.7 billion (10.7 percent) from a year earlier. The increase in earnings was mainly attributable to a $10.3 billion (9.1 percent) increase in net interest...August 22, 2017On Tuesday, August 22, 2017, the Board of Governors of the Federal Reserve, the FDIC and the OCC issued a joint release regarding a proposed rule that would extend the existing transitional capital treatment for certain regulatory capital deductions and risk weights. The extension would apply to banking organizations that are not subject to the agencies’ advanced approaches capital rules. Banking...August 21, 2017On Monday, August 21, 2017, the OCC issued a bulletin providing guidance to spur community revitalization through prudent higher-loan-to-value mortgage lending in targeted areas. This bulletin provides guidance regarding the circumstances under which banks may establish a program to originate certain higher-LTV loans and the OCC’s supervisory considerations regarding such programs. “Banks and...