Industry News

This topic consolidates the heartbeat of today's mortgage banking environment with news stories relevant to the financial compliance industry. 

April 20, 2018

SunTrust Employee May Have Stolen Information About 1.5 Million Clients Names, addresses, phone numbers and account balances may have been exposed

Wall Street Journal--Austen Hufford and Christina Rexrode

SunTrust Banks Inc. said Friday that an employee may have stolen information of about 1.5 million customers and provided it to a “criminal third party,” the latest example of a potential breach that underscores the vulnerability of consumers’ private data.

The Atlanta-based bank said the employee, who no longer works at SunTrust, attempted...

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April 20, 2018

OCC Assesses $500 Million Penalty Against Wells Fargo, Orders Restitution for Unsafe or Unsound Practices

WASHINGTON—The Office of the Comptroller of the Currency (OCC) today assessed a $500 million civil money penalty against Wells Fargo Bank, N.A., and ordered the bank to make restitution to customers harmed by its unsafe or unsound practices, and develop and implement an effective enterprise-wide compliance risk management program.

The OCC’s action was closely coordinated with an action by the Bureau...

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April 20, 2018

Bureau of Consumer Financial Protection Announces Settlement With Wells Fargo For Auto-Loan Administration and Mortgage Practices

WASHINGTON, D.C. — Today the Bureau of Consumer Financial Protection (Bureau) announced a settlement with Wells Fargo Bank, N.A. in a coordinated action with the Office of the Comptroller of the Currency (OCC). As described in the consent order, the Bureau found that Wells Fargo violated the Consumer Financial Protection Act (CFPA) in the way it administered a mandatory insurance program...

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ACES Automated Document Manager

April 19, 2018

What Went Wrong: Recent Successful Cybersecurity Attacks and How to Prevent Them

MBA Newslink--Mike Sorohan

DETROIT--The unfortunate reality is, most companies will eventually experience some kind of security incident. And most will not be prepared. Knowing what to do when such an attack happens could mean the difference between staying in business...and not.

An emerging cybersecurity threat is ransomware, in which an attacker locks up or encrypts the files on a victim's...

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April 19, 2018

Federal Reserve Issues Updates to Examination Procedures for Regulations X and Z

The Federal Reserve issued revised interagency examination procedures for Regulations X and Z. These updates supersede CA 15-6 that was issued in September 2015.

The Task Force on Consumer Compliance of the Federal Financial Institutions Examination Council recently developedthe attached interagency examination procedures for Regulation X – Real Estate Settlement Procedures Act (RESPA)and Regulation Z – Truth in Lending...

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April 19, 2018

Report: Fed regulators to fine Wells Fargo $1 billion

Housingwire--Caroline Basile

A new report from the Washington Post says that both the Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency are preparing to fine Wells Fargoabout $1 billion for misbehavior in the automotive and mortgage markets.  Citing two people familiar with the negotiations, the Washington Post reported that the settlement could be announced as soon as Friday.

From the...

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Surviving an Onsite Audit

April 19, 2018

To make cybersecurity more effective, treat it like compliance

National Mortgage News--Elina Tarkazikis

Mortgage companies should model cybersecurity protocols after their compliance strategies to avoid being underprepared in the event of a data breach.

A robust cybersecurity plan should include technology, as well as routine checklists, testing and other measures to ensure an organization remains vigilant.

While this approach mirrors how lenders and servicers ensure compliance with regulatory and...

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April 18, 2018

Point secures $150 million commitment to buy equity from homeowners

Housingwire--Ben Lane

Point, a financial technology platform that offers homeowners the opportunity take equity out of their home without taking on new debt, is set to grow thanks to a $150 million commitment from Atalaya Capital Management, a private investment firm.

Under the agreement, Atalaya and Point entered into a forward flow purchase program wherein the investment firm is committing to...

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April 17, 2018

FDIC FIL-21-2018 Electronic Fingerprinting for Background Checks Related to Applications

Printable Format:

FIL-21-2018 - PDF (PDF Help)


The FDIC is moving to electronic fingerprinting to facilitate background checks performed in connection with applications and notices submitted to the FDIC, including: applications for federal deposit insurance, notices of acquisition of control, requests for participation in the banking industry by individuals with certain criminal convictions, and notices to replace board...

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