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Banker's Toolbox Releases Innovative New Business Intelligence Solution  —
Banker's Toolbox, Inc., the leader in Bank Secrecy Act anti-money laundering compliance solutions, has launched innovative business intelligence software called Relationship Manager. Relationship Manager is a revolutionary tool that can utilize an institution's investment in BSA/AML transaction monitoring to address the challenges of cross-sell and retention. It scans an institution's transactional data to detect patterns that indicate cross-sell or retention opportunities as they occur, giving financial institutions a competitive advantage. (Read more.)

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Santander in Written Agreement

The Federal Reserve Board has announced the execution of a written agreement with Santander Holdings USA, Inc., of Boston, Massachusetts, a bank holding company, and Santander Consumer USA, Inc., of Dallas, Texas, a non-bank subsidiary engaged in automobile financing for dealers and consumers.


March Dealer Financing SCOOS released

The FRB has released the March 2017 Senior Credit Officer Opinion Survey on Dealer Financing Terms.


FHFA schedules timing of CSP release 2

The Federal Housing Finance Agency (FHFA) has published an "Update on Implementation of the Single Security and the Common Securitization Platform." The Update includes the timeframe for Release 2 of the Common Securitization Platform (CSP), planned for the second quarter of 2019. Release 2 will allow Fannie Mae and Freddie Mac to use the CSP to issue a single, common security to be called the Uniform Mortgage-Backed Security or UMBS.


FHFA report on foreclosure prevention

The Federal Housing Finance Agency (FHFA) has released its fourth quarter Foreclosure Prevention Report, which shows that Fannie Mae and Freddie Mac (the Enterprises) completed 189,911 foreclosure prevention actions in 2016, bringing the total number of troubled homeowners helped since the Enterprises were placed into conservatorships to more than 3.8 million. Of the total foreclosure prevention actions, 3.1 million have helped troubled homeowners stay in their homes, including more than 2 million permanent loan modifications. FHFA’s report includes data on the Enterprises’ home retention actions, delinquency data and real estate owned (REO) inventory. FHFA publishes the report data in an online, interactive Borrower Assistance Map.


Residential sales up 6 percent

HUD and the Census Bureau have jointly announced statistics on new residential sales for February 2017:

  • New home sales: Sales of new single-family houses in February 2017 were at a seasonally adjusted annual rate of 592,000. This is 6.1 percent above the revised January rate of 558,000 and is 12.8 percent above the February 2016 estimate of 525,000.
  • Sales price: The median sales price of new houses sold in February 2017 was $296,200. The average sales price was $390,400.
  • For sale inventory: The seasonally adjusted estimate of new houses for sale at the end of February was 266,000. This represents a supply of 5.4 months at the current sales rate.


Housing price index flat

U.S. house prices remained flat in January according to the Federal Housing Finance Agency (FHFA) seasonally adjusted monthly House Price Index (HPI). The HPI has reflected positive monthly increases since early 2012, except for November 2013 and January 2017, when house prices were flat on a month-over-month basis. The previously reported 0.4 percent increase in December remains unrevised. The FHFA monthly HPI is calculated using home sales price information from mortgages sold to, or guaranteed by, Fannie Mae and Freddie Mac. From January 2016 to January 2017, house prices were up 5.7 percent.


FEMA suspends communities from NFIP

The Federal Emergency Management Agency has published [82 FR 14828] in today's Federal Register a list of communities in the states of Mississippi, New York and Pennsylvania that have been suspended from the National Flood Insurance Program (NFIP) for noncompliance with the floodplain management requirements of the program. The suspensions were all effective March 21, 2017:

  • Mississippi: portions of Bolivar County
  • New York: portions of Otsego County
  • Pennsylvania: portions of Berks, Bucks and Warren counties


New payment card working paper released

The Federal Reserve Bank of Philadelphia's Payment Cards Center has posted a new working paper, "How Data Breaches Affect Consumer Credit," on its webpage. The authors use the 2012 South Carolina Department of Revenue data breach as a natural experiment to study how data breaches and news coverage about them affect consumers' interactions with the credit market and their use of credit.


Fed conference focuses on kids and communities

The Federal Reserve System's 10th biennial Community Development Research Conference convenes on March 23 in Washington, D.C. The conference theme, Strong Foundations: The Economic Futures of Kids and Communities, will explore the relationship between the development of children and community conditions and the effect of early childhood investments on the economy. Chair Yellen will deliver opening remarks.


SDGTs added to OFAC list

Treasury’s Office of Foreign Assets Control (OFAC) has added the names of two individuals designated as SDGTs to the OFAC List. See BOL's OFAC Update for the details.


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UDAAP Reality Check

We will explore what makes a practice unfair or deceptive by digging into what regulators and the courts have had to say.

Stop That Payment!

Bankers must understand the differences between the use of their systems' stop payment functionality and the actual right to stop payment

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