Links in “Banks”
- “Nation-leading” New York Reforms Debt Collection Protections
Calling itself "nation-leading," New York toughens consumer protections against abusive and deceptive debt collection practices, such as attempts to collect "zombie debts" and practices that "take advantage of confusion or fear." Will other states follow suit? [12/5/14]
- How’s Employee Morale over at the CFPB?
Sliding employee morale and distrust of leadership are just two of the findings of a recent internal survey of the CFPB. [12/5/14]
- Should Your Institution Register with the CFPB’s Company Complaint Portal?
The CFPB is developing a form to allow companies to proactively participate in viewing and responding to consumer complaints. Here is an argument for why your financial institution should consider registering. [12/5/14]
- Operation Choke Point’s Scorecard: 50+ Subpoenas, 1 Lawsuit
Nearly two years after launching Operation Choke Point, the Justice Department has filed just one lawsuit against a bank, and even that wasn't all that it was cracked up to be. [12/4/14]
- Not Just Banks: Honda May Face Heat for Discriminatory Pricing
The Department of Justice and the CFPB may be going after Honda next for discriminatory pricing of loans made through auto dealerships. [12/4/14]
- Will the CFPB Redefine Overdrafts as Credit?
According to the consumer finance site CardHub.com, the CFPB is likely to require financial institutions to treat checking account overdrafts as credit. This could mean that credit unions would have to document membersâ ability to repay prior to offering them overdraft protection among other credit requirements. [12/4/14]
- Just How Big Are the Big Boys?
Despite the effort to end the era of Too Big to Fail, the five biggest banks control nearly half of the $15 trillion in assets held by U.S. banks. In 1990, the five biggest banks held just 10% of industry assets. [12/4/14]
- Target Loses Bid to Dismiss Bank Claims
Judge refuses Target's bid to dismiss a suit filed by five banks against it for damages sustained from the retailer's data breach. Judge says case will aid in policy of "punishing companies that do not secure consumers' credit- and debit-card information." [12/3/14]
- Fed Takes Heat for How It Critiques Its Own Cooking
The Fed's dual role as regulator and enforcer is coming under fire from Congress, as Sen. Elizabeth Warren warns the New York Fed Reserve's president to toughen up on enforcement or "we need to get someone who will." [12/3/14]
- Cook County Accuses Bank of Targeting Minority Borrowers
Cook County, which includes Chicago, has accused Wells Fargo of predatory lending, the practice of targeting minority borrowers for more costly home loans than their white counterparts. The county is seeking an amount that may exceed $300 million. [12/2/14]
