Links in “Banks”
- A Look Inside the CFPB’s Ombudsman’s Report
Concern about broad examination information requests and a desire for more clarity on regulatory compliance for business planning and operations are among the items identified in the CFPB's third annual report from its Ombudsman's Office. [12/2/14]
- Minimum Wage/Overtime Case for MLOs Goes Before SCOTUS
Oral arguments before the Supreme Court of the United States start today in a case that will look at whether mortgage loan officers are subject to minimum wage and overtime pay regulations. [12/1/14]
- FHFA’s Policy Reversal a “Feel Good” Change with Minimal Impact
The FHFA's policy change to allow foreclosed-upon borrowers to repurchase their homes at a lower price is expected to be only applicable to 121,000 homes. Limiting the policy to those who have already been foreclosed upon is intended to curtail incentive for borrowers in good standing to default. [12/1/14]
- Loan Swap Scheme Nets Former Bank President 2 Years
Former president of MidCoast Community Bank in Delaware is sentenced to two years in prison for his role in a fraud and money laundering scheme in which he recruited customers to obtain loans, who then loaned proceeds back to him. [12/1/14]
- Breaking Down CFPB’s 500-page Servicing Rule Proposal
A look at the CFPB's proposed rulemaking on servicing rules under Regs. X & Z. [12/1/14]
- Former FDIC Chair on Dodd-Frank: Ease Up on Smaller Banks
Time for regulatory relief for smaller and mid-sized banks, including taking the chains off mergers among smaller institutions, according to former FDIC Chairman William Isaac. [11/26/14]
- Capital Hits Record High: The Good and Bad of QM
A solid quarter for the banking industry, with capital hitting a record high, due in large part to banks aggressively reinforcing the support backing their loans. The downside: new regulatory requirements have made it particularly difficult for first-time homebuyers. [11/26/14]
- Study: CFPB’s Disparate Impact Methodology Flawed and Biased
A study finds that the CFPB's proxy methodology for measuring disparities in auto dealer reserve is flawed and subject to significant bias and estimation error. The report found that the reserve variations could largely be explained by objective factors other than race and ethnicity. [11/25/14]
- Disparate Impact Has a Date
After two prior cases were settled before it could weigh in on the matter, the Supreme Court has set what is considered to be an expeditious date to hear oral arguments in the third disparate impact case: Jan. 21, 2015. [11/25/14]
- ‘Tis the Season for Holiday Shopping Scams
Six tips to help your customers avoid falling for holiday shopping scams, such as being wary of emails for a deal that's too good to be true and not accessing online banking from public wifi networks. [11/25/14]
