Links in “Banks”
- Lawmakers Concerned Your Regulator Might Be Getting Too Chummy with You
Maybe it doesn't feel this way to you, but lawmakers are concerned that your examiners are getting a bit too chummy with financial institutions. They are pounding Fed examiners for being too cozy with the institutions they regulate, a concept known as "capture." Conflict-of-interest issues may need to be bolstered to address the revolving door of regulators moving into high-paying banking jobs. [11/24/14]
- Target Seeks to Have Bankers’ Case Dismissed
Target's attorneys argue that the retailer isn't responsible for reimbursing banks that claim to have lost millions of dollars after last year's hack because card payments are processed through third-party intermediaries. [11/24/14]
- Cordray to Bankers on Updating Payment System: Step It Up
Cordray tells bankers to bow to the inevitable and build a payment system with faster or even real-time payments. [11/24/14]
- Breaking Down CFPB’s New Closing Disclosure Guidance
Recap of the CFPB's fourth webinar on the new closing disclosure. [11/24/14]
- The Flipside of Bitcoin Security
While Bitcoin has had its struggles, one area that it has locked down is security as a payment mechanism. "It is easier to steal the Mona Lisa than to steal a Bitcoin." [11/24/14]
- DOJ: Banner Year for Fines and Penalties
In FY 2013, the Department of Justice collected a mere $8 billion in fines and penalties. That number jumped to nearly $25 billion in FY 2014, thanks in large part to financial institutions. [11/21/14]
- How the CFPB Rolls: Year-end Report Provides Insights
CFPB's financial report for 2014 shows that it has grown from 663 employees in 2011 to 1,443 in 2014. Its transfers from the Fed increased during the same period from $162 million to $534 million. The report also includes an independent auditor's report that found material weaknesses in the agency's internal controls. [11/21/14]
- CFPB’s First Criminal Referral Yields Nine-Year Sentence
The CFPB's first criminal referral resulted in a nine-year sentence for Michael Levitis, whose company was found to commit crimes against desperate borrowers that resulted in marred credit reports, foreclosure, and bankruptcy. [11/21/14]
- Who’s Who in the New House Financial Services Committee
Jeb Hensarling, chair of the House Financial Services Committee, shakes things up with his new subcommittee chair posts. Here's a rundown of who got named to chair which subcommittees and who is new to the committee itself from the Republican side. [11/21/14]
- Two Major Players to Introduce Student Loan Modifications
Private lenders hold only 8% of the student loan market, but they've been getting the most heat for being unwilling to work with borrowers who get into financial trouble. Wells Fargo and Discover, two of the biggest private lenders, have announced that they will be introducing a program to lower interest rates and extend repayment periods. [11/21/14]
