Links in “Banks”
- Cracking Down on Data Security at Big Banks’ Law Firms
Big law firms of big banks are the first to feel regulatory pressure to make sure they are not a back door for hackers to sensitive bank data, but smaller law firms for smaller banks are not likely to be far behind in feeling the heat. [11/10/14]
- No. 17: OCC Closes California Bank
The OCC closed Frontier Bank in Palm Desert, California. The small institution was the 17th bank closed this year, compared to 23 bank failures at this time last year. [11/10/14]
- Home Depot: Another 53 Million Email Addresses Compromised
After announcing in September that 56 million cards were breached, the company's investigation finds another 53 million email addresses were also compromised. Hackers got in using a vendor's stolen log-on credentials and implanted custom-built, antivirus-evading malware on self-checkout registers. [11/7/14]
- Where the CFPB Appears to Be Heading with Its Snapshot of Seniors’ Debt Collection Complaints
With the CFPB's release of debt collection complaints from older consumers, it appears likely that it will use that data in support of its anticipated debt collection rulemaking. But as the agency has itself indicated on several occasions, it makes no effort to verify the accuracy of the complaints it receives. Hence, it is likely to base its rulemaking on unwarranted conclusions. [11/7/14]
- $1.3 Million Later: Bank Settles Redlining Suit with City
The City of Providence, R.I., brought a lawsuit against Santander Bank for refusing to make loans in minority neighborhoods. $1.3 million in grants to support low- and moderate-income neighborhoods later, the city has agreed to drop the matter. [11/7/14]
- Why the Elections May Not Be as Transformative as Financial Institutions Hope
Despite the big GOP win on Tuesday, the Senate remains closely divided and that pendulum is likely to swing back the other way in 2016, and the President still has veto power. The big losers in all this: the CFPB and the Fed. [11/6/14]
- What’s on the New Senate Banking Chair’s Radar?
Dodd-Frank reform and the activities of the CFPB are expected to be among the issues that will be on the table for Senator Richard Shelby (R-Alabama), who is expected to become the new chair of the Senate Banking Committee following the results of Tuesday's election. [11/6/14]
- Placing Disparate Impact’s Recent Setback in Perspective
A judge's recent ruling against HUD's use of disparate impact may not deter the CFPB or the DoJ, but it may boost the morale of lenders and others who have been fighting the theory over the years. [11/6/14]
- Election Fallout: Will the CFPB Become a Target?
As Richard Shelby (R-AL) takes over the Senate's Banking Committee and Jeb Hensarling (R-TX) takes over the House Financial Services Industry, there may be an effort to limit the CFPB's power to act independently of Congress. [11/5/14]
- More on Judge’s Ruling that HUD’s Disparate Impact Claims are “Wishful Thinking on Steroids”
More on a federal judge's ruling that disparate impact claims of the U.S. Department of Housing and Urban Development exceeds what the Fair Housing Act was designed to do. [11/5/14]
