Links in “Banks”

The FTC is going after Bayview Solutions, a debt broker that allegedly posted online in a public website the debt portfolios of 28,000 consumers online. The postings included bank account numbers. [11/5/14]

While a similar case before the Supreme Court could change things, a federal judge has ruled that HUD overreached its authority by going after companies for practices that had a discriminatory effect, even if they weren't discriminatory at face value. The judged called it "yet another example of an administrative agency trying desperately to write into law that which Congress never intended to sanction." [11/4/14]

HUD has released an Initial Decision and Consent Order against American bank for discrimination against a South Dakota couple based on disability. American Bank must pay the couple $25,000, as well as implement pertinent policies and employee training in order to prevent further discrimination. [11/4/14]

Bitcoin has gotten a lot of bad press, but strip away the currency aspect and look at the technology behind Bitcoin. What you'll see if the first internet protocol for storing and exchanging value. Bitcoin was built for the internet. Current cybersecurity measures are really just patches on today's financial system that wasn't designed for the internet. [11/4/14]

The practice of compensating loan officers based on loan revenue targets, such as higher interest rates and discretionary fees, rather than a fixed percentage of the loan amount, is receiving closer scrutiny from regulators, who see a greater risk of disparate impact on minority neighborhoods. [11/3/14]

First step to managing vendor risk is knowing what the risk points are. Only then can you work with vendors to ensure sensitive data is protected. [11/3/14]

Two senators have announced a hearing to determine whether the regulatory agencies are too chummy with the financial institutions they are meant to regulate, a circumstance known as "regulatory capture." [11/3/14]

Big banks with deep pockets for cyber defense are coming up lacking against hacker attacks. Reason for concern? "I worry that we're going to have some sort of major cyber event in the financial system that's going to cause us all to shudder," said NY's top regulator. [10/31/14]

While the prohibition against unfair, deceptive, or abusive acts or practices (UDAAP) can often be overly broad. Join AffirmX Analyst Quinton Harrison as he defines what we do know about UDAAP and outlines best practices for institutions to protect themselves from UDAAP violations. [10/31/14]

Mortgage servicer PHH Corp. of California lost a case in July against a homeowner for a botched loan modification, for which a jury awarded more than $16 million in damaged and punitive damages. The appeal judge found no substantial evidence supporting the amount of the penalty, awarding the defendant about $160,000 in claims. There are plans to appeal. [10/31/14]