Links in “Banks”
- Mobile Wallet Consortium Acknowledges Breach
MCX, a mobile wallet solution, discloses that it had been hacked while piloting its "CurrentC" product. [10/31/14]
- Federal Regulators All Over the Map on Banking Marijuana Businesses
FDIC signals that it's on board with FinCEN's guidelines on the marijuana industry, but recent anecdotal evidence suggests otherwise. Meantime, a New Mexico credit union closes its marijuana business accounts after getting heat in an examination. Marijuana remains illegal under federal law. [10/31/14]
- Supreme Court May Weigh In on When and How Borrowers Can Cancel Their Mortgage
The U.S. Supreme Court will hear arguments next week on how consumers can exercise their rights to request a rescission of their mortgage, a move which some consider a weapon to delay or stop foreclosures. [10/31/14]
- New Mortgage Servicing Rules: CFPB’s Hot List of Violations
Servicer failure to oversee the activities of service providers, unfairly delaying loan modifications, deceiving consumers about the status of their loan modifications, and not adequately tracking and resolving consumer complaints are among the violations the CFPB is finding. [10/30/14]
- Reverse Mortgages and the Eviction of the Surviving, Non-borrowing Spouse
An open letter to CFPB's director calls on the agency to crack down on HUD's alleged practice of evicting the surviving, non-borrowing spouse when the borrowing spouse of a reverse-mortgage loan dies. [10/30/14]
- HMDA Proposal: Too Risky, Too Costly
Several trade groups tell the CFPB that the proposed expansion of HMDA data reporting and coverage exceeds the law's purposes, threatens consumer privacy while exposing sensitive data to potential breaches, and unduly increases costs. [10/30/14]
- Even England’s Lloyds Going Digital
Lloyds Bank in England, the country that practically invented traditional banking, has just announced it is closing 200 branches, with more consumers relying on mobile internet cited as a key driver for the decision. [10/30/14]
- What Cybercriminals Don’t Want You to Know
ABA offers consumers 8 tips for protecting themselves from cybercrime, the latest tip sheet during National Cybersecurity Awareness Month. [10/29/14]
- Identity Theft: Half Say Their Banks Weren’t Much Help
48%Â of customers surveyed rated their financial institution's involvement in clearing up fraudulent use of their checking accounts as terrible or poor. Many change their financial institution as a result. [10/29/14]
- CUs and Banks: The Enemy of Our Enemy Is Our Friend
Opinion piece from CUNA's CEO calls on bankers and credit union officials to unite against the crushing burden of regulations. [10/29/14]
