Links in “Banks”

With all the breaches in the news lately, awareness may not be the problem. Nevertheless, here are some resources consumers may find helpful in addressing cybersecurity. [10/2/14]

Title insurance agency in Michigan found out the hard way that paying fees to companies under market services agreements based on referrals received was not a good way to get around RESPA requirements. [10/2/14]

The Bureau released a white paper finding that manufactured home owners typically pay higher interest rates for their loans than site-built borrowers. Look for more data collection via HMDA and more efforts to protect mobile homeowners. [10/2/14]

When the retail giant backed off its effort to secure a federal bank charter in 2007 in the face of opposition from the banking industry, many may have thought the beast was tamed. But the beast didn't get to be a retail beast by backing down when confronted. [10/2/14]

Capital One's Wallet for Apple devices doesn't use a PIN or even Apple's fingerprint scanner, but uses customer swipe patterns to gain access to their key information. [10/2/14]

A proposed rule from the DOD would extend the Military Lending Act’s rate cap of 36% to all forms of payday loans, vehicle title loans, refund anticipation loans, deposit advance loans, installment loans, and some unsecured lines of credit and credit cards. Currently, the Act only applies to specific short term loans and refund anticipation loans. [10/1/14]

Former Bush administration security advisor says that big penalties for AML mistakes, while effective in drawing attention, are creating a zero tolerance environment that threatens to push banks to exit whole regions and categories of businesses. [10/1/14]

Head of financial crime compliance at HSBC says there is a "need to take the temperature down" in the frenzied effort to root out fraudulent activity or face a potentially career-ending consequence. There is a need to strike a balance. "Every time something goes wrong, we don't need the scalp of a regulator or the scalp of a banker." [10/1/14]

Bank of America, which already offers the EMV chip technology in its credit cards, is rolling out the technology to its debit cards when replacing expired cards and to new customers. Merchants have until October 2015 to place new payment terminals to accept the chip cards, otherwise credit card companies have threatened to pass the fraud liability to the merchants. [10/1/14]

Survey finds point-to-point encryption and tokenization come out ahead of EMV chip technology when it comes to effectiveness at reducing card fraud. [10/1/14]