Links in “Banks”
- The CFPB Has Its Eye on Your Advertisements, Especially Credit Card Promotional Rates
When it comes to advertising, the Consumer Financial Protection Bureau has its eye on financial institutions. And with the coming holiday season and the spike in advertising that frequently accompanies it, expect the CFPB to be on the lookout for all kinds of false claims, but for one kind in particular. AffirmX's Jane Pannier describes what the CFPBÂ has identified as deceptive and/or abusive to consumers and the guidance they've published to combat this issue. [9/30/14]
- .bank Domain to be Operated by Industry Organizations
ABA and other banking industry organizations, not outsiders, will operate the new financial top level domain ".bank." The domains are expected to be ready for use in 2015. [9/30/14]
- Bug Fatigue
Y2K, Conficker, Heartbleed, Shellshockâwill the human population grow weary of the endless parade of computer bugs? Are we there already? [9/30/14]
- Flagstar Fined for Failure
The CFPB has taken action against Flagstar Bank, citing the bank for violating the new mortgage servicing rules. The bank will pay $27.5 million to victims in addition to a $10 million fine. [9/30/14]
- FDIC Strikes Again
Merrick Bank of Utah pays a pretty penny for marketing and servicing credit card add-on products which were unfair and deceptive. [9/30/14]
- Here Comes the Boom: Flagstar Hit for $37.5 Million Over New Mortgage Servicing Violations
Flagstar Bank in Michigan has been ordered to pay $37.5 million over violations of the new servicing rules that took effect earlier this year. [9/30/14]
- Another Credit Card Add-on Settlement
This time it is Merrick Bank in Utah that is hit for unfair and deceptive practices over its "PAYS Plan," a payment protection plan that the FDIC found full of misrepresentations and disclosure failures to the tune of $1.1 million in civil penalties and $15 million in restitution. [9/30/14]
- How Proposed MLA Changes Would Affect Credit Unions
The Department of Defense proposed drastic amendments to the Military Lending Act, including: a broadened list of credit products subject to the 36% cap on the APR rate, additional required disclosures for military borrowers, and more. [9/29/14]
- Appealing to the Highest Authority
Dan Berger, CEO and President of NAFCU, wrote a letter to the President Barack Obama attempting to persuade him to place the responsibility of retail data breaches on the heads of the retailers, not financial institutions. [9/29/14]
- Beginning of the End for Passwords?
Passwords are proving ineffective at preventing data breaches. What's more, consumers are frustrated by the growing number of passwords they have to maintain. Here are some alternatives to the password game. [9/29/14]
