Links in “Banks”
- Does Recent Court Decision Suggest Banks Will Need to Maintain Private Terrorist Lists?
New York jury finds Jordan's Arab Bank liable for Hamas terrorist violence, even though the problematic customers were not on official terrorist blacklists. Plaintiffs' attorneys argued that, even so, the links to terrorist organizations were obvious. [9/25/14]
- First Look at New HMDA Data: Lending to Minorities Hits 14-year Low
Since the collapse of the subprime market and the rise of more stringent lending requirements, more minorities are finding themselves shut out of the housing market. Upshot? Expect more fair lending scrutiny. [9/24/14]
- Trade Group: Why Adding Complaint Narratives Is a Bad Idea
CBA writes to CFPB outlining five reasons why adding consumer narratives to the CFPB complaint portal is a bad idea. [9/24/14]
- Walmart to Offer Checking Accounts
Retail giant's expansion into financial services continues as it makes deal with prepaid-card company to offer checking accounts. [9/24/14]
- Why the CFPB Matters Even If It Isn’t Your Regulatory Agency
Today, you can't throw a stick anywhere in the compliance news landscape without hitting at least a few items either from or about the agency that likes to refer to itself as "The Bureau." Some may disregard these reports from and about the Consumer Financial Protection Bureau, because they understand that it only directly regulates large financial institutions in excess of $10 billion. However, even if your bank or credit union is far beneath that threshold, the CFPB matters. AffirmX's Dennis Agle explains why. [9/23/15]
- The Home Depot “We Sell Hammers” Defense
Home Depot underestimated its IT risks. Former employees say that when they sought new software and training, they were turned down with the response: "We sell hammers." [9/23/14]
- Could Congress Advance Regulatory Relief Next Year?
There is a a growing consensus among both parties that smaller institutions are being overly burdened relative to their riskiness to the system. [9/23/14]
- BoA’s Appeal: GSEs Got What They Paid For
Bank of America's lawyers are seeking to get a verdict that it misrepresented loan quality sold to Fannie Mae and Freddie Mac thrown out on the basis that the loans were well within industry standards and that the GSEs "received exactly what they paid for." [9/23/14]
- Compliance Burden No. 1 for Credit Unions, Too
With an estimated 180 new rules and regulations since 2010, here's a look at how the regulatory burden that is crushing smaller banks is even harder to handle for tiny credit unions and what their demise might mean to banks. [9/23/14]
- Wild West of Mortgage Servicing Rules
CFPB official speaking at conference says mortgage servicing environment is not like NASCAR, "where you direct your staff around a predictable track repeating the same steps over and over." Today's mortgage servicing environment is more like the Wild West, with state and federal regulators changing the rules, regulators and attorneys citing services for prior practices, and stiff competition from bank and non-bank servicers. [9/22/14]
