Links in “Banks”
- Risk Watch 29: Clearing Up the Confusion Around UDAP’s Proposed Repeal
The federal regulatory agencies recently issued a joint guidance related to the repeal of unfair and deceptive practices rules. What does this mean for your institution? Find out in this episode of Risk Watch featuring AffirmX Analyst Rebecca Drebin. [9/12/14]
- House Bill Would Put Brakes on CFPB’s Indirect Auto Finance Guidance
H.R. 5403 would nullify the CFPB's 2013 indirect auto finance guidance and require the agency to provide a notice and comment period before issuing any new guidance. [9/12/14]
- Disparate Impact Update
An update on two insurance industry lawsuits regarding HUD's disparate impact rule and their potential impact on financial institutions. [9/12/14]
- Why Imposing Price Controls on Overdraft Fees Is a Bad Idea
Capping overdraft fees would increase incentives for individuals to overdraw their accounts, decrease incentive for financial institutions to offer this product, and possibly shut out repeated overdrafters from depository institutions. [9/12/14]
- Senior Citizens Owe over $18 Billion in Student Loan Debt
Most think of student loan debt as a burden on the young, but the shocking fact is that many seniors have student loan debt and their numbers are increasing. In 80% of the cases, the seniors are paying back debt for their own college education and not the education expense for their children. [9/11/14]
- Cordray Points to “Considerable Progress” in Report to Senate
New mortgage rules, greater enforcement of system misconduct, investigating consumer complaints and securing relief on behalf of tens of thousands of consumers are among the accomplishments cited by CFPB Director Cordray in his report to the Senate Committee on Banking, Housing and Urban Affairs. [9/11/14]
- New Legislation Would Target Credit Reports
New legislation unveiled by Rep. Maxine Waters (D-Calif.), the ranking Democrat on the Financial Services Committee, would remove detrimental info from credit reports from borrowers who take out a predatory loan, and reduce the number of years adverse information can remain on a credit report to three years, among other provisions. [9/11/14]
- Congresswoman to CFPB: Limit Overdraft Fees
Carolyn Maloney (D-NY) sends letter to CFPB's Cordray calling for limits to overdraft fees and expanding opt-in requirements to apply to checks and ACH transactions. [9/11/14]
- New Mobile Malware Strains Skyrocket
Cybercriminals seek to jump onboard the smartphone bandwagon by introducing a skyrocketing number of new malware just for mobile phones. There were 2.5 million new mobile malware streams in 2013. That number is expected to climb to 5.4 million in 2014 and hit more than 50 million by 2017. [9/11/14]
- Does Consolidation Mean More de Novo Charters Are Coming?
Not likely, according to this industry observer. An unsettled regulatory climate and hold-ups in the mergers and acquisitions arena over fair lending issues suggest that the trend in the number of community banks will continue to go down from 6,300 community banks now to 4,800-5,300 by the end of 2019. [9/11/14]
