Links in “Banks”
- CFPB Guidance on Construction Loans Clear as Mud
The CFPB's fact sheet on disclosures of construction-to-permanent loans under TILA/RESPA Integrated Disclosure falls far short of the detailed guidance sought by the mortgage industry. [1/15/16]
- Are You Your Vendor’s Keeper?
Yes. [1/13/16]
- Mortgage Fraud Scheme Could Mean 150 Years for Florida Man
He worked as a real estate sales associate, negotiated sales, concealed sales incentives from mortgage lenders intended for the buyers, and kept them, pocketing nearly a cool million, which probably sounded attractive, but now he is facing 150 years in prison, which works out to only about $6,700 per year, so...  [1/13/16]
- Is There Life After MSAs?
With marketing services agreements coming under regulatory fire, mortgage lenders are going to have to earn referrals from real estate agents the old-fashioned way. [1/13/16]
- The Dark Side of Crowdfunding: A New Favorite Tool of Money Launderers?
While the overall number of Suspicious Activity Reports associated with crowdfunding is relatively low, the Financial Crimes Enforcement Network has found that mentions of crowdfunding in SAR filings increased 171% just through the first half of 2014 compared to all of 2013. Crowdfunding has become a new favorite tool in the hands of money launderers. Here are the warning signs you should be aware of. [1/12/16]
- Industry on FHFA’s Survey Plans: Not So Fast
Trade associations jointly write to the Federal Housing Finance Agency on its proposal to survey mortgage borrowers urging it to take a step back to see where it is overly extensive, a danger to consumer privacy, and duplicative of other databases. [1/12/16]
- “Too Small to Succeed”
Dallas Fed reports that many financial institutions may be "too small to succeed" in the era of regulatory onslaught brought on by Dodd-Frank. [1/12/16]
- Business is Booming at the CFPB
Wall Street Journal features CFPB's director and notes that the bureau has roughly doubled the number of enforcement cases it brought last year. [1/12/16]
- Current Expected Credit Loss Proposal Lacks “Common Sense”
The Financial Account Standard Board's attempt to change the way that banks account for loan losses lacks "common sense" for community banks. Here's why. [1/11/16]
- Trojan Migrates from European Banks to Japanese Banks; Could US Banks Be Next
Infection campaigns began in December with emails disguised as a package delivery waybill from an international transport company download malware had been targeting banks in Europe, but then began targeting banks in Europe. U.S. banks need to monitor such threats because cybercriminals may be intending to migrate such threats here. [1/11/16]
