Links in “Banks”
- NCUA Wins Back Ability to Pursue Banks Over Deceptive MSBs
The 10th Circuit Court of Appeals has handed NCUA a victory by reinstating its ruling that allowed NCUA to sue several banks over alleged deceptive practices related to their sales of mortgage backed securities to corporate credit unions. The ruling affects six cases pending in the 10th circuit. NCUA has settled similar cases and recovered more than $1.75 billion. [8/20/14]
- Regulators to Judge on Operation Choke Point: Blame the Banks, Not Us
FDIC, Federal Reserve and OCC are seeking a dismissal of a lawsuit by payday lenders accusing them of pressuring banks to terminate relationships with them. "Banks, not federal banking regulators, terminated those business relationships," said FDIC lawyers. [8/20/14]
- The Cost of the De Novo Chokehold
While the FDIC denies there is a moratorium on de novo bank approvals, the fact is that new bank startups are rare these days, and here are some of the ramifications of that. [8/20/14]
- Banking SuperPAC Narrows List to 4 Key Senate Races
Friends of Traditional Banking, a SuperPAC, has narrowed its Congressional Watch list to four key senate races. The 6,000-member group started with 20 key congressional races on its watch list in June, narrowed to seven key races in July. Formal recommendation for two key races is to come in early September. [8/20/14]
- 5 Common Questions about the Suddenly Hot E-SIGN Act
E-SIGN is getting more attention than ever, it seems. The reason is that regulatory and technological changes are forcing the industry to find new ways of achieving compliance in a cost-effective manner, which almost always involves the use of electronic signatures or providing important documents electronically. AffirmX's Senior Analyst, Coppelia Padgett, provides five questions she's received about E-SIGN and their answers. [8/19/14]
- How Can You Help Your Members Achieve Their Homeownership Dreams?
Some credit unions have found the answer through down-payment assistance programs. In the past 6 years, the average home purchase down payment has increased from $4,000 to $9,840 leaving many first-time home buyers out in the cold. Home down payment assistance programs provide means to overcome this hurdle. [8/19/14]
- AML: It Takes a World
Another Liberty Reserve executive pleads guilty to charges of money laundering. The digital currency operation, branded as the "bank of choice for the criminal underworld," was shut down by regulators last year. Agencies from 17 countries combined to take Liberty Reserve down. [8/19/14]
- PwC Hit for $25 Million for Altering Bank’s Money Laundering Report
New York regulators find that PricewaterhouseCoopers, under pressure from executives of the Bank of Tokyo Mitsubishi, improperly altered a report on bank wire transfers on behalf of countries under U.S. sanctions. The company will pay $25 million and be prohibited from consulting for new bank clients for two years. [8/19/14]
- Protecting Your Institution Against the Next HMDA Firestorm
The proposed HMDA rules calling for far more data collection categories is a game changer that could lead to a replay of 1991, when the initial release of HMDA information ignited a firestorm of fair lending litigation. Now may be the time to run your institution's numbers using the proposed categories to see if there are disparities that should be addressed now before it starts to get toasty. [8/18/14]
- One More Reason for National Data Security Standards
A national supermarket chain, SuperValu, Inc., announced that it suffered a potential data breach of its point-of-sale network between June 22 and July 17. The company, which operates 180 grocery stores plus stand-alone liquor stores, is not yet certain whether any debit or credit data was stolen and is continuing its investigation. [8/18/14]
