Links in “Banks”
- Treasury Seeks Ways to Manage Rising Student Debt
Student loan debt is nearing $1.2 trillion. The Treasury Department is trying to develop ways to manage that, including working with Intuit and H&R Block to promote during tax season underused Education Department programs that reduce monthly payments by tying them to a percentage of income for those who struggle, while extending the term of the loan. [7/25/14]
- Back to Kickbacks
Another institution, Flagstar Bank, is being sued for allegedly participating in an illegal âkickbackâ scheme. This scheme dealt with private mortgage insurers, violated RESPA, and has been granted a summary judgment motion. [7/24/14]
- Frank on Dodd-Frank: Little Sympathy for Banks’ Compliance Woes
Barney Frank, two years after retiring from the House and four years after the legislation bearing his name was enacted, returned to Washington yesterday and said he has little sympathy for financial institutions bemoaning their increased compliance demands. "To the extent that we were responsible for JPMorgan Chase beefing up its compliance staff, I am not embarrassed." [7/24/14]
- Trade Groups to CFPB on Complaint Narrative Proposal: Not So Fast
The 30-day comment period on the CFPB's proposal to include complaint narratives in its Consumer Complaint Database is not enough, say five industry trade groups in a letter to the CFPB. They've asked for at least 90 days to comment. The 30-day comment period is scheduled to close Aug. 22. [7/24/14]
- Why Banks Should Be Wary of the CFPB’s Actions Against ACE
Yes, ACE Cash Express is a payday lender, not a bank. But the $10 million settlement the CFPB came to with ACE portends some troubling trends that banks should keep an eye on, such as how the CFPB is using its UDAAP authority to apply the Fair Debt Collection Practices Act to all first-party debt collectors and how the CFPB continues to use enforcement actions to impose requirements rather than the "notice and comment" rulemaking process. [7/24/14]
- FHA Seeks to Fix Relationship with Banks
Not surprisingly, the Federal Housing Administration is finding banks apprehensive about continuing to do business with it after several major industry players were hit with big penalties to settle allegations of faulty underwriting. The agency is instituting greater sampling and early reviews of newly originated loans. Will it be enough? [7/24/14]
- Risky Business: 62% of Financial Services Firms Have 25 or More High-Risk Vendors
While the largest group (35%) of surveyed financial services firms report having fewer than 25 high-risk vendors, a majority reported having more than 25 high-risk vendors, including 12% reporting 200-250 high-risk vendors. [7/23/14]
- 3 Common Mistakes Seen in AML Validation
AdvisX President Ken Agle describes three common errors found during AML validations and what institutions should do to fix them (before and after validation). [7/22/14]
- Where Are Debt Collection Rules Heading? Look to New York (CFPB Does)
The CFPB and the New York Department of Financial Services work hand in hand. Hence, the DFS' proposed debt collection rules is a good bet to form the basis for where the CFPB may be going with its debt collection rules. [7/22/14]
- Worried Consumers: 44% Haven’t Heard from Their Financial Institution on Anti-Fraud Measures
Survey finds that 44% of consumers don't recall receiving any guidance or tips from their banks fraud protection measures. [7/22/14]
