Links in “Banks”
- Cordray: Complaint Narratives Offer Consumers a Megaphone
A CFPB field hearing in Texas provides further insight into the CFPB's rationale for wanting to give consumers the option of including a complaint narrative, which would be public. CFPB Director Cordray said he hopes the public narratives encourages more consumers to make complaints by offering them a "megaphone" to tell their stories. [7/21/14]
- How JPM Is Pushing Back Against Regulatory Pressures
JPMorgan's CEO Jamie Dimon suggested last week that regulatory pressure banks face to serve minority and low-income borrowers, combined with the stiff penalties they must pay if pools of such loans go bad, has JPM reconsidering its participation in FHA business. While it may just be a threat, the comment is seen as an effort to push regulators to address bankers' frustration. [7/21/14]
- Banks Helping Credit Union Serve Low-Income Members
A newly chartered credit union in South Carolina is receiving help in serving its low-income membership from an unlikely sourceâ¦.local banks! A president of one of the banks was quoted as saying that they canât afford to make small loans, but want to support what CommunityWorks Federal Credit Union is doing. [7/21/14]
- Georgia Bank Becomes 13th Failure in 2014
Eastside Commercial Bank in Georgia becomes the 13th bank to fail in 2014, compared to 16 at this time last year. The bank had two branches and assets of $169 million. [7/21/14]
- Weak Passwords and Other Top Security Threats
Weak passwords, typically from bank employees who use easy-to-guess passwords, is still the top security threat for banks. Here's a rundown of the top three security threats and what to do about them. [7/21/14]
- Risk Watch 21: Common AML Validation Errors
The effectiveness of an institutionâs Bank Secrecy Act program hinges on the accuracy of its anti-money laundering monitoring system. AdvisXâs President Ken Agle shares three common errors he sees when conducting AML validations for financial institutions across the country. [7/18/14]
- Why Proposed Rule on Consumer Complaint Narratives Would Put Banks at a Disadvantage
Because of their obligation to maintain confidentiality of their customers, banks would not be able to offer a full response to narrative consumer complaints proposed by the CFPB. [7/18/14]
- New Legislation Requires Community Bank Presence on Fed Board
Legislation reauthorizing the Terrorism Risk Insurance Act included an amendment requiring at least one member of the Federal Reserve Board to have experience in community banking. The measure was approved by the Senate. [7/18/14]
- Adding Consumer Narrative to CFPB Complaint Database: More Fuel for “Reputational Risk” Argument?
The CFPB has proposed to permit consumers who submit complaints to also submit a narrative to be included in the publicly available Consumer Complaint Database. Will the narratives provide more fodder for regulators to use when making "reputational risk" arguments? [7/17/14]
- Case Study: Third-Party Relationship Lands Bank in Hot Water
A look at the third-party relationship between Cole Taylor Bank in the Chicago area and Higher One, which landed the bank in regulatory hot water to the tune of many millions of dollars. [7/17/14]
