Links in “Banks”
- Force-Placed Insurance Misdeeds of Banks May Result in FHFA Lawsuits
Excessively priced force-placed insurance, written by two insurers responsible for more than 90% of force-placed coverage, resulted in premiums that were 79% above what was considered "reasonable" to cover claims, according to a recent report. FHFA may seek to recover some of that excess. [6/25/14]
- Even Businesses with Distant Links to Legal Marijuana Trade Feeling Banking Pinch
From a promoter of a conference on legal marijuana to a publisher of a magazine that covers the legal marijuana industry, more businesses with indirect ties to the legal marijuana industry are finding it hard to open a bank account in the continuing absence of federal guidance on the matter. [6/25/14]
- Getting Fit for Your 2014-2015 BSA Exam (Plus Video)
As any health-conscious person knows, regular physical exams are the key to identifying potential problems while they are still manageable in order to stay at the top of their game. Similarly, for financial institutions to do the same, a âphysicalâ is needed for every aspect of compliance, especially the regulatory behemoth: the Bank Secrecy Act. Recently, AffirmX's Senior Vice President Jane Pannier had an opportunity to spend some time at the NCUA headquarters, and was able to discuss top concerns related to BSA with some of their principal people. She shares three areas that she believes will be crucial in your 2014-2015 BSA exam. [6/24/14]
- DOJ to Banks: Enable Scam Artists and We’ll Come After You
U.S. Attorney General Eric Holder cites as an example a North Carolina bank that facilitated a third-party payment processor to process transactions reported as fraudulent in exchange for $850,000 in fees. The settlement included a $1 million fine and $200,000 to a consumer fraud fund. [6/24/14]
- Processing Transactions for Banned Countries Through U.S. May Cost French Bank $9B
French banking giant BNP Paribas is looking at a fine of up to $9 billion for processing billions of dollars in transactions involving Sudan, Iran, and Cuba. Many of the suspect transactions were routed through the U.S. DOJ, and the Manhattan District Attorney's office and the New York State Department of Financial Services are on the case. [6/24/14]
- Two Months Later: Heartbleed Far from Gone
It may have disappeared from the headlines, but the Heartbleed bug has far from disappeared. Two months after it was discovered, at least 300,000 servers remain vulnerable. [6/24/14]
- Sprint’s Prepaid Mobile Phone Carrier Goes After the Unbanked
Boost Mobile, the prepaid mobile phone carrier owned by Sprint, is making a play to be the financial services providers of the unbanked. [6/24/14]
- New Rules Restricting Financial Products to College Students Imminent
Department of Education is said to be working closely with the CFPB to make significant restrictions on products that banks sell to college students. Proposed revisions are expected to be issued in July. [6/23/14]
- Study: Cyber-fraud Resulting in Customer Attrition
Cybercrimes are taking their toll, with consumers losing confidence in financial institutions. 29% of U.S. consumers use their replacement cards less as a result of a fraud or breach. [5/23/14]
- Two More Bank Closures; Total for 2014 Now at 11
Two banks, both named Valley Bank and subsidiaries of the same company but one was located in Illinois and the other in Florida, were closed on Friday, bringing the total for the year to 11. At this time last year, there were 16 bank failures. [6/23/14]
