Links in “Banks”

This is the question some are asking in light of the first major security threat that has target the mobile banking market. A new Russian malware called Svpeng targets certain mobile banking apps, locks the phone, and them demands money to unlock it. [6/17/14]

New York's Department of Financial Services gets Bank of America to sign up for the software tool the state has developed to flag payday lenders that could be violating state rules. The superintendent pledges that the state will be reaching out to additional banks to join the effort. [6/17/14]

The Supreme Court has instructed the 10^th Circuit Court of Appeals to re-examine a ruling that allowed NCUA to sue several banks over deceptive mortgage backed securities they sold to failed corporate credit unions. Under the Court of Appeals ruling, NCUA was allowed to proceed with the suits despite the fact that the suits exceeded the 3-year statute of limitations. A more recent case involving an environmental action has cast a new light on the prior ruling for NCUA. [6/17/14]

Last year $2 billion HarborOne Credit Union in Massachusetts converted to a bank charter and became HarborOne Bank citing a desire to serve a broader geographic area, expand its lending portfolio and seek secondary capital if needed to support growth. However, one year later the bank’s profitability has not risen and the reasons cited for the conversion don’t appear to have occurred. [6/17/14]

The student loan refinancing bill stalls in the Senate amidst concerns that its flaws may outweigh its benefits, and that more scrutiny may be necessary. [6/17/14]

The state alleges that CashCall made misleading representations and omitted material information to lure consumers into taking out loans in amounts greater than they were seeking. The lender routinely charged rates of 135% or more. California is seeking to suspend CashCall's license. [6/16/14]

Bancorp Bank's consent order with the FDIC calls for the Delaware bank to fix its BSA program, including appointing a qualified BSA/OFAC officer, addressing its suspicious activity monitoring, enhancing customer due diligence, completing a look-back project, establishing an independent testing program, and bolstering its training program. [6/16/14]

Because Know Your Customer (which includes CIP/MIP, CDD/MDD, and EDD) is such a critical part of compliance, we've put together a "Director's Briefing," a high-level overview of important areas of risk presented in 5 minutes or less. Join AffirmX Analyst Cody Knudsen to gain a better understanding of the history and important elements of KYC. [6/13/14]

A Florida man has been charged with bribing a U.S. Bank official with $1 million and running a $76 million fraud scheme involving the purchase and sale of delinquent debt portfolios from banks. [6/13/14]

The House appropriations bill includes an amendment that prohibits the Department of Justice from using funding to enforce disparate impact actions. The bill now moves to the Senate. [6/13/14]