Links in “Banks”
- Tips for Preventing Elder Financial Abuse
June 15 is Elder Abuse Awareness Day. Here are some tips on preventing elder financial abuse. ABA offers its tips, too. [6/13/14]
- Ohio Supreme Court Decision: Score 1 for Payday Lenders
When payday lenders in Ohio were restricted by state law to loans with interest rates of 28%, no more than $500, and with a minimum 31-day payback period, payday lenders began making loans under the Mortgage Loan Act which has no cap on interest rates and permits single lump payments (the case surrounded a borrower who failed to repay a $500, 2-week loan with an interest rate of 235%). A lower court said payday lenders were skirting the law. Ohio's Supreme Court disagreed, saying its justices could not second-guess the intent of legislators. [6/13/14]
- Hensarling Sits Out This Dance
Jeb Hensarling (R-Texas), who heads the House Financial Services Committee, announced he wouldn't run for the top House leadership role, following Eric Cantor's loss. The move could have shaken up the banking industry. [6/13/14]
- Cordray on the Benefits of Public Shaming and Other CFPB Tactics
CFPB Director Cordray says that public shaming of mortgage loan services who automatically put a student loan into default if a cosigner dies or becomes incapacitated is important, but that more tools may be needed through rulemaking. It was one of several responses he gave before a Senate hearing this week. [6/12/14]
- Where the CFPB Wants to Take HMDA
HMDA currently requires reporting of up to 30 points of data for each covered application. Dodd-Frank identified nine more data points and opened the door to other points that the CFPB felt was appropriate. The CFPB's list is up to 20 more. Here's what the CFPB is proposing. [6/12/14]
- Is Cantor’s Loss Hensarling’s Gain and What Does It Mean for Banking?
Jeb Hensarling (R-Texas) may be on the short list to replace House Majority Leader Eric Cantor. The loss of Cantor, who was seen as a business ally and a firewall between Wall Street and the Tea Party, plus the potential loss of Hensarling as chair of the House Financial Services Committee could mean some changes heading the banking industry's way. [6/12/14]
- Non-QM Loans: The All-Important 3rd Party Opinion
By obtaining an opinion from a credible third party on a borrower's ability to repay, a lender has gone a long way to demonstrate that it has acted in good faith. [6/11/14]
- House Passes Bill Exempting Title Fees from Counting to QM Rule
While some fear the bill would open the door to irresponsible lending, the House passed a bill amending TILA to exempt fees from affiliated title companies from counting toward the 3% point and fee threshold established by the Qualified Mortgage rule. [6/11/14]
- Across the Pond: How Bank of England Is Approaching Cybersecurity
Bank of England spearheads an initiative called CREST, an effort to create a controlled environment for testing uncontrolled cyber-attacks. [6/11/14]
- Choke Point: Bank Accounts with Gun Dealers at Risk?
Rep. Darrell Issa (R-Calif.) alleges that Operation Choke Point is being used by the administration to target gun sellers by scrutinizing their bank and payment processors. [6/11/14]
