Links in “Banks”

How much data from the 15 million CTRs and 1.5 million SARs filed annually by U.S. banks reaches the spy agencies? According to FinCEN's director, "we think we've gotten that balance right." [6/10/14]

Pres. Obama announces the expansion of "Pay as You Earn," which caps graduates' repayments at 10% of their monthly discretionary income, to an estimated 5 million more borrowers. [6/10/14]

ABA lends its support for H.R. 3770, which would require an independent audit of the CFPB and H.R. 4262, which would require the CFPB to keep its meetings open to the public. The legislation "will ensure that the Bureau remains transparent in its operations." [6/10/14]

The trade groups are generally supportive of the proposal to revise the Remittance Transfer Rule, but outline in this letter a number of clarifications and revisions that are needed, including a clarification that would permit the remittance transfer provider to look at the way in which an account funding a transfer is identified at the time the transfer is requested to help determine whether it is for personal, family or household purposes. [6/10/14]

Two prior Supreme Court of the United States cases that could have resolved the issue of disparate impact, which focuses not on discriminatory intent, but discriminatory impact, were settled before the court could rule. A new case, Inclusive Communities Project v. Texas Department of Housing, could give the court a third chance. [6/10/14]

Survey of card issuers finds 70% of credit cards in the U.S. to migrate to EMV-enabled cards by October 2015. [6/10/14]

While HMDA does not survey for sexual orientation, a look at same-sex co-applicants reveals higher denial rates than for mixed-sex couples with a male as the primary applicant. [6/10/14]

Claiming that Operation Choke Point unfairly targets payday lenders by applying back-room pressure on banks to not service them, the main payday lending trade group has sued banking regulators. [6/9/14]

In hearings before the Senate, much was made of the potential impact of student loan debt on the rest of the economy, but not much was provided in way of supporting data. Also not addressed were the ramifications of proposed legislation to address student loan debt on taxpayers and the economy as a whole. [6/9/14]

Massachusetts passed a law that would prohibit creditors from blocking home sales to a non-profit that intends to resell the property back to the former homeowner. The FHFA refuses to go along. Massachusetts is suing. [6/9/14]