Links in “Banks”
- Goodbye Paper Checks?
Checking accounts with no checks are becoming more and more of a thing. [6/2]
- MD Bank Becomes 9th Bank Failure of 2014
Slavie FSB in Maryland becomes the ninth bank failure of 2014 and the first in Maryland in two years. A bank has failed on each of the last three Fridays. [6/2]
- Rhode Island City Accuses Bank of Redlining
Providence, R.I., accuses Santander Bank of deliberatly cutting back on lending to qualified homebuyers in minority neighborhoods while increasing mortgage lending to predominantly white areas. Also see Bank Lawyer's take here. [6/2]
- LA v. JPM
Los Angeles goes after JPMorgan for allegedly targeting minority borrowers with predatory loans, the latest in a string of cases where municipalities go after lenders. [6/2]
- Legislation Would Seek to Unplug “Disparate Impact”
Several trade associations are lending their support to an amendment to the appropriations bill for fiscal year 2015 that would prohibit any funds made available by the Act from being used in "disparate impact" litigation. Under the disparate impact theory, even a lender who takes every step to prevent discrimination and treat all consumers fairly and equally could be the target of serious claims if it impacts a protected group adversely. For example, the DOJ and CFPB recently entered into a $98 million settlement with a bank for its indirect auto lending program. [5/30]
- Bank Health Rating Index
Consumer site tracks health rating, including the "Texas ratio," of banks and credit unions throughout the country. [5/30]
- RealtySouth: Formula for a Big RESPA Violation
Here's what RealtySouth did that landed them a $500K penalty for RESPA violations. [5/30]
- Ins and Outs of FATCA
Enacted by Congress in 2010, the Foreign Account Tax Compliance Act, which assumes all customers are U.S. taxpayers until they have certified under penalty of perjury that they are not, is on its way. Laying the foundation must start immediately. [5/30]
- If the CFPB Were Regulated by the CFPB
In a hearing on allegations of employee discrimination at the CFPB, the Chairman of House Financial Services Committee points out the irony that if the CFPB were a private company, the disparate impact related to its treatment of employees would be ample grounds for enhanced supervision and costly enforcement from the CFPB. [5/29]
- Why the CFPB Deserves Special Treatment
In a hearing in the House Committee on Financial Services on legislative proposals to promote greater transparency and accountability at the CFPB, a representative of the US Public Interest Research Group argued that the bills are not necessary, because the CFPB is a work in progress and is a remedial agency, which makes it different from the other federal agencies. [5/29]
