Links in “Banks”

Chief of the consumer fraud division of New York's Attorney General says ensuring compliance with servicing standards will remain a primary focus of the AG's office moving forward. [5/16]

As if the competition from the bank across the street weren't enough, now the thing that worries 91% of bank directors and senior executives is nonbanks entering financial services. [5/16]

The Servicemembers Civil Relief Act got a lot of attention as a result of the $60 million settlement announced by the DOJ and the Department of Education. The DOJ alleged that a major student loan servicer failed to reduce the rate on loans to servicemembers to 6% when required to do so. However, the statute requires the servicemember to submit a written request for relief before relief is granted. The decision by the CFPB, DOJ and ED appears to ignore this requirement. [5/15]

As this community bank in North Carolina learned the hard way, if your bank is receiving a significant number of returns or requests for proof of authorization for the transactions of a third party, it is time to do a little digging, rather than looking the other way. [5/15]

Associated Bank (Wisconsin) was fined $500,000 by the OCC for inadequate training, risk management practices, and an insufficient system for tracking suspicious activity. [5/15]

Director Cordray's recent remarks indicate that the CFPB is seeking to pierce the corporate veil in going after individual decision makers at financial institutions that violate consumer finance laws. [5/14]

In 2013, the U.S. Supreme Court ruled that a debt collector can be awarded costs even when the suit wasn't brought in bad faith. If it passes, new legislation would amend the Fair Debt Collection Practices Act to limit that provision to when the plaintiff brings a suit in bad faith or for the purpose of harassment. [5/14]

Survey finds that 60% of respondents would switch banks or stop going to a retailer if their card credentials were stolen in a breach. Card fraud concern is 7% higher than last year. [5/14]

With EMV adoption far from a reality, two-step authentication, being employed now by Gmail, Twitter and Facebook, is one of three steps described here that banks can take now to better secure their transactions. [5/13]

A look at the growing pressure on banks to risk score their vendors, whether it's with numbers on a scale of 1 to 100 or with a red, yellow, or green indicator. [5/13]