Links in “Banks”

To help the unbanked gain access to the banking system, New York has been issuing identification cards. However, some of the biggest banks in the city, still smarting from having to pay hundreds of millions in fines to settle investigations that their anti-money laundering efforts were inadequate, are refusing to accept the cards as a primary source of identification. [12/23/15]

Massachusetts Division of Banks told a Massachusetts law firm to register for debt collection. The law firm sued the banking commission for exceeding its authority. Now the Massachusetts attorney general is suing the firm for its unfair and deceptive debt collection practices. The firm is looking forward to being vindicated in court. [12/23/15]

Ever wonder what consumers are saying about you behind your back? Thanks to the monthly CFPB Consumer Complaint Snapshot, there is no wondering required. The most recent November Complaint Snapshot shows that the bureau has handled over 749,400 complaints so far. Based on those 749,400 complaints, which complaint did the CFPB spotlight this month? Bank account and service concerns was the winner with nearly 10% of all complaints. Here are some key takeaways to keep your institution off that complaint list. [12/22/15]

The $1.1 trillion appropriations bill includes a provision that allows homeowners to exclude forgiven mortgage debt from their gross income when filing tax returns and to consider mortgage insurance premiums paid as deductible mortgage interest. Such provisions are seen as helping homeowners maintain a current mortgage status. [12/22/15]

Bankers and regulators are considering creating a private registry of bankers who violate ethics or conduct rules to allow prospective employers to see a banker's records before deciding whether to hire them. The move would be intended to help restore institutional reputations damaged in the financial crisis. [12/22/15]

An individual resold consumer leads to debt collectors without exercising reasonable due diligence to check whether the buyers offered a legitimate product or service. The debt collectors used the information to deceive and threaten consumers into paying debts they did not owe. The reseller as well as the debt collectors are now facing CFPB heat. [12/22/15]

Consumers looking for the best interest rates for their savings have a new resource available to them: a Google-like map that shows all the branches near them with a little sign that displays interest rate. A list to the right of the map indicates, from highest to lowest, the rates of each. [12/22/15]

The TILA-RESPA Integrated Disclosure rule changes were massive, and regulators have, to varying degrees, extended a grace period for compliance. But investors, wary that loans may contain compliance defects, are reluctant to buy, creating liquidity problems for some lenders. [12/22/15]

The Fed doesn't have to look far for real-world examples of what can go wrong when rates rise. [12/21/15]

Exotic mortgages will increase, as will push notifications to confirm customers' identity on mobile devices. These are among 10 predictions for 2016 for banks. [12/21/15]