Links in “Banks”

Failing to register as a money services business was just one of the Bank Secrecy Act violations that led to a $10,000 civil money penalty for a Florida company. [4/28]

While 60% of retailers describe their cybersecurity exposure as significant, 9% are not reporting any exposure at all. [4/25]

eClosing mortgage pilot project, which the CFPB is billing as not part of a rulemaking process, but a potential best practices initiative, has a target start date of October 2014. [4/25]

Midland, Texas' proposed ordinance would limit loans to 20% of consumer's monthly income, no more than four installments, and prohibit renewals or refinancings. [4/25]

The hard work of preparing for pending changes to the mortgage loan closing process is just beginning, but already there is frustration mounting. [4/24]

CFPB announces two new members of its Advisory Research Council and that its annual meeting tomorrow will be a closed session. CFPB's closed sessions for its advisory groups have come under fire from the industry and the House Financial Services Committee. [4/24]

The business of banking is the business of taking risk. Some thoughts about how banks manage those risks. [4/24]

Former FDIC chair calls Operation Choke Point, a DOJ initiative targeting payday lenders, "both alarming and repugnant." [4/24]

Columbian Bank & Trust Co., based in Topeka, Kansas, is suing state bank regulators alleging that they didn't conduct an appropriate investigation prior to declaring the bank insolvent. [4/24]

The average employee of a federal bank regulatory agency makes 2.7 times the average compensation of a private banker, up from 2.3 pre-Dodd Frank. [4/23]