Links in “Banks”

Writing the Suspicious Activity Report narrative is arguably the most challenging part of many financial institution's BSA programs. From the AffirmX Operations Center, where SARs from financial institutions all across the country are constantly reviewed, Analyst Rachel Osborn describes the common characteristics of a well-written SAR narrative. [3/31]

Bipartisan group of legislators write letter to FDIC and OCC expressing concerns that efforts to crackdown on illegal payday lenders are having undue consequences on legitimate customers that have successfully banked for decades. [3/31]

A judge recommends dismissal of case against Bank of America for allegedly misleading investors about the quality of $850 million in mortgage loans. It would be the first for about a dozen companies targeted under FIRREA. [3/31]

CFPB employee alleging gender discrimination and retaliation for filing an Equal Employment Opportunity complaint to appear before House subcommittee next week. Perhaps not the kind of whistleblower CFPB prefers. [3/28]

Detroit man loses case against a debt collector over a $2,000 phone bill. His case was built on the grounds that his debt collection notice said he was to respond within 30 days "of" receiving notice, when the regulation says people have 30 days to respond "after" getting a notice. Nice try. [3/28]

While the FDCPA does not apply to financial institutions collecting a debt that they own or service, recent CFPB actions suggest that may be changing. [3/27]

Bank of America's settlement to resolve allegations of fraud for securities sold during the housing bubble comes in at $9.33 billion, bringing the total of settlements thus far to $57.5 billion. [3/27]

The Illinois Attorney General files suit against a small loan lender alleging violations of Dodd-Frank. This appears to the first lawsuit of its kind file by a state attorney general. [3/27]

House Financial Services Committee sends letter to several inspectors general asking them to look into the matter of the CFPB's employee performance appraisal standards to detect whether any practices have created an unfair workplace for minorities and women. [3/27]

Speaking at a forum, investment banker Christopher Whalen says that new regulations are discouraging lending, causing loan portfolios to decline steadily. The housing sector is not repaired, despite rising prices, which are largely a function of a limited supply and high demand. [3/26]