Links in “Banks”
- Bill to Subject CFPB to Transparency Unlikely to Pass This Year
The CFPB enjoys a level of freedom from public scrutiny afforded only the CIA and Federal Open Market Committee. A bill, introduced in the House would apply the Federal Advisory Committee Act to the CFPB, is unlikely to pass this year, but may have more success next year. [3/24]
- Credit Suisse’s Turn: Settlement with FHFA Comes in at $885 Million
The deal settles lawsuits by the Federal Housing Finance Agency over loans sold to Fannie Mae and Freddie Mac. The Swiss lender was among 18 lenders sued by the FHFA to recoup losses on $200 billion in mortgage backed securities. [3/24]
- Risk Watch 4: Anti-Money Laundering Rule Parameters
Regulators are moving beyond just checking for accuracy when evaluating anti-money laundering screening rules and considering whether the rules themselves make sense for the institution. AffirmX's Ken Agle discusses what this means your institution should be doing now to prepare. [3/21]
- Industry Group Fires Back at CFPB’s Debt Collection Report
Association of credit and collection professionals finds the CFPB's report on debt collection complaints "seeks to justify the CFPB's existence, but falls short in looking at the underlying causes." Key points raised include CFPB's definition of complaint, consumer unwillingness to communicate with debt collectors, the Catch-22 of not leaving messages that could divulge the existence of consumer debt to others vs. calling back again and being criticized for call frequency. [3/21]
- What Big Blue Has Been Up To
Investing $24 billion since 2005, IBM launches big data software designed to aggregate information from a variety of sources to find non-obvious relationships and co-occurrences between entities to address all kinds of fraud and financial crimes. [3/21]
- Cyber Attacks: Smaller Institutions in the Crosshairs
While cyber security threats have usually targeted large financial institutions, regulators are anticipating that smaller institutions are next. AffirmXâs SVP and In-House Counsel Jane Pannier explains the risks and what small to mid-sized financial institutions should be doing now to prepare accordingly in our third episode of Risk Watch. [3/20]
- Vendor Management: Protecting the Core
A few tough questions to ask your core automation system, one of the most mission critical vendors your institution has. [3/20]
- Judge Rules FTC Has Authority to Regulate Tribes in Payday Lending Case
When it comes to unfair or deceptive acts, payday lenders that claim ties to Native American tribes are not beyond the reach of the Federal Trade Commission, a U.S. District Court judge rules. [3/20]
- Student Loans: Defaults in 2014 to Decline, But Still Higher Than Pre-Recession
Moody's predicts the private student loan default rate will decline at a double-digit pace, but remain high by historical standards. [3/19]
- Bankers Seeking Continued Access to the Death Master File
Access to the Death Master File, the list maintained by the Social Security Administration for fraud protection, insurance matters, compliance and other reasons, is to be restricted to certified personnel only beginning March 26, 2014. Unfortunately, no rule has yet been created to establish the certification program. ABA is seeking a clarification that access to the DMF will continue until the certification program is ready to go. [3/19]
