Links in “Banks”
- Chase Faces Class Action Lawsuit Claiming Robosigning Debt Collection Affidavits
Plaintiff alleges Chase flooded courts for years seeking to obtain default judgements using "improper, incorrect and fraudulent affidavits" executed by employees "thousands at a time" and notarized without notaries witnessing the execution of the documents. [3/19]
- Donât Miss This Step in Credit Card Agreement Compliance
Some small credit card providers are finding out the hard way that an exemption they thought applied to them when it comes to posting their credit card agreement online doesn't. AffirmX's Coppelia Padgett explains. [3/18]
- Possible Elements of CFPB’s Zombie Foreclosure Action
CFPB's servicing and secondary markets program manager is reported to have said at a Federal Reserve Bank of Cleveland last week that possible actions the agency is considering in response to "zombie foreclosures" include creating a national definition of "abandonment," hastening the foreclosure process, and creating a national registry of zombie properties. [3/18]
- How Transparent Is CFPB’s Transparency?
CFPB issues its first annual Freedom of Information Act report, claiming virtually no backlog to "processed perfected requests." But user experience in at least one instance suggests otherwise, according to this post. [3/18]
- California Minority Groups Sue Governor Over Diversion of Mortgage Settlement Funds
Groups say California, which was facing a state budget shortfall at the time, diverted most of the $369 million mortgage settlement to plug the gap rather than use the funds for mortgage counseling and other housing-related purposes. [3/17]
- OIG Finds Mortgage Fraud a Low Priority for DOJ
Despite public statements by the Department of Justice that mortgage fraud is a high priority, the Office of the Inspector General finds instances that indicate a low prioritization, such as the FBI's ranking of mortgage fraud as the lowest ranked criminal threat in its lowest crime category. [3/17]
- Survey: Smaller Banks Hiring Chief Risk Officers
Of banks with $1 billion or more in assets, survey finds 97% have a chief risk officer or equivalent on staff, while only banks over $50 billion are required to have them. [3/17]
- Why Self-Policing/Reporting Makes Sense
Giving regulators the heads up that you've found a problem and have subsequently fixed it works in your favor for a number of reasons. [3/17]
- Did Wells Fargo Produce Bogus Documents to Justify Foreclosures?
Bankruptcy attorney produces 150-page document that she says was Wells Fargo's how-to guide for fabricating evidence of ownership. [3/17]
- Rolling Up Our Sleeves: Top Two Challenges Are Compliance and Efficiency
Survey of leading lenders finds the top challenging issue from 2013-2015 to be compliance and regulatory-related, followed closely by "improving productivity and cost efficiency." [3/14]
