Links in “Banks”
- Nonbank Lender Out to “Kill Banks”
Social Finance, a nonbank lender also known as SoFi, is going hard after millennials and encouraging them to join in the company's campaign to "kill banks." [12/16/15]
- Handling “New” HMDA: All You Need to Know
Still reeling from the new TILA-RESPA Integrated Disclosures, mortgage lenders got about a five-minute breather before the next big bombshell hit: the CFPB's amendments to the Home Mortgage Disclosure Act. Through the Act, Congress has charged the regulatory agencies with identifying and combating discriminatory practices within the mortgage industry. [12/15/15]
- The Massive Gulf Between Cordray and Industry on TRID’s Impact
When it comes to characterizing the impact of the TILA-RESPA Integrated Disclosure rule on the mortgage industry, CFPB's Cordray dismissed it as another Y2K/much-ado-about-nothing event. Many in the mortgage industry see it differently, however. "This is the most time-consuming, biggest event that I've ever had to deal with in my 23 years. And that includes the market crash." [12/15/15]
- New Bill Would Prohibit Agencies from Pressuring Banks to Stop Serving Customers Without Specific Cause
The Financial Institution Customer Protection Act would prohibit agencies from pressing banks to sever a relationship with a specific customer unless the agency had a material reason to do so and the reason wasn't based solely on risk. [12/15/15/
- Just What We Need: Another Online Complaint System
The comment period is now open regarding the Department of Education's plans to create a new online complaint portal about federal student loans. Apparently, the CFPB's complaint system is intended more for complaints about private student loans. [12/15/15]
- Online Loan to San Bernardino Shooter Brings Congressional Attention to Industry
Congress is taking a closer look at the online lending industry after it was revealed that one of the San Bernardino shooters borrowed $28,500 from an online lender that may have been used to pay for ammunition, pipe-bomb components and a rented SUV. [12/14/15]
- Bank Cybercrime a Very Hush-Hush Affair
Banks don't like to talk about it, but the potential exists for a cyber-attack so powerful it can bring a bank down, requiring a state bailout. [12/14/15]
- Clinton Pledges to Go Well Beyond Dodd-Frank
While many Republican candidates are promising to roll back Dodd-Frank, Hilary Clinton pledges to fight for "tough, new rules, stronger enforcement, and more accountability. [12/14/15]
- Moody’s: TRID Violations a Widespread Epidemic
Moody's Investors Services reviewed recent mortgage loans for TILA-RESPA Integrated Disclosure rule compliance and found violations in more than 90% of the loans. [12/11/15]
- Is the FTC’s Understanding of “Inherently Deceptive” Inherently Flawed?
The FTC is not a fan of online lead generation for loans in which the customer fills out a form and gets back results that may not offer the "best" results at the top, but may offer the info on the lender willing to pay the most for the opportunity, finding such a practice "inherently deceptive." Um, let's discuss Marketing 101, shall we? [12/11/15]
