Links in “Banks”
- The Chess Match over Overdraft Fees Continues
The multi-year fight between regulators and the industry over how to monitor the way banks assess customers who use their overdraft protection is continuing to evolve. [2/24]
- HUD’s Inconsistent Stand on Eminent Domain and Disparate Impact
Housing and Urban Development takes a proactive stance on the controversial disparate impact issue, but has determined that the equally controversial use of eminent domain by local governments must be decided by the courts. [2/21]
- CFPB Clarifies What “Good Faith Effort” Means in Mortgage Servicing
While the CFPB had earlier pledged to take into account the good faith efforts of financial institutions to comply with the flood of new mortgage servicing rules, the bureau is now making clear that a "good faith effort does not mean services have the freedom to harm consumers." [2/21]
- Trade Groups Request Delay of CFPB’s “Know Before You Owe”
Several trade groups have written the CFPB to request a deferral of the "Know Before You Owe" effort until after the RESPA-TILA integrated disclosure rules is implemented. [2/20]
- Retailer Data Breaches: 4 Million Reissued Cards and Counting
Community banks have already had to reissue 4 million credit cards at a cost of more than $40 million in response to recent retailer security breaches. [2/20]
- Assessing the Cost of a “1” in Compliance
Good compliance risk management means knowing how many resources to apply and where. Avoiding compliance violations that hurt financially is important, but trying to get everything up to a stellar "1" level can cost a bank important earnings. [2/20]
- Crackdown Looming: CFPB Says No More Mr. Nice Guy When it Comes to Mortgage Servicers
Agency's #2 says servicers have had more than a year to prepare for the reform rule that took effect last month, suggesting the CFPB would move quickly and harshly against violators. [2/20]
- Group Accuses BofA of Discrimination Against Hispanic Mortgage Applicants
The National Fair Housing Alliance says it conducted an undercover probe of Bank of America consisting of sending a series of Latino and white individuals posing as prospective borrowers. [2/20]
- FDIC Lawsuits Against Directors and Officers Surge 54% in 2013
New report finds that the FDIC filed 40 D&O lawsuits in 2013, compared with 26 in 2012. [2/19]
- Marijuana “Limited” and “Priority” SARs: Not Very Comforting to Banks
Recent guidance describes the "marijuana limited" Suspicious Activity Report that banks must file on businesses engaged legally in the marijuana trade and the "marijuana priority" SAR that banks must file on businesses they think are in violation of the federal priorities, such as preventing distribution to minors, preventing revenue going into criminal organizations, and others. [2/19]
