Links in “Banks”
- ABA Lends Support to House Legislation Seeking to Replace CFPB Director with 5-member Commission
H.R. 3193, the Consumer Financial Freedom and Washington Accountability Act, is scheduled for floor consideration today. [2/11]
- Industry Groups Oppose Certain Components of Diversity Proposal
In a letter to the regulatory agencies, several industry groups support many of the provisions of the proposed standards to assess diversity policies and practices of financial institutions, but object to expectations for addressing third-party contracts and disclosure of the institutions' assessment work product. [2/11]
- More on CFPB’s HMDA Reporting Changes Announcement
One clear takeaway from the CFPB's recent announcement about possible changes to HMDA reporting requirements is that HMDA data will be subject to greater scrutiny from regulators. [2/11]
- Nonprofit Legal Group Challenges JPM’s “Backroom” Deal with DOJ
Nonprofit group Better Markets claims JPM's $13 billion settlement with the Department of Justice amounts to a backroom deal that doesn't require JPMorgan to change its business practices or specifically identify alleged illegal activities. [2/11]
- 3 Questions to Ask Before Making a Compliance Purchase
SVP of Technology at Rhode Island's Washington Trust Bancorp asks three questions when looking at new solutions to purchase: Will this help with compliance? Does it create revenue? Will it replace one or more things the bank already has? [2/10]
- Inspector General: USPS and Bitcoin Could Be a Profitable Match
Turning local post offices into brokers for Bitcoin may be a strategy to help virtual currencies with trust and access issues and help the post service end seven straight years of losses. [2/10]
- Is CFPB Slowing U.S. Economy?
The Fiscal Times submits that CFPB is overzealous, squeezing housing and auto lenders. It cites as an example the agency's settlement with Ally Financial in December and auto sales plunge in January. [2/10]
- Survey: Most Employees Engage in Risky File-sharing Behaviors
Survey finds 63% of employees had sent sensitive work documents from a personal email address, and 71% of those employees thought their companies approved of the practice. [2/7]
- Force-Placed Insurance Settlement Costs Citigroup $110 Million
Forcibly charging homeowners for expensive property insurance premiums, a practice criticized by regulators, results in a $110 million settlement from Citigroup and Assurant. [2/7]
- Mortgage Fraud Scheme Nets Connecticut Man 18 Months
Man and co-defendants recruited buyers to purchase more than 40 properties, then applied for loans on behalf of the buyers using false information, and pocketed the money for themselves. Banks lost between $2.5 million and $7 million. [2/6]
