Links in “Banks”
- Lawsuit Challenges HUD’s Use of Disparate Impact Liability under FHA
Two insurance industry groups are challenging HUD's rule adopted in February 2013 that formalized HUD's use of disparate impact liability under the FHA. The lawsuit submits that based on the FHA's plain language, the FHA only prohibits intentional discrimination. Plaintiffs in the Washington, D.C. federal district court have filed a motion for summary judgment. [2/6]
- FinCEN Sets Sights on Virtual Currency
Article highlights expanding targeted focus of Financial Crimes Enforcement Network (FinCEN) on virtual currency with reach expanding to those directly involved in the currency. Key tool is Suspicious Activity Reporting failure. [2/6]
- ABA: Target Breach Has Already Hit Banks with $150 Million in Card Replacement Costs Alone
ABA tells Congress that a preliminary survey of banks impacted by the Target data security breach indicates that 15.3 million debit and credit cards have been replaced to date at a cost of $5 to $15 per card. [2/5]
- Reading Between the CFPB’s Lines on Handling Extra Payments on Student Loans
The CFPB's findings of its survey of private student loan servicers on how extra payments from borrowers in excess of the minimum payment are applied suggests that it may raise Truth-in-Lending issues if excess amounts aren't applied to loans with the highest interest rates. [2/5]
- Another Breach Casualty: White Lodging Services
Hospitality company that manages 168 hotels in 21 states may have suffered a data breach that lasted throughout most of 2013. [2/5]
- Next Frontier in Security War: Mobile Commerce Fraud
Study finds more retailers accepting mobile payments, but rely on fewer fraud solutions in that channel. [2/5]
- Attorney: Why the Tough Regulatory Environment Will Likely Get Tougher
Among the reasons cited by a bank attorney is that regulators' mindsets will be colored by the lingering public perception that banks got off too easy after the financial crisis. [2/5]
- Symposium to Consider Financial Industry’s Treatment of “Communities of Color”
National Consumers League is sponsoring a Feb. 6 symposium in Washington D.C. described as "an examination of how many financial and other institutions have put communities of color at a disadvantage in the financial services arena, with an emphasis on mortgages, auto loans, student loans, and more. [2/4]
- CFPB’s New Examination Report Template
CFPB examiners began using the new report templates for examinations beginning Jan. 2, 2014 or later. "Recommendations" are gone, delivered orally on-site. Names of team members are also gone. But a new section, called "Matters Requiring Attention," has been added. [2/4]
- A Look Into the Gray Areas FFIEC Social Media Guidance
FFIEC's guidance on social media includes major gray areas that need to be addressed by institutions engaging in social media. [2/4]
