Links in “Banks”
- Judge Rejects JPM’s Attempt to Dismiss Debt Collection Case
Judge will not dismiss California's case that JPMorgan Chase illegally tried to collect debt from 100,000 credit card customers. [1/9]
- What Small Servicers Can Take Away from Large Servicer Rules
While the last four sections of the new RESPA servicing rules don't apply to small servicers (those that service less than 5,000 mortgage loans), there is wisdom contained in them that small servicers may consider adopting. [1/9]
- Consumer-side Review of Ally Bank’s New Straight Talk Product Guides
Ally Bank announces it is the first bank to complete implementation of the Pew Charitable Trust's guide for clear and concise format for fees, terms and conditions across its entire portfolio. This consumer site takes a look at the guides and weighs in on what's good and what's missing. [1/8]
- A Proposal for Dealing with Expanding Regulation: Acceptance
Editorial director for Bank Systems & Technology submits that bankers might be better served by investing in the reporting and analytical tools necessary to achieve compliance rather than resisting the inevitable regulatory expansions resulting from the financial crisis. [1/8]
- Denver City Council Calls on Congress to Allow Banks to Serve Legal Marijuana Businesses
Denver's city council passes a proclamation calling on Washington to let "the business be a business and have a normal banking relationship like any other business." [1/8]
- JPM’s AML and SAR Failures with Madoff Accounts Lead to $1.7 Billion Settlement
Failure to maintain an effective Anti-Money Laundering program and failure to file a Suspicious Activity Report played a role in facilitating Bernard Madoff's ponzi scheme, resulting in a $1.7 billion settlement between JPMorgan Chase and the government. [1/8]
- Timing is Everything: CFPB to Hold “Protecting Homeowners” Training on Jan. 10
After rejecting widespread calls to delay this Friday's implementation date for the new mortgage rules, the CFPB announced instead it will hold on that very same day an event called "Protecting Homeowners: New Tools for Empowering Consumers and Advocates" for housing counselors, legal aid attorneys and other advocates. [1/7]
- Bankers Groups Deem Passage of New Flood Insurance Bill Critical
Unless Congress addresses the flood insurance rate increases under Biggert-Waters, premiums will be unaffordable for many policyholders, jeopardizing home values and destabilizing the housing market in affected areas, according to the Independent Community Bankers of America. The American Bankers Association likewise lent its support in this letter. [1/7]
- Will Interest-Only Loans Survive in Post-QM Era?
At least for one lender, the answer is yes, it will continue to offer interest-only loans, even after the CFPB's Qualified Mortgage rules go into effect Jan. 10. Bank of the West, based in San Francisco, says that it has reviewed its underwriting criteria and feels comfortable that its borrowers have the ability to repay the loans once the interest-only period has expired. [1/7]
- Program Lets Customers Use Rewards to Pay Down Loans
Wells Fargo offers customers option of using their credit card rewards to pay down mortgage, auto loans or home equity lines. [1/7]
