Links in “Banks”

Questioner asks if a letter from the IRS granting non-profit status is sufficient for Currency Transaction Report (CTR) identification purposes. Here's a response. [1/6]

National Retail Federation says the settlement, reached last month between nine retailers and Visa and MasterCard, was rejected by the vast majority of 8,000 retailers, and that the group of nine does not represent the industry as a whole. NRF has filed an appeal. [1/6]

New escrow account requirements contain an exemption for certain small creditors operating in rural and underserved counties in any of the previous three years. The CFPB has just added the list for 2011 to its previously published lists for 2012 and 2013. [1/6]

Industry observer foresees the cost of compliance with new mortgage servicing rules will drive some servicers to exit the market, but others will grow by providing servicing for small lenders or credit unions unable to handle their own servicing. [1/3]

The next phase of the CFPB’s “Know Before You Owe” initiative will be to identify ways to improve the mortgage closing process for consumers and includes 17 questions about “what consumers find most problematic about the current closing process.” The CFPB’s questions appear to proceed from the assumption that any closing “problems” stem from the lender’s actions. [1/3]

Regulatory focus on fair lending is escalating, as evidenced by 3 year-end settlements. Here are highlights from these settlements along with the 5 key industry messages that the regulators are telegraphing to lenders. [1/2]

With the Financial Accounting Standard Board’s (FASB) proposed current expected credit loss model (CECL), banks will be required to “look ahead” in the estimation of credit losses and use of a “life of loan” expected, credit loss estimate when calculating their allowance for loan and lease losses (ALLL) methodologies. Here are several key factors and steps that banks and credit unions should take into consideration while calculating year-end reserves. [1/2]

The jump in write-offs comes as more lenders exit the market due to federal changes and is a sign that a mounting student debt crisis has begun to hurt lenders. [1/2]

Kudos to you if you've dealt with the big things, such as ability to repay and qualified mortgage rules and the new RESPA servicing requirements. But there are a myriad of small things to deal with, too, before Jan. 10th's rules go into effect. Here's a checklist. [1/2]

Privacy concerns aside, a recent survey of over 1,200 adults reveals most consumers really want businesses to understand them on a personal level.  This means tailoring your information to individual members could be the key to successful marketing. [12/31]