Links in “Banks”

A look at what is keeping home inventory from returning to pre-recession levels. [12/10]

It's not just regulators or activist groups looking at fair lending data. The city of Los Angeles filed suit against Bank of America alleging discriminatory lending, practices that contributed to a higher number of foreclosures in minority neighborhoods, declining property values and lost tax revenue, and an estimated $1.2 billion in safety inspections, property maintenance and other expenses related to foreclosures. [12/10]

Lawyer takes a look at how hard it was for Bank of Bird-in-Hand to get its de novo application approved by the FDIC (the first such approval in three years); say this is definitely NOT a sign that the de novo floodgates are opening. [12/9]

Banesco USA told to fix its anti-money laundering issues, including creating a BSA committee on its board, adding compliance staff, increasing training, hiring consultants to review controls, improving its AML risk-rating method, and reviewing procedures for wire transfers and new accounts. [12/9]

Report finds lenders took in an annualized overdraft income of $31.8 billion in Q3, up 1.6% from previous quarter; average overdraft fees held steady, but the average number of times the customer overdrew account grew to 7.1 times annually. [12/9]

California man's scheme of instructing homeowner clients to deed fractional interests in their homes to other individuals paid to file bankruptcy petitions in court in an effort to delay foreclosure proceedings nets him 10 months in federal prison. [12/6]

House passes bipartisan legislation supported by banks and credit unions that would restrain "patent trolls," non-practicing entities that bring abusive patent litigation against financial institutions and other businesses.

Newark, N.J. is the latest addition to the list of municipalities looking at the controversial use of eminent domain to restructure underwater mortgages. City official says it must consider the approach to counter the "uncaring tone-deafness of the banks." [12/6]

Testing of five servicers subject to the National Mortgage Settlement against 29 metrics reveals seven failures, especially in sending notices and communicating with struggling homeowners in a timely manner. [12/5]

Multi-million underground operation targets financial institution call centers going after big dollar accounts. Average loss per account: $42,546. [12/5]