Links in “Banks”

The FDIC proposes to combine a bank survey of small business lending and another about consumer bank accounts in order to "reduce the burden on banks relative to fielding two separate surveys." The ABA responds that a survey that must be addressed by two different departments is not exactly the kind of burden reduction it was hoping for. [12/8/15]

GOP members of House Financial Services Committee report on internal CFPB documents that acknowledge areas of potential vulnerability in its efforts to support disparate impact claims against indirect auto lenders. [12/8/15]

Previously satisfied with going after individuals for small amounts (1 to 2 Bitcoin, or roughly $350-$700), now threat groups are going after bigger targets financial services companies for larger amounts (10 to 200 Bitcoin, or about $4,000 to $80,000). (Note: See Risk Watch Episode 78 for more information on this trend.) [12/8/15]

In response to reports of flaws in the CFPB's consumer complaint database, the bureau's chief sharply rebuked the database's detractors, rather than discuss efforts to improve the quality of the data, as presented by the bureau's ombudsman. [12/7/15]

By itself, the Homebuyers Assistant Act, which would give lenders a four-month grace period to comply with TILA-RESPA Integrated Disclosure rule, would likely face presidential veto. Hence, lawmakers are seeking to add its provisions to any year-end spending legislation. [12/7/15]

In the last two years, nearly half the bank branches in the border town of San Ysidro have closed. It's a trend along the entire Mexican border that's creating a headache for small businesses and residents alike. Some wonder if the cause is really tough money-laundering rules or if those rules are just an excuse for closing branches in low-income border areas. [12/7/15]

A key source of funds for the $305 billion highway bill is tapping into dividends from the Fed Reserve Bank. [12/7/15]

Hackers who have the desire to execute a ransomware attack on a company, but just don't have the time, are in luck. Ransomware-as-a-service is expected to be an offering on the dark web in the coming years. That's just one of several predictions by McAfee for 2016 to 2020. [12/4/15]

Thinking through the ramifications of New York's proposal to have compliance officers certify anti-money-laundering compliance and putting them personally in harm's way (criminal penalties) means one thing: make the most of this 45-day comment period. [12/4/15]

Congress compromised and is limiting provisions requiring banks to help pay for federal highways to banks over $10 billion. Still, it sets a dangerous precedent. [12/4/15]