Links in “Banks”
- Time to Renew Loan Originator Registrations
Reminder that the SAFE Act renewal period expires on 12/31/13. [12/2]
- Don’t Expect Easing of Iran Sanctions to Reduce AML Monitoring Anytime Soon
While there are still some hurdles to jump before Iranian sanctions are eased, for now compliance officers will need to ensure their compliance programs are fully vigilant in looking for "bad" activities. [12/2]
- Key Reason for First Loss in Four Years for FDIC Institutions? Litigation Expenses
A $4 billion increase in litigation expenses at one institution cited as being "mainly attributable" for the first annual loss by FDIC institutions in more than four years. [11/27]
- Data Breaches Decline in 2013, But Lessons Still Being Learned the Hard Way
Data breaches declined from 27.8 million records compromised last year at this time to 10.6 million records compromised. But the news isn't all good. Here are lessons from four major data breaches in 2013. [11/27]
- BofA Earns Kudos for Its Consumer Video
A tip of the hat to Bank of America for its video to teach consumers the difference between a debit card and a credit card. [11/27]
- Industry Groups Respond to CFPB Mortgage Servicing Rules
Three trade associations (ABA, CBA and MBA) send 4-page letter to CFPB outlining their concerns over the interim final rule that amends mortgage servicing rules. [11/26]
- Cautionary Tale: From Cigars to Cash Hidden in Cigar Boxes
U.S. Bank AVP allegedly began taking bribes from a collection agency in the form of expensive cigars, which escalated to cash payments as much as $5K hidden in cigar boxes. [11/26]
- Bank Takes Unusual Step of Offering Customers Free Antivirus Software
Ally Bank offers its customers free security software to protect their entire online experience. [11/26]
- Regulator Criticizes Culture of Banks for Valuing Profits Over Relationships
Movement of banking industry away from customer relationships in favor of a "counterparty who is to be explored for their profit opportunity" is criticized by Fed Reserve of NY's general counsel. (No word on whether that could be attributed in some degree to regulatory pressures that seek to minimize relationship banking.) [11/26]
- Latest IT Threat: Cheap âFullzâ
A "fullzâ is a dossier of credentials for an individual usually including personally identifiable information that cyber crooks use to commit identity theft and fraud. The bad news is that the crooks have more of these dossiers than they know what to do with and they are being bought and sold for as little as $25 each. [11/26]
