Links in “Banks”
- Identifying Applicable Accounts and Compliance Deadlines Are Top FATCA Concerns
Survey of top concerns among bankers regarding Foreign Account Tax Compliance Act, due to go into effect next year. [11/4]
- United Bank Limited Ordered to Fix Its AML Program
Pakistani-based United Bank Limited's New York branch has entered an agreement with federal government to strengthen oversight of international remittances and bolster compliance with anti-money laundering regs. [11/4]
- Lender Challenges Pew on Its Report on Adverse Impact of Lump-sum Payday Loans
Payday lender criticizes the reporting firm's methodology, alleging it failed to adequately compare it to the impact of payday lending regulation in other states and did not closely examine outcomes for borrowers; Pew stands by its report. [11/4]
- Tentative Settlement in Supreme Court Disparate Impact Case
Second chance for court to weigh in on the validity of "disparate impact" claims appears to likewise disappear with reports of tentative settlement reached in Mt. Holly case. [11/1]
- Report: Dodd-Frank, CFPB Continue to Worry Bankers
Despite growing optimism for the industry in general, regulatory compliance remains the second highest concern for bankers, particularly the continued implementation of Dodd-Frank and supervisory activities of the CFPB. [11/1]
- Bipartisan Group of Senators Ask for Data Behind CFPB’s Auto Lending Bulletin
22 senators ask CFPB to provide the data it used as basis for warning auto lenders they could be committing fair-lending violations; bulletin also implied that lenders could be held responsible for a dealership's fair lending performance. [11/1]
- Report Urges Lawmakers to Push Payday Lenders Away from Lump-Sum Terms
Report from Pew urges federal lawmakers to follow Colorado's lead in requiring payday lenders to have minimum six-month terms with installments. Law has been effective in breaking cycle of debt for many borrowers. [11/1]
- A Look at the Diversity Policy Statement Relative to the Industry
In response to the agencies' joint statement on the Dodd-Frankârequired establishment of the Office of Minority and Women Inclusion, author sees few problems with female diversity in community banks, but greater work ahead in achieving racial diversity. [10/31]
- Ally Settles Mortgage Claims for $170 Million
Deal with the Federal Housing Finance Agency and FDIC require pending litigation against the bank to be dismissed. [10/31]
- Massive Size of Settlements May Push Banks to Increase Litigation Reserves
JPMorgan's $4 billion settlement sets a high bar for other banks still in the Federal Housing Finance Agency's crosshairs. [10/31]
