Links in “Banks”
- Bipartisan Coalition Reaches Deal to Push Back Flood Insurance Premium Hikes
The deal includes a delay of premium increases that were being phased in beginning Oct. 1 for about four years until FEMA conducts an affordability study and proposes an affordability framework to be approved by Congress. [10/31]
- Rare Midweek Seizure
$25 million in assets Bank of Jackson County in Florida becomes the 23rd bank to fail this year in rare midweek seizure; bulk of assets sold to First Federal Bank of Florida in Lake City. [10/31]
- Bill to Delay Flood Insurance Premium Hikes
Independent Community Bankers of America applaud new legislation designed to protect homeowners from significant flood insurance premiums that began being phased in on Oct. 1. [10/30]
- Attack of the Zombie Account
Consumer describes an experience with a "zombie account," an account which comes back to life (with the accompanying fees) long after it was assumed to be closed. [10/30]
- One Year Later: Superstorm Sandy Has Financial Industry Revisiting Business Continuity Plans
A year after Sandy devastated many parts of the country, many financial institutions are asking fundamental questions about their business continuity and disaster recovery practices. (Note: See our recent NB Hot Tip item on disaster recovery tabletop exercises.) [10/30]
- Lawyer Opines on Cordray’s Assurances about Non-QM Lending
Assurances offered by CFPB's Cordray to mortgage bankers that non-qualified mortgage lending is "perfectly fine" provided they "perform well over time" and, "absent other factors," amount to a "trust us; we're the government" level of cold comfort, according to this bank attorney. [10/30]
- “AML Drift” Leading to Gaps in Compliance
Report finds that the anti-money laundering efforts of many financial institutions are slipping, even as regulators are turning up the heat. [10/30]
- FDIC Enforcement Order Compliance Rundown
Of the 10 enforcement orders, seven had to do with compliance, including four for violations of Flood Disaster Protection Act (banks in Wisconsin, Iowa, Illinois, and Colorado -- see our NB Hot Tip on an important update to Flood), two for BSA violations (banks in Mississippi and New Jersey), and one for failure to comply with overdraft rules (a bank in California). [10/29]
- Senator Wants FTC to Step It Up Against Auto Dealers
Senator Edward Markey (D., Mass) urges FTC to take a more active role in policing auto dealers who use unfair or deceptive financing practices. [10/29]
- World’s First Cash-to-Bitcoins ATM Opens Today
Opens today in a Vancouver cafe, usinging a palm scanner to authenticate customers, allows users to load up to 3,000 Canadian dollars into the ATM in exchange for Bitcoins. [10/29]
