Links in “Banks”
- Obtaining Credit Reports Without Consent: An $8 Million Bad Idea
CFPB hits Clarity Services, a subprime reporting agency, with an $8 million consent order for such practices as obtaining consumer reports without permission and failing to look into consumer credit reporting disputes. [12/4/15]
- NY Proposes Tough AML Rules that Put Compliance Officers Personally on the Hook
Chief compliance officers would have to personally certify that an institution maintains an effective anti-money-laundering program. Incorrect or false certifications could open the door to criminal charges levied personally at the compliance officer. The hot seat is about to get hotter. [12/2/15]
- Is CFPB’s Push to Reform Auto Finance Even Legal?
When Dodd-Frank was being formed, auto dealers had successfully lobbied to deprive CFPB jurisdiction over auto dealer financing. But that hasn't stopped the CFPB. What happened? [12/2/15]
- Pricing Discrepancies Land Sage Bank in Hot Water
The Massachusetts bank charged African-American home borrowers $2,500 more for their loan and Hispanic borrowers about $1,400 more than white borrowers. The bank will pay $1.2 million in compensation, plus change its practices. [12/2/15]
- Did Wells Fargo Just Give an Open Invitation to OCC, Fed and CFPB?
Wells Fargo argued that Los Angeles' city attorney does not have jurisdiction to take the bank to court over its alleged "aggressive sales tactics" that were highlighted in a recent L.A. Times investigation. According to the Wall Street Journal, now the OCC and Fed Reserve are looking into the allegations. The CFPB may not be far behind. [12/2/15]
- TRID Worries Continue
A survey finds that 38% of mortgage professionals said compliance with the TILA-RESPA Integrated Disclosure rule remained their chief concern two months after its implementation date. [12/2/15]
- NY’s Money-Laundering Proposal Would Put Compliance Officers on the Hot Seat
The price of being a CCO in New York, not to mention the price of AML in general in the Empire State, might be about to go up. Way up. New York's governor plans to propose a rule this week that would force a chief compliance officer to certify that the bank maintains systems to detect illicit money transfers. Filing an "incorrect or false" certification could mean criminal charges. [12/1/15]
- Trade-Based Money Laundering: The Next Big AML Wave?
New book addresses trade-based money laundering, such as invoice fraud, where launderers may over-invoice a product's value, or "hawalas," a method of money transfer without money movement. [12/1/15]
- First Glimmers of TRID’s Side Effects?
Despite recent reports that TILA-RESPA Integrated Disclosures hasn't caused any major lending delays, there are signs that indicate there may be problems ahead. [12/1/15]
- Luck is Not a Strategy: What Your Bank Can Learn from Facebook’s Security Practices
Five ingredients Facebook uses to bake security into its corporate culture. [12/1/15]
