Links in “Banks”

New York state fines mortgage company $3 million for a number of violations, including charging borrowers upfront fees to reduce their interest rates, then failing to deliver the promised discounts. [10/24]

CFPB downplays its unwillingness to delay implementation of qualified mortgage rules by suggesting it will take a reasonable approach to enforcement, which offers only limited comfort to bankers. Here's why. [10/23]

In an effort to soften the requirements for a loan to be considered a qualified mortgage, a bill (Mortgage Choice Act, H.R. 3211) has been introduced to exclude title and escrow charges from the definition of points and fees. [10/23]

While the anticipated $13 billion settlement with JPMorgan may sound like a windfall for the government, it may come at the cost of one of the most valuable tools the government has to avert future financial crises: encouraging healthy banks to purchase ailing ones. [10/22]

With talks underway with JPMorgan Chase to pay it $4 billion to settle faulty mortgage bond claims, the Federal Housing Finance Agency is expected to seek at least $6 billion from Bank of America. [10/22]

State and federal regulators are expected to approve the acquisition of Advance Mutual Savings Bank by the Municipal Employees Credit Union of Baltimore (MECU). MECU, a $1.2 billion credit union, will be acquiring the $61 million bank’s loans, investments, real estate, accrued interest receivables, etc., along with all deposits. The final purchase price has not been announced. [10/21]

Fee levels and high APRs are the primary reasons that 20% of today's loans wouldn't qualify for qualified mortgage rules that go into effect in January. [10/21]

Writer sees CFPB as seeking to circumvent Dodd-Frank by pressuring banks to ensure auto lenders are complying with fair lending laws. [10/21]

$480 million Los Angeles bank ordered to strengthen defenses against money laundering and financial crime activities; TD Bank in Delaware was hits with a $37.5 million civil money penalty for failing to report suspicious activity; and a now-defunct bank in New Jersey was ordered to pay a $4 million civil money penalty for failing to properly monitor its relationship with currency exchange houses. [10/21]

New York branch of Germany's Commerzbank hit with a cease-and-desist order after failing to pass its compliance exam; bank will be required to hire an independent consultant to search for suspicious activity and revise its risk-rating program. [10/21]