Links in “Banks”
- What’s Behind the CFPB’s Endless Tweaking of Mortgage Rules?
The wide latitude granted by Dodd-Frank means CFPB is flying blind in writing its rules. For example, where did the magic number of 43% debt-to-income ratio come from? [9/26]
- FDCPA: $11 in Accrued Interest Triggers Class Action Lawsuit
Consumer alleges violation of Fair Debt Collection Practices Act because agency failed to properly inform her about interest accruing on her defaulted Victoria's Secret account (a follow-up letter stated an increase of $11 in the balance due); class action lawsuit filed in U.S. District Court. [9/25]
- U.S. Case Alleging Reckless Lending Takes a Hit
Judge dismisses some claims in lawsuit against Wells Fargo because they were filed too late or because HUD was aware of misconduct at the time. [9/25]
- NY Gov Takes Aim at Force-Placed Insurance Abuse
New York Governor Andrew Cuomo proposes reforms aim at cracking down on abuses in the force-placed insurance industry, especially in cases where the loan servicer owns the insurer. [9/25]
- Is CFPB Foreshadowing Its Use of HMDA Data to Identify Discrimination?
With release of HMDA data for 2012, CFPB emphasizes that the data can "shine a spotlight on lending disparities." [9/24]
- Regulatory Burdens Creating New Class of “Too Small to Succeed” Banks?
The increasing commitment of limited resources to complying with regulations implemented after the meltdown has more owners and directors of small banks feeling pressured to sell out to larger institutions. [9/24]
- Campaign to Promote HARP on the Horizon
Federal Housing Finance Agency hires spokesperson and mobilizes to spread the world to encourage eligible homeowners to take advantage of low interest rates by refinancing through the Home Affordable Refinance Program. [9/24]
- The Return of Shylock Malware
Banking malware called Shylock has been retooled to target customers of 24 banks, including the four largest U.S. banks. [9/24]
- Was CFPB’s Guidance on Servicemembers and Payday Lending Really Necessary?
Phantom menace? The purpose of the recent guidance to assist examiners in their review of payday loans to military servicemembers, when the Military Lending Act has effectively made it impossible for payday lenders to make such loans, is perplexing. [9/23]
- Operational Risks Extend Beyond Bank Employees and Systems
With biggest fines and worst headlines in the banking world centering on transaction banking, operational risks must now encompass vendors, clients, counterparties. [9/23]
