Links in “Banks”
- Ability-to-Pay: Are Mortgages and Credit Cards Just the Beginning?
CFPB's Cordray indicates that the CFPB is assessing how the ability-to-pay model might be applied beyond mortgages and credit cards. [9/13]
- CFPB: Forced Payroll Card Accounts Not an Option
Agency warns banks and other companies that payroll cards can be an option, but cannot be forced on employees. [9/13]
- Re: Regulating Referrals and RESPA
A recap of some of the ways lenders can get into trouble by inappropriately compensating someone for providing referrals. [9/12]
- Richmond Proceeds with Eminent Domain Plan
California town, despite widespread opposition and legal challenges, proceeds with plan to use its eminent domain privileges to seize homes with underwater mortgages on behalf of homeowners. [9/12]
- What 9/11 Did to the Banking Industry
Book recaps the massive changes to the banking industry caused by 9/11, especially anti-money laundering provisions of section 311 of the USA PATRIOT Act, the "Scarlet Letter" designed to isolate banks and governments that fund terrorism. [9/12]
- Customer Complaints: The Best Defense Is a Good Offense
With CFPB aggressively urging customers to file complaints in its public database, banks should work to cut complaints off at the pass through having a very good system of resolving complaints quickly before they have a chance to reach the CFPB. [9/12]
- Regulator Warns Against Weak Appraisal Management
OCC deputy tells risk managers that a review of banks of all sizes found weakness in all aspects of the appraisal process, from unsigned reports to the lack of quality control function. [9/12]
- OCC CRA Ratings: SO-SO
For the 20 National Banks reviewed in July 2013, 16 ratings were Satisfactory and 4 Outstanding.
- The Marijuana Banking Conundrum
Recreational marijuana use is now legal in Colorado and Washington, and medical usage is legal in a number of other states. However, federally insured credit unions and banks that process monetary transactions resulting from marijuana sales could be at risk of violating federal drug racketeering laws. At a Senate hearing yesterday, Justice Department Deputy Attorney James Cole stated that the Department will work with the federal banking regulators to find a way that these financial institutions can conduct legitimate marijuana transactions without fear of prosecution. [9/11]
- Here’s What’s Happening to TILA’s Ability-to-Repay Provisions
AffirmX's Jane Pannier breaks down what's coming our way with the Reg. Z ability-to-repay provisions that go into effect in January 2014. [9/11]
