Links in “Banks”

Regulators increasingly expect to see a consumer complaint management response program as a part of an effective compliance management system; here are some pointers. [9/11]

Fraudsters see small businesses as vulnerable—nearly a third of all cyber attacks in 2012 were aimed at small business; how banks can help protect their small business customers and earn a greater level of trust in so doing. [9/11]

The Office of Inspector General's updated work plan for the CFPB includes an evaluation of the CFPB's practice of bringing enforcement attorneys into examinations, which is causing concern that the practice will inhibit free and open communication and position the examination as the development ground for enforcement actions. [9/10]

Survey of how Americans pay their bills. Which do you think is in the top spot: online or mail? [9/10]

Head of $455 million-asset bank in New York decries the regulatory fallout hitting small banks, but caused by big banks getting themselves into trouble. "We are being required to manage risk at unbelievable levels. Even if we are not regulated by the Consumer Financial Protection Bureau, you can bet more regulations will come from our primary regulator, the OCC, regarding consumer protection just because it is part of what is happening.” [9/10]

A newspaper story quotes an FDIC spokesperson citing a 1992 policy that bars the agency from suing officers and directors of banks rated two or better on the agency's CAMELS scale; these bank attorneys are unaware of the existence of such a policy. [9/10]

Bank Director survey finds regulatory compliance burden is second greatest concern (behind margin compression), with implementation of Dodd-Frank and the activities of CFPB listed as top specific regulatory concerns. [9/9]

Alternative lenders think so. While they admit that social media won’t replace a FICO score, they say it can be useful in evaluating applicants who do not have a FICO score or who are trying to rehabilitate their credit. Companies, such as Lenddo, links social networks to develop a social credit score. [9/9]

CFPB bulletin lays out expectations under Fair Credit Reporting Act: credit information suppliers are to maintain a system adequate for handling and investigating complaints, report the results to the consumer reporting agency, and modify, delete or block disputed info. [9/9]

The definition of a HOEPA loan is undergoing revisions effective 1/10/14; here is some guidance on the issue. [9/9]