Links in “Banks”
- Is There Ever a Good Time to Break the News?
At what point in the discovery process of a potential compliance issue should you notify the board? [8/23]
- Florida Bank Emerges from Two-Year, $11M AML Cloud
After a fine of $11 million and successful completion of a two-year fix-it window for its anti-money laundering compliance program, Ocean Bank in Florida sees DOJ charges dropped. [8/23]
- Commercial Credit Opportunity Being Choked by Regulations?
Dodd-Frank consumes resources and IT budgets, making compliance challenging and devouring bandwidth that banks need to embrace new commercial lending opportunities, which could turn elsewhere. [8/22]
- Community Bankers Cheer Fed Decision to Appeal Ruling on Interchange Fees
ICBA calls ruling "a disaster for consumers and the community banks that serve them." CBA calls it an "attempt at price fixing by the retailers and Sen. Durbin [that] ultimately will be shown as heavy-handed and out of touch with the role of government." [8/22]
- Customer Signature Requirements (Deposits)
A look at the signature requirements of the deposit side of the institution, the E-Sign Act, and privacy. [8/22]
- Fannie, Freddie Spell Out Their Ability to Repay Rules
GSEs spell out their rules for purchasing loans after January 10, 2014: only loans that are fully amortizing, have terms of up to 30 years, have points and fees that are no more than 3% of the total loan amount, have a maximum debt-to-income ratio of 45%, and have verification of borrowerâs income source and amount. [8/22]
- Mortgage Servicing Issues Continue to Linger, According to CFPB
Recent CFPB exams found mortgage services still lacking important paperwork, failing to tell customers when a loan is transferred to another company, or not processing mortgage payments accurately or timely when there is a change of address or cancellation of mortgage insurance payments, resulting in higher fees for borrowers; examinations being opened. [8/22]
- War on Payday Lenders Turns to Banks That Service Them
Some states taking new tack by going after banks that allow payday lenders to make withdrawals from borrowers' accounts. [8/21]
- Customer Service Survey Finds Banks Not Great, But Better Than Most
Most banks in survey fare above 50%, but industry as a whole seen as hampered by overly complex products and processes. [8/21]
- Next Step in Interchange Rule Case Begins Today
Washington, DC, District Court holds a hearing today to determine whether the Federal Reserve Board should issue an interim final rule to lower the cap on debit card interchange fees; key issue at the hearing is whether card issuers should be required to refund to merchants excess fee income they earned in light of the courtâs July 31Â decision that the Fed did not follow Congressional intent when it set the current interchange fee cap. [8/21]
