Links in “Banks”

A California lender was hit with $10 million in borrower restitution and penalties for collecting $202.50 in settlement fees for more than 70,000 borrowers, which exceeded the actual cost of the services by an average of $37.50. The lender had services performed by its employees but were charged by an appraisal affiliate under another name. [11/23/15]

The FFIEC is warning financial institutions about the increasing frequency and severity of cyber attacks involving extortion. What can be done to prepare for such attacks? Dennis Agle, CIO of AffirmX, breaks down the report and brings us up to speed in this episode of Risk Watch. [11/20/15]

A small cattle-breeding business that had about $50 a month coming in suddenly had an influx of $7 million and eventually shuttled nearly $60 million through the account. Banamex USA didn't file a suspicious activity report. Here's a sometimes gruesome look inside a money laundering scheme that this Citigroup bank overlooked for years. [11/20/15]

In a surprise address, a CFPB deputy explained that while the CFPB's focus is on consumer lending, the bureau also has jurisdiction over some aspects of small business lending, such as the Equal Credit Opportunity Act. The CFPB is in the process of organizing itself to implement Section 1071. [11/20/15]

With all the headlines about stolen bank account credentials, customers may be worried about their accounts being drained by cyberthieves. Here's an overview of the protections offered by Reg. E. [11/20/15]

About $70 billion in auto loans were originated to borrowers with credit scores below 620, a score that is considered "bad," over the six months through September. Regulators are getting concerned about the subprime auto loan market. [11/20/15]

The House has voted to expand the definition of "Qualified Mortgage" to include mortgages held on a lender's balance sheet. However, the White House has threatened to veto the act. [11/19/15]

CFPB sues the online payday lender Integrity Advance for not fully disclosing that charges would continue to accrue after a borrower defaulted on a loan and for automatically debiting borrowers' bank accounts even after they stopped authorizing withdrawals. [11/19/15]

Think your lockscreen on your iPhone will keep your personal information private? Not so, according to this article, which claims that your friendly digital assistant Siri can be suckered into coughing up names, phone numbers and calendar entries using simple voice commands. [11/19/15]

Some of the CFPB's own employees don't trust its complaint database. In one instance, a single complaint was counted as 35 different ones. The CFPB holds that mistakes are minor. [11/18/15]