Links in “Banks”
- Social Media Tip: Pre-empt Fake Profiles by Registering Name
Even if your bank doesn't plan to manage multiple social media accounts, you may want to create a Twitter profile, for example, using your bank's name to prevent someone else from setting up a fake profile and posting embarrassing material, like someone did with Bank of America. [8/2]
- 2 Emerging Ways Fraudsters Get Around Bank Online Defenses
Disposable email accounts used to execute fraudulent transactions that require email verification and fraudsters who call consumers to tell them they have malware on their computer and need access in order to remove them are just two emerging ways of defrauding bank customers. [8/2]
- 2 More Banks Adopt Simplified Fee Disclosures
Pew rated First Tennessee and Sovereign Bank among the lowest in account disclosures last month; both have since adopted Pew's recommended disclosure practices. [8/2]
- Why You May Want to Give the CFPB’s Responsible Business Conduct Bulletin a Closer Look
While some might dismiss RBC as a whistle-blowing exercise designed to force institutions to air their dirty laundry just to make the regulatorâs job easier, that knee-jerk reaction may be akin to throwing out the baby with the bathwater. [8/1]
- Student Loan Borrowers to Receive Interest Rate Relief
Yesterday, the House overwhelmingly approved a Senate bill that allows student loan interest rates to be set based on market rates, which will then be fixed for the term of the loan; bill also includes rate caps and is retroactive to student loans originated since July 1, 2013. [8/1]
- High-level Overview of New Mortgage Lending Rules
Although the ongoing tweaks to these rules make it a moving target, the new consumer residential mortgage lending rules require board and management attention sooner than later so that they can be implemented. [8/1]
- How Europe Is Handling Data Protection Compliance
The EU is working on two pieces of legislation: the Cybercrime Directive and the General Data Protection Regulation (GDPR), which, if passed, will have far-reaching consequences with severe penalties for non-compliance. [8/1]
- Passed Senate Committee Bill Calls for FHA to Adopt Rules Similar to CFPB’s Qualified Mortgage Rules
Passed by the Senate Banking Committee on Wednesday, the FHA Solvency Act of 2013 is designed to help stabilize the agency's beleaguered reverse mortgages program and strengthen its underwriting standards. [8/1]
- ChexSystem Reports Under the Microscope on NY Times’ Front Page
One mistakenly bounced check can prevent a consumer from being able to open a checking account; NYT article claims that over a million consumers, mostly low-income individuals, are being denied the ability to open basic checking accounts due to derogatory ChexSystem reports, forcing them to turn to more costly check cashing operations and other fringe service providers. [7/31]
- Enterprise Risk Spending up, Confidence Not So Much
Survey: 65% report an increase in spending on ERM, but less than 25% of institutions rate their risk management as extremely or very effective; 82% now have or are building an enterprise risk management program, compared with 59% in 2008. [7/31]
