Links in “Banks”

If a consumer applied for an auto loan, giving the institution a permissible purpose to pull the report, does Fair Credit Reporting Act prohibit that institution from making an additional offer of credit based on that report? [7/29]

Newly unsealed federal indictments reveal more breached organizations as well as names of Hacker 1 and Hacker 2 in largest-ever data breach scheme prosecuted in the U.S. [7/29]

Among three IT tools to drive compliance is working to be able to seamlessly bring AML personnel into the workflow to approve or reject questionable transactions. [7/29]

Deceptive and unwanted credit and debit card charges average roughly $215 per cardholder, presenting a dilemma for credit and debit card issuers: generate interchange fees from grey charges or incur service-related expenses when cardholders dispute charges. [7/26]

Mortgage servicing company cites incomplete borrower information (such as no HMDA data, and missing signatures), errors in initial disclosures of the Truth in Lending and Good Faith Estimate, and missing or improperly prepared FHA docs. [7/26]

S. 1349 would exempt community bank portfolio loans from a variety of new mortgage rules to support the housing recovery and provide exemptions for community banks from Sarbanes-Oxley internal-controls assessment mandates. [7/25]

What happens to paychecks at the CFPB when there is no congressional oversight on funding? The Bureau is under criticism for its salaries, where more than 60% of its employees make more than $100,000 a year, 56 make $200,000 or more and 37 make more than $213,500. [7/25]

At a hearing before the Senate Banking Committee, Carol Galante, commissioner of the Federal Housing Administration, requests more authority to allow FHA to transfer servicing of some loans to specialty servicers and voices aversion to the bill’s demand for mandatory premium increases when FHA’s capital reserve ratio dips below its required level. [7/25]

Testifying before Senate committee on housing reform, ICBA argues that the worst outcome in reforming the housing-finance government-sponsored enterprises would be to allow a small number of the largest financial firms to mimic the size and scale of Fannie Mae and Freddie Mac under the pretense of creating less risk in a private-sector solution. [7/24]

Starting next July, lenders will have to comply with the new escrow requirement not only for new flood loans originated after the effective date of the rule, but also for any active flood loans already on the books. [7/24]