Links in “Banks”
- Lawsuit Alleges CFPB Threatens Fundamental Privacy and Financial Security
Morgan Drexenâs lawsuit alleges the CFPB to be unconstitutional and "out-of-control government" agency. [7/24]
- CFPB Files Complaint Against Lender for Steering Borrowers to High Cost Loans
CFPB alleges Utah mortgage bank violated the Federal Reserve's loan officer compensation rule, which bans compensation based on a loan's terms such as interest rates; bank vigorously denies allegations. [7/24]
- 4 Things You Should Know about the SAFE Act
While the number of mortgage loan originators who were actually involved in deceptive and abusive practices was very small, all MLOs and their institutions must now follow the SAFE Act requirements; what this means in a nutshell. [7/23]
- Four Kansas Bank Employees Stage Inside Job
Rogue employees embezzle $84,000 over three years, stage a bank robbery in an attempt to cover it up, and over the next three years embezzled another $24,000. [7/23]
- Bankers Decry Huge Amounts of Data Requested by CFPB
Bankers raise concerns about the vexing new regulatory burden information of gathering by the CFPB; they allege that the CFPB is misusing the regularly scheduled examinations of banks to demand huge amounts of data requests that instead should be made by rule or order. [7/22]
- Question on Including Non-present Joint Account Holder on CTR
Banker poses question about whether to report both account holders' names on a CTR for a cash withdrawal in excess of $10,000 from a joint account, and only one of the account holders was present. [7/22]
- Best Practices for Improving AML Screening
Whitepaper addresses six best practices for improving the quality of AML screening. [7/22]
- CFPB Addresses Adjustable Rate Notification Catch-22
Beginning Jan. 10, 2014, a lender is required to provide notification to consumer at least 60 days prior to the first payment of an adjusted rate, but what if that first payment is due, say, Feb. 10, 2014, in other words, after the effective date requiring the notification but less than the 60-day minimum notification requirement? CFPB addresses this Catch-22. [7/19]
- Community Bank Group Lends Support for Mortgage Financing Regulatory Relief Reforms
Testifying before House Financial Services Committee, community banker group ICBA calls for support of mortgage-lending regulatory-relief provisions to facilitate small bank participation in mortgage market, especially âqualified mortgageâ status for portfolio loans and repeal of the new credit risk retention requirement. [7/19]
- RESPA/TILA Question on Applicability of Attorney’s Fee
Banker asks if FDIC was correct in citing bank for TILA violation because it did not disclose the attorney's fee as a prepaid finance charge. [7/19]
