Links in “Banks”
- Requiring Note from Doctor Before Making a Loan: Bad Idea
Michigan lender requested an applicant for a mortgage loan get a note from his doctor proving his disability is permanent. HUD and the lender have just settled the case. "A person's qualifications to purchase a home should be the only criteria used to evaluate his or her loan application, not whether they are living with a disability." [11/18/15]
- Consumer Advocacy Group to Release Report Linking Baltimore Mortgage Denials to Race
In 2013, banks made twice as many mortgages to whites as they did to African-Americans, even though the African-American population of Baltimore is twice that of whites, according to a report to be released by a consumer advocacy group. [11/18/15]
- 2000 Line Items is Too Many: Industry Encourages FFIEC Efforts to Overhaul Call Report
Letter acknowledges that overhauling the Call Report, which currently contains almost 2,000 line items, will take significant care and effort, but applauds the FFIEC plan to make Call Report reform an ongoing work. [11/18/15]
- Paris Attack Renews Focus on Privacy v. Government Surveillance
Following the tragic events last week in Paris, the issue of how much privacy is too much privacy re-emerges. [11/17/15]
- Online Lending: What Compliance Measures are in Place to Protect Small Businesses?
The ranking Democrat on the House Small Business Committee intends to find out. She wants the CFPB and the SEC to answer her five questions. [11/17/15]
- Paris Attacks: What AML Professionals Can Do
While recognizing that the private sector is limited in what it can do to combat terrorism, it is clear that there are things AML professionals can do. [11/16/15]
- NY Times Weighs in on Anti-CFPB Ad
New York Times couches the anti-CFPB commercial that ran in the GOP presidential debates as part of a larger, well-funded campaign to fight efforts to restrict arbitration clauses. [11/16/15]
- Beware of PARRs: CFPB’s Revisions to its Appeals Process
The revised appeals process does not permit an appeal of adverse findings related to a recommended or pending investigation or public enforcement action until the investigation or action has been resolved. This highlights the importance of preparing a compelling response to notices of Potential Action and Request for Response letters, which the bureau sends out after an examination to inform the financial institution it is considering taking supervisory action. [11/16/15]
- New Initiative to Bank the Unbanked
An initiative called Bank on National Account Standards seeks to rescue the unbanked from payday lenders. Key features include offering accounts with a $25 or less opening deposit, no inactivity fees, monthly fees of $5 or less, no overdraft fees, and more. [11/16/15]
- Six Cities Where Mortgage Fraud is on the Rise
Here's a list of six cities where inconsistent data, such as Social Security numbers that can't be verified, are contributing to a rise in fraud risk. [11/16/15]
