Links in “Banks”
- TILA Lawsuits Down, But Not Out
16 lawsuits in federal courts over alleged Truth in Lending violations in May, less than half filed a year earlier; but new regulations and a heavier focus on consumer protection are inspiring fears that litigation could increase. [7/5]
- IFCPA Results in Significant Expansion of OFAC List
Banks will see a significant expansion of activities and entities potentially subject to sanctions due to the Iran Freedom and Counter-Proliferation Act of 2012; expansion includes key Iranian industries such as energy, shipping, shipbuilding and automotive. [7/3]
- Judge Approves $1.9B Money Laundering Agreement
Judge approves agreement between HSBC, Europe's largest bank, and U.S.; HSBC has agreed not to contest criminal charges of failing to maintain an effective antiâmoney-laundering program, failing to conduct due diligence, and violating the Trading with the Enemy Act and the International Emergency Economic Powers Act. [7/3]
- New Census Data for HMDA Reporting Now Available
FFIEC releases 2013 Census data for use in connection with HMDA reporting; CUs need to ensure that they or their outside vendors are using this new census data for geocoding purposes. [7/2]
- Mandatory Appraisals for HPMLs
Among the "onerous" regulatory requirements for Higher Priced Mortgage Loans: mandatory appraisals (rather than allowing your policy determine which ones can utilize a more cost-efficient evaluation). [7/2]
- Bill Could Provide Relief for Federal Credit Unions
A new House bill, sponsored by Rep. Gary Miller, addresses among other issues: new investment authorities; capital requirements; and insurance coverage for trust accounts. [7/1]
- Breaking Flood Reform Rules into Manageable Waves
Recommendations for tackling the regulation in waves, with the highest priority/longest-lead time items sooner than later. [7/1]
- Group Rates Consumer-Friendliness of Various Savings Accounts
Analysis of savings accounts at the 50 largest banks, 50 representative medium-sized banks, 50 representative small banks, and 10 largest credit unions finds they vary widely when it comes to consumer friendliness. [7/1]
- Reg. E Question: OK to Write Off Small Claims?
Sometimes it isn't cost effective to try and collect a $3 balance, for example; thoughts on how to handle such a situation from a Reg. E perspective. [7/1]
- Compliance as Optional Business Decision
For most institutions, compliance as a whole is considered a requirement, but the details of compliance are broken down into many smaller elements, many of which are considered optional. [7/1]
