Links in “Banks”

Just how far does the CFPB's reach go? "Some vendors performed poorly in getting their work done in a timely manner," said the CFPB's director. "It may well be that all of the financial regulators, including the consumer bureau, need to devote greater attention to the unsatisfactory performance of these vendors." [10/22/15]

Buyers who are or claim to be 85-90 years old are 2.5 times more likely to be fraudsters. The state with the highest fraud rate based on billing address was Alaska. By shipping address, it was Delaware. Purchases of $20 or less are 2.16 times more likely to be fraudulent than other purchases (fraudsters make micropurchases to test out stolen credit card data to see if it's still valid). 3 a.m. is the most fraudulent time of day. The surprises don't stop there. [10/21/15]

Making more small banks eligible for the 18-month exam cycle, a community bank exemption from the Volcker Rule, and greater flexibility for small banks to expand their business model are three ways the Comptroller has espoused to reduce regulatory burden for small banks. [10/21/15]

If creditors lowball an estimate outside specified tolerances, they have to make up the difference. So the temptation may be to highball estimate. But there are hidden drawbacks to this strategy. [10/21/15]

The current regulatory environment is an "enforcement regime," with a heavy handedness that lenders shouldn't just roll over and take. "Don't let strangers in Washington and state houses determine the direction of your companies." The Mortgage Bankers Association convention continues in San Diego. [10/21/15]

Writing in the Huffington Post, Sen. Elizabeth Warren (D-Mass.) claims the efforts to replace the CFPB's director with a commission miss the point: the CFPB has been effective in accomplishing what it was established to do. [10/21/15]

Hundreds of thousands of low-income Americans who use prepaid debit cards instead of banks found themselves without access to their money when a technical problem blocked account access for one of the most popular prepaid cards. [10/21/15]

Over 94% of consumers say retailers need to upgrade their security controls. About 78% say the government should hold them to the same standards financial institutions face. [10/20/15]

The smartphone is blurring the worlds of online and physical commerce. The space is expected to double in volume by 2020, which presents opportunities for those who can work their way through the accompanying complexities. [10/20/15]

A study of pricing models for stolen data shows sophisticated pricing structures, ranging from 55 cents for stolen log-in credentials for premium comic book services to $1,200 for access credentials to a bank account with a $20,000 balance. [10/19/15]