Links in “Banks”

This builder of de novo community banks thinks so. "I can build 100 branch banks in Britain before I can get one built in the U.S., thanks to regulators." [10/19/15]

While what the CFPB had previously proposed would've been worse, the "new HMDA," with 25 new data points and 14 modified data points in addition to the existing 9 data fields already required under HMDA, "adds to the excessive burden for many community banks, which will further restrict access to credit in local communities." [10/16/15]

While concerns remain about privacy of bank customer data and increased regulatory burden, the ABA's statement expresses relief that the CFPB's final rule on HMDA at least excludes the collection of data on most commercial transactions. [10/16/15]

A professor cautions the CFPB to consider carefully any proposed changes to debt collection rules for unintended consequences. For example, limits on communications using newer technologies will likely result in more intensive collection actions earlier in the debt collection cycle. More lawsuits, increased interest rates and a reduction in lending volume for higher-risk customers are also among the potential side effects. [10/15/15]

Mortgage Bankers Association warns its members to take the CFPB's bulletin on marketing services agreements seriously. See also Risk Watch 74. [10/15/15]

The pact between the U.S. and China applies to the theft of trade secrets, but stops short of banning traditional espionage. Will the pact have an actual impact? This expert thinks it might. [10/15/15]

Mortgage applications tumbled 27.6% the week after the TILA-RESPA Integrated Disclosure rule took effect. The drop was partially offset by the 25.5% spike in mortgage applications the week before TRID took effect. [10/14/15]

A former auditor of Bank of Internet alleges that his former employer has been making loans to borrowers who may have been off-limits under federal anti-money laundering laws and that many of its accounts lack tax identification numbers. He is suing the bank for violation of whistle-blower protection laws. [10/14/15]

A Florida court sides with mortgage servicers in two cases where the homeowners attempted to use RESPA as a shield against foreclosure. In one case, the homeowner argued that the mortgage servicer should not be able to foreclose because it didn't respond to repeated requests for payment history that included a previous financial institution. In the other case, the borrower claims the servicer failed to respond in detail to a borrower's inquiry about why the property was being subjected to drive-by inspections. In both cases, the court found the servicers sufficiently responded. [10/14/15]