Links in “Banks”

Two banks opened in 2000 were shuttered on Friday, becoming the 7th and 8th banks to fail this year. With nearly $300 million in assets and seven branches, The Bank of Georgia was closed, the first failure in about three months. The FDIC sold the bank to Fidelity Bank of Atlanta. The much-smaller Hometown National Bank in Washington, with $5 million in assets and one location, was also closed, with its deposits sold to Twin City Bank. [10/5/15]

Testifying before the House Committee on Financial Services, CFPB Director Cordray address a wide range of the bureau's activities, including these six noteworthy topics. [10/2/15]

The agencies sent out letters Thursday telling bankers that if they make a "good-faith" effort to implement the TILA/RESPA Integrated Disclosure rules, they won't be penalized in their initial examinations. But the letters do not go as far as the industry was hoping. [10/2/15]

Politicians compromise. Ideologists don't. There are two clashing ideological worldviews dominating the conversation about banking right now, making this industry observer pessimistic that regulatory reform will make its way through Congress this year. [10/2/15]

A Los Angeles-based indirect auto lender called consumers under false pretenses, used a phony caller ID, threatened to refer borrowers for criminal prosecution, and illegally disclosed information about debts to borrowers' employers, friends, and family. Other than that, though, they ran a fairly tight operation. [10/2/15]

"Realtors are ready for the change," says a president of a regional Realtor Association, citing a national survey that shows more than 80% of all realtors have received training about the new mortgage disclosure rules. [10/1/15]

H.R. 957 would create an independent inspector general for the CFPB who is nominated by the President and confirmed by the Senate. H.R. 1266 would make the CFPB a stand-alone agency governed by a five-member, bipartisan commission. [10/1/15]

The Debt Collective, an activist group seeking student loan relief, is working to persuade millions of Americans who are severely late on their student loan payments to "revolt." The group is racking up surprising successes. [10/1/15]

The CFPB's request for approval to conduct a national survey of 8,000 individuals about overdraft protection was missing one important piece: a draft of the survey instrument. The trade associations point out that the Office of Management and Budget guidance requires publication of the survey at the time of request. [10/1/15]

Three federal agencies (CFPB, Education, and Treasury) are speeding toward the establishment of uniform standards for student loan servicers. [9/30/15]