Links in “Banks”

Head of CFPB says new mortgage rules are working fine. Concerns that they would choke off credit were the result of "a cottage industry of lawyers and consultants" sowing fear. See also here. [2/24/16]

Imagine an army of bots making more than 300,000 login attempts from thousands of IP addresses trying to hack into your user accounts. The success rate is not very high, only 8%, but weak passwords definitely make the bots' job easier. [2/24/16]

A Ponzi scheme cost investors $66 million and sent a money manager to prison for more than three years. Now the money manager's bank is being accused of helping him shift money around the dozens of accounts he kept at the bank to cover long-term overdrafts. [2/24/16]

Small creditors may be able to avoid escrow account requirements for certain higher-priced mortgage loans in "rural areas." But the details of what defines a rural area are still being worked out. The CFPB welcomes your input. [2/24/16]

Last year, bad guys used banking Trojans to target more than 1,500 financial institutions in more than 100 countries. Here's how to stay ahead of the curve. [2/23/16]

Investors have been snapping up billions of dollars of securities backed by risky auto debt. Now more subprime borrowers are failing to make their payments on time. [2/23/16]

The Fed Reserve's proposal for "Too Big to Fail" is both "horribly flawed" and a solution that makes breaking up giant banks unnecessary. [2/23/16]

If you're a money launderer used to carrying around a million in cash, how you carry that cash is about to get a lot less convenient, if a simple proposal by economist Larry Summers goes forward. Just in case, you should probably start lifting weights now. [2/22/16]

The CFPB asserts that it does not want to stifle innovation, but its latest issuance on "no-action letters" speaks louder than words. Even if a bank manages to successfully jump through enough hoops to get a "no-action letter" from the CFPB on a proposed product, the CFPB would offer no immunity against private litigation or enforcement actions by other agencies, the letter may not be covered by UDAAP, the letter will receive no deference by the courts, the letter can be revoked at any time, and the letter will be publicly published for all competitors to see. "The Bureau believes that there may be significant opportunities to facilitate innovation and access, and otherwise enhance consumer benefits, through the Policy." Yep, sign us up! (2/22/16]

With an 18-month exam cycle and other priorities for 2015 passed by Congress, the ICBA spells out its slate of legislative priorities for the new year. [2/22/16]