Links in “Banks”
- Study: CFPB’s Intention to Regulate Arbitration Agreements is a Terrible Idea
The CFPB's own study is flawed, but even its own findings show arbitration works. [8/12/15]
- Will the Overturning of NYC’s Bank Law Discourage Other Municipalities?
New York City's law requiring banks to provide additional financial disclosures was overturned as unconstitutional. ICBA is hopeful that the ruling discourages other municipalities from pursuing similar ordinances. See also this New York Times piece on the issue. [8/12/15]
- Three Steps to Tune-Up Your AML Validation
Everyone who drives a car knows that the cost of ownership doesnât end when you walk out of the dealership with the keys in your hand. Cars require constant care and tuning up (not to mention that dreaded emissions test every year). Similarly, your anti-money laundering (AML) system canât be merely turned on and then left to its own devices. These systems also require constant care and tuning up in the form of validation and optimization. [8/11/15]
- Clinton’s Debt-Free College Plan’s Potential Impact on Banks
One of the planks of Hillary Clinton's plan on college affordability is to revamp the federal student-loan program, including lowering rates and capping payments at 10% of discretionary income. [8/11/15]
- Service That Offers Secret Text and Chat Room Messages Gets Some Unwelcome Attention
What would you say if you knew your message could never be publicly exposed? A communications company that might be touting its technology as a way to "reduce compliance and enforcement concerns" through a system that prevents "government spying" is getting some attention from U.S. Senator Elizabeth Warren. [8/11/15]
- NYC’s Super CRA Law Overturned
In 2012, New York City passed a law that was like the Community Reinvestment Act on steroids, requiring banks to provide extra information on their small business lending, efforts to prevent foreclosures, affordable housing lending, and branches in low-income communities. A U.S. District Judge has just overturned it, calling the law's structure an attempt to secure "compliance through the public shaming of banks." [8/11/15]
- Periodic Statements Under Proposed Bankruptcy Rules Could Get Expensive
Under new bankruptcy rules proposed by the CFPB, the periodic statement could become substantially more costly to management and deliver. [8/10/15]
- A Look at the CFPB’s Bulletin on PMI
Here's a look at what's in the CFPB's recent compliance bulletin on the cancellation and termination requirements for private mortgage insurance. Not much new here, but it is clear that the CFPB feels the need to call the industry's attention to this area and may focus on it in future examinations. [8/10/15]
- Court Reopens Fundamental Questions About CFPB
D.C. Circuit court breathed new life into questions about the validity of the CFPB, including its constitutionality, whether it should be run by a commission rather than a director, and whether its director was improperly appointed. [8/10/15]
- CFPB Looking at Treatment of Disabled Veterans
Although the CFPB does not have authority under the Americans with Disabilities Act, the agency is sending signals that it may be heading that way when it comes to how veterans with service-connected disabilities are being treated financially. [8/3/15]
