Links in “Banks”
- Report on HAMP: Banks Rejecting as Much as 87% of Loan Mod Applications
Report by the government's monitor of the Home Affordable Modification Program finds that banks are not following the rules, leading to rejection rates of loan modification applications as high as 87% at CitiMortgage and 84% at JPMorgan Chase. [8/3/15]
- New Mortgage Reporting Measure Passes Congress
Congress has passed a new measure designed to crack down on inaccurate mortgage interest reporting and fraud. The measure would require financial institutions and servicers to report the date of a mortgage, the collateral address, and outstanding balance at the beginning of the tax year. [8/3/15]
- Risk Watch 64: What Went Wrong With Regions Bank?
In 2012, an Alabama-based bank voluntarily reimbursed nearly $35 million in wrongful overdraft fees to some 200,000 customers. So what did they do that cost them a $7.5 million fine in 2015, and what can your institution do to avoid the same mistakes? [7/31/15]
- Compliance Burdens Cause Half of All Banks to Limit Offerings
ABA survey finds that 46% of all banks have reduced their offerings of financial products and services due to growing regulatory compliance burdens. [7/31/15]
- Texas Bankers Sees the CFPB, Raises the Stakes Over Overdraft Requests
In response to the CFPB's orders to financial services core processors for transaction data on the overdraft services of their client banks, the Texas Bankers Association has filed a Freedom of Information Act request with the CFPB to turn over the documentation it received as well as its analytical surveys and the legal analysis it relied upon to support such a broad data sweep. [7/31/15]
- RESPA Worries Push Wells Fargo to Kill Marketing Arrangements
Effective Aug. 1, Wells Fargo will end the practice of providing payments or services to agents and builders that refer home buyers over concerns about the CFPB's regulatory oversight of these types of arrangements. [7/31/15]
- Bump in the Road to Pot Banking
Fed Reserve says no to Denver-based credit union's application for a master account that would open its doors to some of the hundreds of state-licensed marijuana businesses in Colorado. The New York Times piece includes a video segment outlining the peril of running such a cash-intensive business outside of banking. [7/31/15]
- No Match for the Russian Cyber Underground
In terms of sheer sophistication and professionalization, there is no match for Russia's arsenal of illicit cyber capabilities. "These guilds of thieves are also being called upon to act as an online militia supporting Russia during times of geopolitical tension." [7/30/15]
- Industry Applauds House Committee’s Passage of Reg. Relief Bills
Bills that passed the House Financial Services Committee's vote this week include measures that would roll back Operation Choke Point, designate portfolio loans as Qualified Mortgages, institute a hold-harmless period for TRID, and more. [7/30/15]
- Su Casa: CFPB Issues Spanish Editions of TRID Disclosures
"Your Home Loan Toolkit," a disclosure that is to be provided in place of the "Settlement Cost Booklet" when the new TILA/RESPA Integrated Disclosure rule takes effect Oct. 3, is now available in Spanish as well. See the full list of items available here. [7/30/15]
