Links in “Banks”
- Speed on Foreclosures Takes a Backseat to Compliance
The ability to quickly resolve delinquent loans used to be king when competing for servicing deals with mortgage investors. But now speed has taken a backseat to the ability to adhere to new compliance requirements. [7/29/15]
- Could Regulatory Attention to Cybersecurity Actually Be Increasing?
The top former New York bank supervisor called cybercrime "a huge threat to our financial system" and predicts that regulators will be stepping up enforcement efforts. [7/29/15]
- The CFPB Gives Nada to NADA
NADA requests a CFPB memo that may contain evidence that the bureau is seeking to exercise jurisdiction over franchised auto dealers, which is prohibited under Dodd-Frank. The CFPB says the memo is privileged and therefore protected from public scrutiny. [7/29/15]
- The CFPB Hits Two Companies for “Equity Accelerator Program”
The companies are alleged to have typically charged customers a $295 enrollment fee and a $2.50 transaction fee after telling borrowers they could lower their interest by making biweekly mortgage payments, but instead held the payments until they were due within the typical monthly period. The companies must pay more than $38 million in charges. [7/29/15]
- GAO: QM & QRM Impact Limited
A Government Accountability Office report on the impact of the Qualified Mortgage and Qualified Residential Mortgage rules finds that they would have "limited initial effects." However, the size and viability of the secondary market for non-QRM-based securities remains in question. [7/29/15]
- An ESIGN Director’s Briefing
Even though ESIGN Act has been around since 2000, with more and more consumers pushing for online services, from receiving their statements in an email to online applications for a loan, we're seeing a surprising number of lingering ESIGN compliance issues. That's why it is a good idea to occasionally step back and look at how the Act came into existence, what its terms really mean, and what are the common trouble spots. We'll cover each of these areas in this Director's Briefing. [7/28/15]
- The First 24 Hours: Elements of an Effective Data Breach Response Plan
What would happen at your financial institution during the crucial first 24 hours after a data breach is discovered? Your plan should be well-defined, concise and rehearsed, much like a fire drill. [7/28/15]
- Industry Support for Measure to Not Force Banks to be “Judge and Jury”
ABA lends its support to Financial Institutions Customer Protection Act of 2015, which is being considered by the House Financial Services Committee today. The measure would require federal banking agencies to provide a material reason for a financial institution to terminate a relationship with a customer or group of customers, rather than relying on banks to be the judge and jury on whether customers are operating legally. [7/28/15]
- Military Lending Act Expands Dramatically
The Department of Defense has dramatically expanded the scope of the Military Lending Act to extend the 36% interest rate cap and other restrictions to a host of additional products not previously covered. [7/28/15]
- The Return of Phil Gramm
A chief architect of deregulation of banking in the late 1990s and an opponent of Dodd-Frank's regulatory overhaul, former Senator Phil Gramm will speak before the House Financial Services Committee this week. [7/27/15]
