Links in “Banks”
- Bankers Groups to Congress: Credit Unions Don’t Get a Free Pass
53 state banking associations write to Congressional leaders urging them to increase their oversight over the NCUA, which they claim has "turned into a cheerleader" for credit unions. [7/27/15]
- A Bill to End to the CFPB Once and For All
The first of it's kind, a bill has been introduced to completely eliminate the CFPB, and is receiving strong support from Ted Cruz. "Don't let the name fool you, the Consumer Financial Protection Bureau does little to protect consumers," Cruz said. [7/23/15]
- World Bank Turns Attention on Diversity and Inclusion
World Bank Group recently announced the creation of an External Advisory Panel for Diversity and Inclusion. The announcement comes as no surprise following the newly released diversity standards created based on Dodd-Frank. The panel is meant to provide a conduit to the global community to serve as a sounding board for advice on matters relating to diversity and inclusion. [7/23/15]
- ABA to HFSC: The NCUA is a Rouge Federal Agency
In a letter to the House Financial Services Committee (HFSC) the ABA commends the committee for turning their sights on the NCUA's budget, and encourages them to take a closer look at what they call NCUA's rogue behavior. [7/23/15]
- Was the JPMorgan Attack Part of a Larger Scheme?
Four have been arrested in connection with a series of fraudulent investment schemes involving penny stocks and Bitcoin that spanned the globe. Authorities suspect that some of the men arrested also had a hand in last summers hacking of JPMorgan, which compromised ht econtact information for 83 million bank customers. The huge compute attack may have been an attempt to fuel an ongoing pump-and-dump stock scheme. [7/22/15]
- ABA Disappointed in Military Lending Act Final Rule
The American Bankers Association released a statement on Tuesday explaining their disappointment in the new Military Lending Act overreaching beyond the abuses it was intended to fix. [7/22/15]
- CFPB Set’s Final TRID Rule Date, But We’ve Heard that Before
The Know Before You Owe mortgage disclosure rule has officially had it's effective date set for October 3, 2015, despite numerous requests to delay the rule. [7/22/15]
- Basketballs and Waterfalls: Optimizing Your AML System
Congratulations! Youâve just been made head coach of a major college basketball team and are now responsible for improving their ranking. All anyone will tell you is the number of wins and losses from last year. Based on this information alone, you have one mission: improve the team. Can you do it? Probably not (unless youâre Coach K). Without further information, like current ranking or player stats, your evaluation of your new teamâs strengths and weaknesses would be rudimentary at best. Yet, such is often the case when evaluating a Bank Secrecy Act Anti-Money Laundering (BSA/AML) automation system. [7/21/15]
- Nation’s Top Eight Banks to be Held to Minimum Capital Holdings or Surcharges
The Federal Reserve decided Monday that the top eight banks should be held to minimum capital holdings or face stiff surcharges. The ruling establishes minimum holdings among what the Fed calls "global systemically important banks," the firms with the most risk-based endeavors. The Reserve hopes the ruling with reduce the risk of banking bloat by encouraging the elite eight to reduce their risk profile and size. [7/21/15]
- Bringing the CFPB Back Down to Earth: FOIA Lawsuit Filed
A law firm has filed a Freedom of Information Act (FOIA) lawsuit against the CFPB seeking information relating to the CFPB's report on "Consumer Voices on Credit Reports and Scores." The firm states the the information requested is "necessary for the public to verify the quality of the study's methodology." [7/21/15]
