Links in “Banks”
- Raising the Stakes for the Credit Reporting Agencies (Again)
About 25 years after what was considered a "tough, fix-it order" was supposed to usher in a better credit reporting industry, glitches in the reporting system remain widespread. Pressure is mounting for a crackdown with real teeth. [7/8/15]
- Checking in with the CFPBâs New Consumer Complaint Database
The reputational risk presented to lenders in the new system is substantial. The narrative system presents the potential of unverified, and conceivably false, narratives being published online. The system is now live, and the CFPB has issued a request for information based on the complaints received. In this latest addition to the AffirmX blog, Jane Pannier breaks down how this new database is meant to work, and how to stay ahead of the curve. [7/7/15]
- Could an Underwriters Laboratories-type Certification for IT Security be Run by UL?
The White House's vision of an Underwriters Laboratories-type certificate for internet devices could become a reality, as UL is involved in the government's initiative to promote such security certification standards. [7/7/15]
- TAILOR Act: Contrived Acronym, But Good Legislation
The "Taking Account of Institutions with Low Operation Risk Act" of 2015 would address the indiscriminate application of regulations to financial institutions whose business models and risk levels do not warrant it. [7/7/15]
- Student Account Proposal Would Cost Students
ABA says proposed rule on student accounts is overly broad and may cause students to lose access to low-cost bank accounts. [7/7/15]
- WSJ Publishes Gingrich Op-Ed Attacking CFPB Without Disclosing His “Paid Adviser” Status
A media watchdog calls out the Wall Street Journal for running on op-ed piece by Newt Gingrich attacking the CFPB and promoting the U.S. Consumer Coalition without disclosing that he is a paid adviser of the group, even though it reported earlier in the year that the group had hired him. [7/7/15]
- What the Supreme Court’s Decision on Disparate Impact Didn’t Settle
The Supreme Court's decision that disparate impact claims are cognizable under the Fair Housing Act did not address claims under Equal Credit Opportunity Act. Here's an analysis of the material differences. [7/6/15]
- Bank Branches: Going, Going, But Not Gone
Branch transactions have declined 45% since 1992, and 15% just in the last four years. Nevertheless, industry observers suggest that branches aren't going away, but they will become decidedly different. [7/6/15]
- Risk Watch 62: Money Laundering Risk Assessment Channels of Concern
The U.S. Treasury Department has just released its National Money Laundering Risk Assessment, which is designed to provide information on the latest emerging channels employed by criminals. In this episode AdvisX analyst Barrett Jones explains some of the money laundering schemes exposed in the Risk Assessment. [7/2/15]
- CFPB: How’s the New Complaint Database Working Out?
The CFPB went live with the enhanced version of its consumer complaint database last week. It has published a request for information on how it can help the public more easily understand the information presented. [7/2/15]
