Links in “Banks”
- Low Marks for Time from Cyber Attack Discovery to Remediation
Time from discovery to remediation takes, on average across all sectors, six days. But financial services companies are among the slowest, from eight to 10 days. [6/1/15]
- Lapses with Servicemembers Lead to $30 Million Fine
Bank of America engaged in improper debt-collection against military members and must pay a $30 million civil money penalty and provide remediation to 73,000 military customers. [6/1/15]
- Not a Coincidence that 1,500 Small Banks Have Disappeared Since Dodd-Frank
"Regulation is killing small banks," says this former Wells Fargo CEO. [6/1/2015]
- In the Middle of the Left- and Right-Leaning Sides of Dodd-Frank
New York Times dives into the efforts not to destroy Dodd-Frank, but to use its power against itself. [5/29/15]
- The Grisham-Like Twists in Disparate Impact
There is much at stake between big banks and big government over the future of disparate impact. One man in the middle of all this is Wayne Trotman, a former senior executive at Chase, who alleges that the bank fired him in retaliation for his refusal to go along with their plans to scuttle the settlement of a key disparate impact case. Very Grisham-like. [5/29/15]
- ABA to CFPB: Shine Bright Light on Your Arbitration Proposal
ABA writes to CFPB Director Cordray, calling on his agency to open its arbitration study up to public comment before it begins its rule-making process. The public meetings the bureau is conducting do not provide adequate opportunity for anyone to adequately address the 729-page study. "Public comment now would at least start the process of compensating for the extreme lack of transparency." [5/22/15]
- Second Time’s the Charm? Senator Goes After CFPB Budget Process Again
Sen. David Perdue's bill would make the CFPB subject to the congressional appropriations process, rather than automatic funding courtesy of Dodd-Frank. An earlier attempt to revise the funding process failed. Better luck this time? [5/22/15]
- Hurdles and Opportunities for Postal Banking
The Inspector General releases a report spelling out possible revenue benefits of adding banking products to the struggling USPS array of services, but also cites some hurdles, such as becoming subject to banking regulations. Welcome to the club? [5/22/15]
- NY’s Top Regulator to Step Down
Benjamin Lawsky, noted for being tough on banks, is stepping down and starting his own legal and consulting firm offering -- surprise -- compliance and risk management advice. [5/21/15]
- 53 (Yep, 53) State Banking Associations Lend Support to Reg. Relief Legislation
The state banking associations unitedly call on legislators to remove the regulatory "chokehold." [5/21/15]
