Links in “Banks”
- The Best Cyber Defense…
... is a good cyber offense. DOJ announces a new "all tools approach" to cracking down on cyber criminals. [4/23/15]
- Cordray Signals Continued Emphasis on Student Loans
In a speech to college presidents, CFPB Director Cordray indicated that the bureau's focus on student loan issues isn't going away anytime soon. 8 million Americans are now in default on their students loans. Cordray sees strengthening servicing as the key to getting the growing problem of defaults under control. [4/23/15]
- Budget Amendment Fuels Fight Over CFPB
A bipartisan measure that would codify advisory boards at the CFPB for community banks and credit unions divided down party lines when an amendment was added that would call for cuts to the CFPB's budget. Partisan bickering ensued. [4/23/15]
- Unfair Allotment Fees + Servicemembers = Bad Combination
Two companies that process military allotments were hit with $3 million in judgments for "unfairly" charging various fees to residuals of military allotments, such as $5 for each letter notifying servicemembers or their creditors that there was a residual balance, monthly dormant fees of $12 to $20, and fees for requesting an account history to see the fees. [4/22/15]
- Bank Botnet Activity Higher Than Ever
Bank trojans were used in attacks against 1,400 financial institutions in the past year. Bank botnet activity has grown more sophisticated and evasive, relying on hidden network services to resist takedown and surveillance. One bright spot? Actually, we couldn't find one in this post. Sorry. [4/22/15]
- Harassing Borrowers, Not Honoring Loan Mods = $63 Million Hit for Green Tree
Green Tree Servicing failures included harassing borrowers with up to 20 calls per day, delaying decisions on short sales, deceptive tactics to charge convenience fees, and failure to honor prior loss-mitigation agreements. The company will be $63 million in restitution and civil money penalties. [4/22/15]
- Trade Groups to Congress: More Regulation, Please?
There aren't many things that could unite a long list of trade groups to ask Congress for more regulation, but cyber security is one of them. In letters to the House majority and minority leaders, 14 trade associations say "the existing bodies of law and regulation do not do enough." [4/22/15]
- Cracking down on “Regulatory Capture”
The Federal Reserve is exploring new measures of restricting bank examiners from leaving to take jobs at firms they have overseen. Federal officials are discussing whether to extend the bar on the two most senior employees to other bank personnel. [4/21/15]
- Fannie and Freddie G Fees to Hold Steady with “Modest Changes”
Following a review, the FHFA has determined that guarantee fees charged by Fannie Mae and Freddie Mac will remain at current levels with a few tweaks. "Overall, the set of modest changes to guarantee fees are roughly revenue-neutral and will result in either little or no change for most borrowers." [4/21/15]
- FHA Mortgage Lender Files Lawsuit Against Federal Agencies
The federal government must switch to the defensive as a lawsuit has been filed against two of it's agencies; the suit is against the U.S Department of Justice and the Department of Housing and Urban Development. The suit has been brought by Quicken Loans who claims that the agencies have "been trying to bully the company into making blatantly false statments and demanding the company pay an inexplicable penalty or face legal action." [4/21/15]
