Links in “Banks”

The House of Representatives passed the Eliminate Privacy Notice Confusion Act that would allow financial institutions to skip the step of providing annual privacy notices when their policies have not changed. The measure moves on to the Senate. [4/15/15]

Survey finds that three out of four IT practitioners are concerned about negligent or malicious employees. And many of them speak from experience: a third have admitted they've experienced and insider attack. [4/14/15]

The ABA proposes a number of fixes the CFPB should make before it begins to publicly disclose complaint narratives, from establishing a process that would be able to identify whether a complaint is materially inaccurate and whether consumers will even glean any salient information to inform their financial decisions from redacted narratives and structured responses. [4/14/15]

Two chairs of House Financial Services subcommittees ask the CFPB to make Aug. 1 to Dec. 31, 2015 the "hold harmless" period for the enforcement of the combined RESPA and TILA integrated mortgage disclosure forms. To date, the CFPB has given little indication that it is willing to bend on the Aug. 1 date. [4/13/15]

The CFPB has notified PayPal that it wants information on its credit products, including advertising, servicing, debt collection, and complaints handling. [4/13/15]

Efforts to enforce cybersecurity among employees tends to throw up roadblocks that either hurt productivity or cause workers to find ways around the cybersecurity measures that are even more risky. A better approach is to rate the mitigation risks presented by various employees. [4/13/15]

Are eight banks and two credit unions secretly banking marijuana businesses with the "tacit" collusion of bank regulators? [4/13/15]

Leaders of the House Financial Services Committee are calling on the federal regulatory agencies to disavow any involvement in Operation Choke Point. The letters were sent to the FDIC, the CFPB, the NCUA, and the OCC. [4/10/15]

The fine itself, $250,000, against a California mortgage lender may not have been huge, but the CFPBs action got plenty of coverage, helping to send a clear signal: don't imply a government agency affiliation in your marketing materials. See coverage here and here and here. [4/10/15]

The ABA tells CFPB that its idea of offering banks a selection of sterile, structured responses to impassioned public consumer complaints will suggest to the public indifference, and unfairly cast the industry as out of touch and unconcerned. [4/9/15]