Links in “Banks”

Panelists, including CFPB Director Cordray and representatives of consumer advocate organizations, gathered in the "predatory lending capital of the East Coast" (Virginia) to condemn payday and auto title lenders. However, they failed to offer viable alternatives to help consumers who find themselves in need of money and with nowhere else to turn. [4/1/15]

Just kidding. Happy April Fools Day. [4/1/15]

New, from the AffirmX blog. The CFPB is now working to develop a more streamlined and automated electronic submission system that would allow card issuers to upload agreements directly to the bureau's website. While this development is underway, the CFPB is proposing to temporarily suspend the requirement that you submit your credit card agreements for a period of one year (four quarterly submissions). [3/31/15]

The New York Times takes a look at "reverse-redlining," the practice of singling out minority borrowers for the costliest car loans, which may be increasing the economic distress in minority neighborhoods. [3/31/15]

Trade groups tell the CFPB that its proposed "Safe Student Account Scorecard" approach, which would be used by colleges and universities to select financial institution partners, would drive institutions to offer a particular type of deposit program that is "one-size-fits-all." Schools should be able to partner with financial institutions that can offer an array of financial products to meet diverse needs of students. [3/31/15]

The CFPB's proposed expansion of the definitions of "small creditor" and "rural" would greatly help community bankers. [3/31/15]

Though the vulnerability is now patched, a critical security hole in some routers from a Singapore-based company that supplies network equipment to hotels around the world gave attackers the ability to intercept or modify traffic flowing through the routers. Takeaways? Use VPN when accessing the corporate network, keep malware protections up to date, and avoid tasks that can wait until a trusted access point is available. [3/30/15]

A new bill would subject CFPB rules as well as Dodd-Frank itself to periodic regulatory review. Currently, CFPB rules and Dodd-Frank are exempt from review. [3/30/15]

The CFPB released its proposal for its payday lending rules in a press release, fact sheet, and outline. The proposal is sweeping. Here's the rundown of what the CFPB is proposing. And here's the NY Times' take on the proposal. [3/27/15]

Several regulatory relief measures advanced in the House, including measures that would eliminate the need to provide annual privacy notices even when policies haven't changed and establish community bank and small business advisory boards at the CFPB. [3/27/15]