Links in “Banks”
- CFPB’s Payday Lending Plan Gets White House’s Nod
The CFPB's plan to require lenders to verify borrowers are capable of repaying a loan, restrict the frequency that the loans could be extended, and capping finance charges got President Obama's approval as a "common sense" measure that stops companies from "trapping hardworking Americans in a vicious cycle of debt." [3/27/15]
- Cybersecurity and the Chicago Fire: The Effort to Fix the Problem is Worth It
Chicago had two massive fires more than a century ago that burned large portions of the city. The buildings were row houses, which were attached to each other and made of wood. No amount of fire stations or firemen could stop such fires. The city implemented a new building code that required brick walls between row houses (where the term "firewall" comes from). This type of substantive change is needed to stabilize the safety of the internet. [3/25/15]
- Publishing Unverified Complaints Misses the Point
The CFPB's policy of allowing unverified consumer complaint narratives is a perfect example of white noise overshadowing facts. [3/26/15]
- Payday Loans: Study Refutes CFPB’s Payment-to-Income Ceiling Concept
The CFPB's proposed revisions to payday lending are expected to include a payment-to-income ratio ceiling. This study shows why that may be a bad idea, as well as detrimental to the borrowers such a proposal is meant to protect. [3/26/15]
- Why De Novo #2 May Not Signal the End of the Logjam
Primary Bank just became the second bank approved in more than four years, raising speculation that the logjam stopping de novos from forming may be ending. But the circumstances surrounding this de novo are unique, leading this author to suspect that the logjam may not be ending anytime soon. [3/26/15]
- Payday Loan Reform Proposal Expected Today
The CFPB is expected to release its proposal for sweeping reforms to the short-term loan business today. [3/26/15]
- Ordering Transactions by Highest Dollar Amount Costs Bank $2 Million
Hawaiian bank posts debit card charges by highest amounts first rather than chronological, which increased the number of overdraft fees. The bank denied the claim, but says it settled to end the class action matter. [3/25/15]
- Baseball Season is Almost Here! But Please Don’t Make “baseball” Your Password
"Baseball" is number one on the list of most-common sports-related passwords. "Football" is second. Top individual on the list is "jordan" (at #4). Top team on the list: "yankees" (at #6). Where is your team on the 25 worst sports-related passwords? [3/24/15]
- Post Crisis: Is the Banking Industry Now Safer?
Speakers at a Fed Reserve conference don't think so. Reasons include our dual state and federal banking charter system, unregulated private equity and hedge funds, a regulatory framework in need of streamlining, and lack of openness. [3/24/15]
- Banks Lead Others in Consumer Cybersecurity Trust
Survey finds 60% of consumers trust banks to keep their personal information secure, compared to health insurance companies (26%), credit card companies (24%), brick-and-mortar retailers (17%), and online retailers (10%). [3/24/15]
