Links in “Banks”
- Why Arbitration Makes Sense Even When Seldom Used
A lawyer responds to a professor's challenge about his position that the relatively small number of consumer arbitrations is because consumers tend to use less formal methods for resolving disputes. But that doesn't negate the need for arbitration, which is still cheaper and faster than litigation when less formal means don't work out. [3/24/15]
- CFPB Needs to Clarify Definition of Prepaid Cards
ABA comments on CFPB's proposal on prepaid cards. First problem is the blurry lines between "covered accounts" and "prepaid accounts." [3/24/15]
- Cyberanxiety Tops List of Risk Worries
At least 82% of bank CEOs, CROs, and directors cite cybersecurity as a top concern. [3/23/15]
- Citigroup’s Settlement Mistake Triggers Congressional Inquiry of Other Banks
A single consumer complains, which triggers an investigation at Citigroup that found 24,000 customers hadn't received their part of a settlement over foreclosure abuses. Now Maxine Waters wants to know how the OCC and the Federal Reserve are handling these large settlement cases. [3/23/15]
- Risk Watch 54: Four Common Trouble Spots in AML Validation
A vital part of the AML process is to conduct a periodic validation of your system. AdvisX President Ken Agle discusses four common trouble areas to pay attention to. To learn more about the upcoming AdvisX Webinar: The Four Corners of BSA AML Investigation on April 15, click here. [3/20/15]
- Target’s 9¢ Settlement Underwhelms Bankers
A $10 million class action settlement for Target's data breach works out to about 9 cents for the 110 million potential victims. And that's just the first shortcoming of this settlement. [3/20/15]
- Industry Requests TILA-RESPA Grace Period
Pretty much every trade association in the country signed a letter requesting that the CFPB implement a grace period through the end of the year for those institutions seeking in good faith to comply with the TILA-RESPA Integrated Disclosure. [3/20/15]
- Court Limits CFPB’s TILA Enforcement Muscle
Indiana federal court held that CFPB's civil action against ITT Education Services under TILA is governed by TILA's one-year statute of limitations. It may be an important restriction not only on CFPB's ability to obtain relief for TILA violations, but other consumer laws as well. [3/20/15]
- Industry Puzzled, Disappointed by CFPB’s Final Complaint Policy
The CFPB finalized its complaint policy without bending much to industry suggestions. "This agency can do better." [3/20/15]
- What We Can Learn From Hillary’s Email Fail
Technology officers and compliance officers would do well to learn from Hillary Clinton's email fiasco. [3/19/15]
