Links in “Banks”
- Apple Pay: From Great to Not-so-great
Touted as the next big thing when it was introduced six months ago, Apply Pay now has its fair share of detractors, including banks, who are complaining about its high fraud rates. But the banks may largely have themselves to blame. [3/17/15]
- Giving Grandma the Boot: Reverse Mortgages and the Problem of the Surviving Spouse
HUD's Home Equity Conversion Mortgage program is getting heat from consumer advocates concerned about evictions of surviving, non-borrowing spouses. [3/17/15]
- TILA/RESPA Tolerance Buckets
Chart presented by former CFPB deputy assistant director shows the different tolerance buckets that come with the new TILA/RESPA integrated disclosure rule. [3/17/15]
- IT Keeps a Wary Eye on Ransomware
Imagine a breed of malware that infects files on a device, modifies registries to obfuscate itself, replicates itself into other files on the device, then locks the screen and disables the compromised system. So far, this kind of ransomware has been directed largely at gamers. But small businesses and governments have reason to be concerned about the trend. [3/16/15]
- The Debate Over Abitration Agreements Isn’t Over
CFPB's field hearing on credit card arbitration agreements features panelists who favor that agreements as cheaper and faster than litigation, with consumers receiving a better outcome. Other panelists argued that consumers typically only get something small without a finding that the corporation violated consumer law or acted fraudulently. [3/16/15]
- The Bank That Became a Nonbank
Its business model was labeled by the FDIC as too risky, and it was slapped with an enforcement order. So the bank turned in its charter and became a nonbank. The distance from bank regulation has been a boon to the company in recent years. [3/16/15]
- Noteworthy Points from Cordray’s Testimony
Recap of several key points of CFPB Director Richard Cordray's remarks before the House Financial Services Committee, including the five-year review of ability-to-repay rules, the latest on the Small Business Review Panel to analyze rule-making regarding payday lenders, and whether he plans to bring the hammer down on day one of TILA-RESPA integrated disclosure rules on Aug. 1. [3/10/15]
- So You’re Saying There’s a Chance: Will CFBP Go Easy on August TILA-RESPA Effective Date?
Will the CFPB consider a "60-day nonenforcement window" or a "five-month restrained enforcement period" following the Aug. 1 effective date of the TILA-RESPA Integrated Disclosure Rule? The bureau's director seems less than enthused about the idea. "People will have had close to two years to get ready for this. Nobody should be surprised by this." [3/10/15]
- Honesty the Best Policy? $10 ATM Fee to Test the Theory
Cardtronics ATMpass asks consumers to pay up to $10 per month upfront for unlimited access to 5,000 ATMs. There may actually be a market among the underbanked for this if it can survive the backlash for being a bit too honest about how much ATMs cost to use. [3/9/15]
- What Killed De Novos?
Economists take a look at the lack of de novo banks and take a stab at figuring out what is keeping them away. [3/9/15]
