Links in “Banks”

How'd the big boys do? Here's the report card from this year's stress tests. Bottom line: the nation's largest banks appear to have the means to survive nightmare scenarios, although some fell very close to minimum requirements. [3/6/15]

A Senate bill to make it easier for companies to share data about cyber threats with the government has stalled amid concerns that it could also be used as a "backdoor for surveillance." [3/6/15]

A piece of legislation introduced in the House would rename the CFPB as the "Financial Product Safety Commission" and replace the director with a five-member commission. The commissioners would be appointed by the president to five-year terms and would be subject to Senate confirmation. The bill has received letters of support from many trade groups. See also this. [3/6/15]

Criminals are linking their devices to victims' payment card accounts, then racking up in-person purchases charged to the victims' accounts. But it isn't Apple's fault, say some experts. The weak link is bank processes for identity-proofing. [3/5/15]

Congress may not have direct oversight of the CFPB, but that doesn't mean it is without options. Jeb Hensarling (R-Texas), chair of the House Financial Services Committee, has announced a new policy that will give the CFPB a pair of two-week windows to respond to written committee requests, and if the bureau fails to adequately respond, the committee may issue a subpoena. The committee has several outstanding document requests, ranging from 82 to 378 days. [3/5/15]

Regulators find that Citigroup missed $20 million in compensation to 23,000 borrowers as part of its robosigning settlement. Citigroup to put the checks in the mail this month. [3/5/15]

At the CFPB's director's first appearance before his committee, Jeb Hensarling (R-Texas), head of the House Financial Services Committee, wasted little time, calling the CFPB the "single most powerful and least accountable Federal agency in all of Washington." See also this and this. [3/4/15]

With all the data breaches, consumers are left to play the waiting game to find out what the criminals will do with their data. A recent study finds that individuals whose card data was breached were three times more likely to become victims of identity fraud. [3/4/15]

JPMorgan settles with the DOJ for $50 million for "robosigning" mortgage paperwork by workers who had not checked the paperwork for accuracy. [3/4/15]

Trade group's head says "Congress enacted the tax-exempt credit union's business-lending caps for a good policy reason." [3/4/15]