Links in “Banks”
- Risk Watch 49: PCI Council Updates PIN Security Requirements
Personal identification numbers, or PINs, continue to be a target for criminals. The Payment Card Industry (PCI) Security Standards Council has released an updated version of the PIN Security Requirements to enhance usability and understanding by stating the requirements in a more granular manner. In this video, AffirmXâs CIO Dennis Agle highlights the requirements important to financial institutions. [12/13/15]
- Disclosures as a Regulatory System are Broken
When's the last time you actually read an extensive disclosure before clicking on "I agree"? The harm of our disclosure-happy system is that "it provides a safe harbor for practices that smell bad. It sanitizes every bad practice." [2/12/15]
- HUD’s Castro Met with Skepticism in Congress
HUD's Julian Castro made his debut before Congress yesterday and took heat for lowering the insurance premium. "If a private company operated the way the FHA operates, it would be shut down." [2/12/15]
- Pushing Too Hard Against Dodd-Frank?
Instead of generating momentum for further rollbacks to Dodd-Frank, recent GOP efforts may have the reverse effect and spark a populist uprising among Democrats. [2/12/15]
- Big Banks Using Small Institution Regulatory Relief as Cover?
Some key Democrat Senators warn that they have no intention of letting the momentum behind relaxing rules for small financial institutions go too far. "The big banks are going to keep using the small banks as cover for their special rollbacks." [2/11/15]
- Studies Debunk Key Anti-Payday Loan Arguments
Payday loans may get the heat, but they play a small part toward the end of the overall timeline of a borrower's financial distress, according to a Columbia Law School professor's study. Another study finds that payday borrowers with sustained usage actually saw more positive changes in their credit scores than borrowers with fewer rollovers. Borrowers who experienced a decline in credit scores were most likely to live in states with greater restrictions on payday rollovers. [2/11/15]
- Got Your IP PIN? (Wait, What’s an IP PIN?)
Among the cybersecurity tips provided by ICBA to consumers is getting an IP PIN, a six-digit number assigned to eligible taxpayers to help prevent misuse of SSNs on phony tax forms. [2/11/15]
- Deceptive Ads, Kickbacks Cost Maryland Lender $2M
Maryland-based lender NewDay Financial was hit for a $2 million penalty for deceiving consumers about a veteran's organization's endorsement and for a scheme to pay kickbacks for customer referrals. [2/11/15]
- For Want of a Nail: Know Your Customers
With Bank Secrecy Act compliance, itâs tempting to become careless in collecting information due to repetitive nature of the process unless we keep the end purpose in mind: catching suspicious activity. Because of this, itâs a good idea for compliance personnel to take a step back every now and then and see how something as small as a proverbial nail factors into the overall security of the institution. [2/10/15]
- CFPB Takes Aim at Reverse Mortgages
CFPB releases a study that finds consumers are confused by reverse mortgages. "It is essential that the terms, conditions and servicing of reverse mortgages be fair and transparent so that consumers can make informed decisions regarding their options." Stay tuned for further regulatory developments on this front. [2/10/15]
