Links in “Banks”

FTC sent its annual letter to the CFPB on its efforts to combat deceptive, unfair or abusive debt-collection practices. In 2014, it filed 10 new cases, resolved nine more, obtained $140 million in judgments, and banned 47 companies and individuals. [2/10/15]

Since being named HUD secretary last summer, this will be Julian Castro's first time testifying before Congress. GOP lawmakers are expected to raise concerns that efforts to lower the insurance premiums put taxpayers at risk and could lead to a repeat of the 2008 mortgage meltdown. [2/10/15]

Not surprisingly, House Republicans and New York's top regulator have very different ideas on how the CFPB should revise its payday lending rules. [2/9/15]

The Financial Institution Customer Protection Act would forbid agencies from pressuring banks to cancel accounts unless there is a material reason. "This legislation needs to be codified into law so that other agencies don't ever fall into this illegal and abusive practice." [2/9/15]

OneWest Bank in California had set up a website that generated more than 2,000 form letters urging regulators to approve its merger with CIT Group without a public hearing. Apparently the Fed and community groups were not amused. A public hearing has now been scheduled for later this month, where opponents are expected to raise CRA and "too big to fail" concerns. [2/9/15]

If the new settlement disclosures are giving you headaches, you're not alone. Precise timing requirements, inability to make changes at the closing table, the format of the new forms, lack of standard definitions for fees and charges, system incompatibilities and more are giving lenders a lot to handle in the weeks leading up to the Aug. 1 implementation date. (Note: AffirmX is offering a webinar on the subject. More info here.) [2/6/15]

ABA tells Congress that a uniform federal data breach law is needed to preserve consumer confidence with their credit and debit cards. [2/6/15]

New York Times updates the status of Fourth Corner Credit Union (which it dubs the "First Bank of Bud") and its application to become the first financial institution established specifically to serve the pot industry. [2/6/15]

One of the nation's largest health insurers is the latest company to report a massive cyberattack, in this case a database that contained as many as 80 million customer and employee records. [2/5/15]

CNN reports on debt collection horror stories, from threats to take away children to warnings that pets will be killed. Sounds like some debt collectors could use a refresher on FDCPA. [2/5/15]