Links in “Banks”
- HUD Hiring Mess
HUD's Office of Inspector General alleges misconduct in hiring practices, including the hiring of a former registered lobbyist who used her position to further an agenda favorable to her former employer and to hire employees without proper vetting. There were also efforts to obstruct the OIG's investigation, including threats to charge investigators for their "inappropriate actions." [2/5/15]
- ABA Supports Same-Day ACH, with Conditions
The conditions include adequate consumer protection, securing the integrity of the payment system, a level playing field for all parties, and provisions to allow for market forces to drive the evolution of the payment system. [2/5/15]
- Senate to Take Up Regulatory Relief for Small Institutions
Here's the line up for Tuesday's Senate Banking Committee's hearing on "Regulatory Relief for Community Banks and Credit Unions." [2/5/15]
- Group Sends Testers into Loan Office, Sues for Steering Based on Race
Non-profit group sent testers of various racial groups portraying themselves as first-time home buyers under similar circumstances into an M&T Bank loan office in New York. The results? The group is now suing the bank in Manhattan federal court. How would your financial institution fare? [2/4/15]
- Closer Look at CFPB’s Proposed “Small Creditor” and “Rural” Exemptions
CFPB recently proposed amendments to Reg. Z governing mortgages that would affect the definition of "small creditors" and the term "rural." Here's a rundown of what the CFPB has put on the table. [2/4/15]
- New Efforts Afoot to Limit Deductibility for Large Corporate Fines
When huge fines can be deducted as ordinary business expenses, taxpayers are in effect subsidizing corporate misconduct. For example, $7 billion of JPMorgan's $13 billion deal was reported as deductible. There are new efforts afoot to outlaw the deductibility of certain types of penalties. [2/4/15]
- That’s One Way to Solve the Student Debt Problem
The CFPB approves the $24 million sale of a troubled chain of for-profit college campuses after the buyer agreed to forgive $480 million of private student loans. [2/4/15]
- Timing Is Everything (Just Ask the Dinosaurs): Final Timing Rules on Reg. J and ACH
Did you know that, had the timing been different, dinosaurs might have survived the asteroid that eliminated their species? Clearly, timing is everything. The Federal Reserve Board agrees and has taken two actions that affect the timing of check settlements, which are described in this article by AffirmX In-House Counsel Jane Pannier. [2/3/15]
- How Management Is Pushing Bank “Culture”
In response to increasing regulatory attention on bank "culture" that promotes compliance to the spirit of the law as well as the letter of the law, here is what some banks are doing. [2/3/15]
- CFPB Keeps the Heat on Private Student Loan Market
While the private student loan market enjoys more than a 97% repayment rate, the CFPB continues its scrutiny with a recent round of letters to certain market participants asking what they have done since last year's meeting to develop loan modification options. See also this. [2/3/15]
