Links in “Banks”
- Citi Agrees to Limit Use of Tool That Disproportionately Flagged Low-Income Consumers
Amidst a probe by New York's attorney general, Citibank agrees to limit its use of ChexSystems, a tool that analyzes customers' financial history, but which also disproportionately flags low-income consumers for relatively minor financial mistakes. [1/29/15]
- How Goes Your State Attorney General’s Efforts to Flex Dodd-Frank Muscle?
An update of the efforts of the attorneys general from Illinois, New York, Florida, Connecticut, and Mississippi to use their Dodd-Frank enforcement authority. [1/28/15]
- House GOP Hammers Head of FHFA for Loosening Standards
Once a senior member of the House banking panel, Mel Watt returned yesterday as the top regulator for the Federal Housing Finance Agency to a less-than-warm welcome. GOP lawmakers hammered on Watt for what they consider to be moves that are exposing the U.S. to the same problems that led to the mortgage crisis. [1/28/15]
- Having Trouble Taming the Continuing SAR Beast?
Our most popular blog post of last year was about writing a knockout SAR narrative (you can find part one here and part two here). But when reviewing suspicious activity reports, weâve noticed a large number of issues associated with those troublesome beasts known as continuing SARs. That's why AffirmX Analyst Rachel Osborn has provided a guide to writing a knockout continuing SAR narrative. [1/27/15]
- Toomey Named Chair of Senate Banking Subcommittee
Sen. Richard Shelbey (R-Alabama), new chair of the Senate Banking Committee, has announced the lineup of the five subcommittees. Sen. Patrick Toomey (R-Pennsylvania) will chair the Subcommittee on Financial Institutions and Consumer Protection. [1/27/15]
- Create c0mplic@t3d Passwords
That's one of four simple steps to stop a cyber thief. Here are the other three. Happy Data Privacy Day Eve! [1/27/15]
- 73% of Banks Say New Mortgage Rules Mean Fewer Loans
Regulatory burdens are taking their toll, as more banks are considering exiting this market. 78% say they have increased the number of staff members dedicated to lending compliance. [1/27/15]
- New Legislation Would Make Student Loans Dischargeable
Currently, student loan debt cannot be discharged, even in a bankruptcy. The Discharge Student Loans in Bankruptcy Act would change that. [1/27/15]
- Trade Group to DoD: CFPB’s Study on Servicemember Lending Doesn’t Pass Muster
The ABA cries foul in a recently released letter to the Department of Defense about the CFPB's study about the extension of high-cost credit to servicemembers. It alleges the report is incomplete and flawed, and does not meet the bureau's own evidence-based standards. [1/26/15]
- Why NY’s Recent Action Against Auto Lender Could Impact Your Institution
Even if you don't operate in New York or aren't an indirect auto lender, New York's recent action against an indirect auto lender could be a harbinger of how other states may likewise start wielding their Dodd-Frank powers. [1/26/15]
