Links in “Banks”
- FDIC Email: “Literally Cannot Stand Payday Lending”
Congressman requests FDIC emails addressing Operation Choke Point and receives them, including one from a senior FDIC official who "literally cannot stand payday lending." [12/11/14]
- Alternate Privacy Notice Hoop Jumping
While not having to send out an annual privacy notice may sound like a good idea on the surface, the hoops a bank would have to jump through to comply with CFPB requirements suggest that nobody at the CFPB has ever actually worked in a bank. [12/11/14]
- Banks Warming Up to the Idea of Same-Day ACH?
NACHA floats the concept of a Same-Day ACH plan that would materialize in three phases starting in September 2016. The proposal would not cover international transactions or transactions more than $25,000. [12/10/14]
- Instant Card Issuance Expected to Explode in 2015
Study finds the projected number of U.S. bank branches equipped to allow consumers to walk out with activated cards in hand to grow from 14,000 this year to 28,000 in 2015. [12/10/14]
- Last-Minute Fight to Extend Terrorism Insurance
A federal program to insure property against the risk of terrorism is set to expire Dec. 31. Some lawmakers are seeking to include a measure to extend the insurance for six more years into a larger bill to revise Dodd-Frank. Other lawmakers don't consider the proposed extension to be part of a must-pass federal spending measure to be negotiated this week. [12/10/14]
- On AML Rule Arrays, Fire Pit Pagodas and Other Things You Donât Want to Build âOff the Cuffâ
Have you ever built something from scratch? With no plans, nothing? AdvisX's Ken Agle has. In this article, he describes why arbitrarily creating and/or implementing untested AML rule parameters could cheat your institution out of a beautifully manageable BSA/AML reporting system. [12/9/14]
- The Danger of Confusing Compliance with Security
When it comes to data breaches, compliance does not equal security. In fact, compliance can equal a false sense of security, as demonstrated by the fact that the PCI Security Standards Council recently hashed out recommendations that probably wouldn't have done much to stop the Home Depot breach that was happening at about the same time. [12/9/14]
- Telling Customers Why You Need to Know Their Social Security Number
This article helps explain to consumers why their financial institutions need to know those most guarded of digits: social security numbers. [12/8/14]
- Major Flaws in CFPB’s Disparate Impact Auto Lending Study
The industry is picking up on a recent report that the CFPB's study used to make its claims of disparate impact on minority borrowers for auto loans was fatally flawed. The study found that the report overestimated African Americans by more than 40%. "If the agency doesn't know a borrower's race accurately, it casts doubt on whether it can detect racial bias." The CFPB counters that there are problems with the study. (Subscription required. To read an unlocked report of the underlying study, click here.) [12/8/14]
- HUD Move May Signal Willingness to Bend Reverse-Mortgage Rules
In an effort to maximize the withdrawal of proceeds on a reverse mortgage, some lenders began leaving younger spouses off the title. However, when the named spouse dies, the unnamed spouse can face foreclosure. HUD's move to suspend foreclosure of one such unnamed spouse may signal the agency's willingness to protect consumers in similar situations. [12/8/14]
