Articles

CBA discusses banking regulations with Senate leaders

The Consumer Bankers Association (CBA) reached out to leaders of the Senate Banking Committee to discuss a variety of concerns related to banking regulations.   In a letter to committee Chairman Mike Crapo (R-ID) and Ranking Member Sherrod Brown (D-OH), CBA President and CEO discussed the use of proper regulatory guidance, the need for experienced bank examiners, and the importance of regulatory coordination among supervisory agencies.

CFPB: 5 ways you can guard against identity theft

Protecting your sensitive personal information from misuse is a way to safeguard your credit. Unfortunately, hacking and data breaches have exposed the personal information of a majority of Americans. These events are difficult to predict, but there are steps you can take to protect your information both before and after a breach. So how do you decide what options are best for you? 

Banks have eased lending terms for business clients this year, Fed survey finds

The numbers: Banks eased lending terms for large and midsized commercial borrowers in the first three months of the year, according to a Federal Reserve survey of senior loan officers released Monday. Standards on most business loans remained unchanged.

Fintech Based Debt Collection Startups Help In Increasing Recovery Rate

This might be the first time ever when you are hearing about the term Fin tech debt collection startups. These forms of startup companies are actually transforming the entire dated industry, which was actually relying on the archaic methods of the practice over here. There are some of the industrial based disruptors, which have seen some of the dramatically increased form of recovery rates while just trying to offer one of the most pleasant experiences for not only the debtor but even for the creditors, at the same time.

Fintech charters, CRA and data sharing: McWilliams, Otting weigh in

WASHINGTON — Federal regulators gathered Wednesday to discuss the fintech chartering process and some of the biggest challenges deterring the emerging industry from entering the banking space.   Federal Deposit Insurance Corp. Chairman Jelena McWilliams and Comptroller of the Currency Joseph Otting agreed, separately, at a fintech event hosted by the FDIC, that fintechs are having a harder time than expected proving capital and profitability in their business plans when seeking a charter.  
They also agreed that the agencies are moving forward jointly on reforming the Community Reinvestment Act, but hedged on when a proposal could be released. 

44% of data breaches are at the hands of vendors

Although data breaches are rare, almost half – 44 percent – are caused by third-party vendors, according to an esentire survey.  Of the data breaches that happened from a vendor, only 15 percent of firms affected reported that the vendor informed them when a breach happened.  The survey was sent out to 600 information technology and security decision-makers, asking about their top concerns around supply chain and policies or procedures used to mitigate identified vendor risks.  Sixty percent of respondents said their organizations have formalized third-party policies, and most firms (90 percent) review these policies annually. While most (81 percent) find the policies effective, breaches still happen.

AG FERGUSON BILL STRENGTHENING DATA BREACH LAWS PASSES LEGISLATURE

New law requires consumer notification if a hacker obtains private data such as passport numbers, usernames and passwords
OLYMPIA — Today, with a unanimous, bipartisan vote, state legislators passed a bill requested by Attorney General Ferguson that strengthens data breach notification laws.  The bill expands consumer data breach notification requirements to include more types of consumer information. It also reduces the deadline to notify consumers to 30 days from 45 days. Rep. Shelley Kloba, D-Kirkland, sponsored the bill, which passed the House in a unanimous, bipartisan vote on March 1.  “My office has seen the number of Washingtonians impacted by data breaches increase year after year,” Ferguson said. “Data breaches are a serious threat to our privacy, and this law will arm consumers with information to protect their sensitive data.”

How to clarify ‘abusive acts’ is first topic for coming CFPB symposia, Kraninger says

A symposia series planned in the coming year by the Consumer Financial Protection Bureau (CFPB) will focus on topics related to the bureau’s mission, beginning with a look at clarifying the meaning of “abusive acts or practices” under Section 1031 of the bureau’s enabling statute, the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank), agency Director Kathleen Kraninger said in a speech Wednesday.

DEBT SETTLEMENT MINI-SURVEY PRELIMINARY RESULTS RELEASED

Resource Management Services has released preliminary survey results from their Debt Settlement Mini-Survey. The survey consisted up 9 questions, and was responded to by 77 people, representing creditors (48.68%), Debt Settlement Companies (22.37%), Industry Participant Companies, not Debt Settlement (14.47%), Agency/Attorney (22.37%), and Others (6.58%). (It was not directed at consumers, and no “consumers in need” responded or identified themselves.)   There are 9 basic questions, (like defining debt settlement, trust issues, transparency with types of consumers and issues, credit reporting, additional standards and regulatory guidance), and areas for write in regarding future research and comments. 

Home Mortgage Disclosure (Regulation C) Adjustment to Asset-Size Exemption Threshold

The Bureau of Consumer Financial Protection (Bureau) is issuing a final rule amending the official commentary that interprets the requirements of the Bureau’s Regulation C (Home Mortgage Disclosure) to reflect the asset-size exemption threshold for banks, savings associations, and credit unions based on the annual percentage change in the average of the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W).