Posts tagged with: "general"
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5 Jun 2013, 7:41 pm by Kevin Funnell
Last night's post concerning the crackdown on banks' overdraft fees and programs by federal bank regulators and the always vigilant CFPB, spurred one long-time financial institutions' attorney to write me the following hot opinion this morning, which I've editied to remove identifying information that could be used by the KGB to hunt down this lawyer and his family members and send them all to re-education camps: “ . . . especially when those babies' parents will be turning to alternatives… [read post]
6 Jun 2012, 12:46 pm by Kristi Tousignant
This week it is all about Facebook and Twitter, even for general counsels. Asked: Our weekly question to the In-House community National Labor Relations Board Acting General Counsel Lafe E. Solomon issued his latest report on employee social media use May 30, his third in less than a year. Solomon examined the practices of several companies’ social media policies but basically maintains that when companies create too many rules for social media use, they violate the National Labor Relations Act by… [read post]
10 Jul 2012, 7:49 pm by Kevin Funnell
In a speech yesterday to the National Council of La Raza in Sin City, CFPB Reichsführer Recess Richie Cordray told an audience of true believers “no más.” After using the phrase seven times, he finally uttered the immortal line "Let me say it one last time: “No más.” That was kind of redundant, but we were glad to hear it finally end, in the same manner we always appreciate a set of screeching fingernails finally hitting the end of a blackboard. If you're into self-abuse, you can read… [read post]
9 Feb 2014, 7:51 pm by Kevin Funnell
When the news broke recently that the US Postal Service is considering going postal on financial services, especially small dollar loans to the "under-and-un-banked," my knee-jerk reaction was the same as Cam Fine's:  "Have you ever stood in the lines at Christmastime at a post office?" I believe Cam also said it was the worst idea since the Edsel. The proposal was floated in a white paper, and I assumed it was merely a trial balloon by the USPS. At any rate, the initial reaction of the banking… [read post]
9 Oct 2011, 7:43 pm by Kevin Funnell
While I was busy hobnobbing with fellow sharks last week (most of us were Hammerheads, not Great Whites), our beloved leader (aka "The One") intimated that among the "Unfair, Deceptive, and Abusive Practices" he wants Rich Cordray and the CFPB to crack down on is the heinous practice of banks making "a certain amount of profit" by "mistreating" their customers. By "mistreating," he apparently means charging customers fees for things like using their debit cards instead of sticking to their knitting… [read post]
4 Aug 2013, 8:14 pm by Kevin Funnell
Henry Meier, the General Counsel of the New York State Credit Union Association, wrote a blog post last week in which he noted the growing sentiment among consumer advocacy groups and the regulators who love them to favor putting the clamps on the nefarious fiends at ChexSystems. As Henry points out, credit unions (and other financial institutions) have been using ChexSystmes for over 20 years to prescreen consumers for potential credit and bank account offers. Notwithstanding the insanity of the… [read post]
7 Aug 2013, 8:05 pm by Kevin Funnell
In response to the recent announcement by the mayor of Richmond, California that the city plans to seize underwater mortgages from investors through the power of eminent domain, Moody's announced that such a move would be "credit negative" for mortgage backed securities generally. If Richmond successfully implements its plan, other cities would be encouraged to adopt similar plans that would increase losses on RMBS. Due to rising home prices, it is unlikely that Richmond and other cities will… [read post]
20 Jun 2011, 7:54 pm by Kevin Funnell
Last summer, Wal-Mart was scooping up small business borrowers through its Sam's Club unit. This summer (paid subscription required), Wal-Mart is stealing another march on bankers by focusing on consumers. The retailer next week will begin rolling out automated versions of its MoneyCenter offices, which provide a range of financial services to shoppers. The "MoneyCenter in a box" concept will feature ATM-like machines positioned in Wal-Mart stores that do not have full MoneyCenters, said … [read post]
14 Apr 2010, 12:52 pm
Trade Regulation TidbitsThis posting was written by Darius Sturmer, Editor of CCH Trade Regulation Reporter.Notes on recent state enforcement actions:? American International Group (AIG) has agreed to pay $9 million to settle a lawsuit by the State of Ohio alleging violations of the state’s antitrust laws. AIG, the world’s largest insurance company, was alleged to have conspired with insurance broker Marsh & McLennan and other insurers to eliminate competition in the commercial casualty… [read post]
8 Nov 2011, 7:37 pm by Kevin Funnell
Adam Kress, the New Media Editor of the Phoenix Business Journal, calls Bank of America's $410 million settlement of class action litigation over its debit card overdarft fees practices "another reason to hate big banks." His major irritation is that customers who were injured are not being "made whole." [A]ttorneys for the plaintiffs claim the average customer in the case had $300 in overdraft fees. They will be eligible for only $27 in rewards from this case. What Adam fails to mention in… [read post]
21 Jun 2012, 7:37 pm by Kevin Funnell
Someone had to take on the CFPB, the Goldman Sachs of regulatory agencies, the great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like it might be a viable bank. Who better than a bank from the only state that was once an independent nation? No, I'm not talking about Hawaii, I'm talking about the Lone Star State. A Texas community bank is leading a lawsuit against the Consumer Financial Protection Bureau. The State National… [read post]
17 Oct 2011, 7:48 pm by Kevin Funnell
A reader commented that the letter by Peter Welch and five Democratic congressmen to Eric Holder that demands that the US Justice Department investigate big banks and their trade associations for price fixing on debit card fees, like the $5 fee announced by Bank of America, proves a point I made last night: members of Congress don't get basic business principles. While I think the fact that losing half their interchange fee income through the Durbin Amendment and the FRB's implementation of its… [read post]
31 Jul 2013, 8:15 pm by Kevin Funnell
After all the false starts, hollow threats, and futile chest beating done by a number of municipalities across the country, one of them--Richmond, California--finally appears to be getting off the dime and actually threatening lenders with the use of eminent domain to seize underwater mortgages and reduce principal balances (paid subscription required). Richmond's Commissar Mayor is all fired up and ready to go. "We're not going to back down," Mayor Gayle McLaughlin told reporters on a conference… [read post]
15 Oct 2013, 7:30 pm by Kevin Funnell
Some of the folks who helped bring about the partisan gridlock in D.C. that led to a federal government "partial shutdown" now want banks to step into the breach and make things better for those affected by the intellectual and moral bankruptcy of our political class. Rep. Maxine Waters, D-Calif, spearheaded a concurrent resolution, along with 30 other policymakers, urging institutions such as banks and consumer reporting agencies to work with customers affected by the shutdown. "The shutdown… [read post]
20 Nov 2012, 6:40 am by Brent Thomas
For 10 years, Paula Boggs served as executive vice president, general counsel and corporate secretary to Starbucks Coffee Company. Earlier this year, she bid farewell to the coffee conglomerate and is now retired at the age of 53 — about 14 years ahead of schedule, according to a recent Gallup poll. For Paula Boggs, however, retirement was not the end of her story … far from it, in fact. Since then, she has volunteered for Obama’s presidential campaign, continued to serve on multiple boards of… [read post]
30 Mar 2011, 8:13 am by ChristopherFEarley
Through the years I have noticed there are some common questions that most clients ask at the beginning of their case.  Here are some answers to these common questions, which hopefully are of assistance to you if you have been injured by the fault of someone else: 1) Do I have a case? This depends on a number of factors.  Were you injured?  Did someone else's fault cause you to be injured?  Is there insurance?  Has the statute of limitations passed?  Basically, this question does not have a… [read post]
17 Mar 2011, 7:49 pm by Kevin Funnell
While Liz Warren was turning on the charm and her opponents were melting like school girls with Bieber Fever, Sheila Bair ventured into the lion's den to tell bankers exactly what they didn't want to hear and got an earful of raspberries in reply. In what the Wall Street Journal (paid subscription required) called a "charm offensive," Liz schmoozed her critics across the country. While she didn't thrill everyone, she made some headway, especially, it appears, with some community bankers. It's… [read post]
9 May 2012, 7:38 pm by Kevin Funnell
Wells Fargo just can't catch a break. Not only has the US Department of Justice told the bank that it might file a fair lending action against it for its allegedly discriminatory practices with respect to maintenance of REO, but the morons at MoveOn.org have decided to stage a public protest against Wells Fargo solely because they can't find Bank of America to kick around. As for the DOJ claims, they appear to be based upon consumer advocates' claims that the bank takes better care of… [read post]
28 Jan 2014, 7:41 pm by Kevin Funnell
As federal regulatory agencies continue to pile regulations onto the backs of the banks, thrifts, and credit unions they regulate, a not-so-funny phenomenon is occurring, according to consultant Susanna Tisa: "all manner of nonbank entities [are] rushing in to offer services that fill the demand – from alternative consumer options like payday loans, online lending and other small-dollar credit to commercial financing provided by business development companies, private investment funds and… [read post]
20 Dec 2009, 7:27 pm by Kevin Funnell
In July, we noted that while other broken Eastern cities that tried to blame their economic decline on the nefarious mortgage lending practices of banks with deep pockets were being handed their heads by judges who followed both the law's letter and its intent (as opposed to using a lawsuit as an excuse to make economic and social policy), the City of Baltimore was "hanging in there," albeit by the skin of its teeth. An interested reader sent word recently that that skin appears to be sloughing… [read post]