Posts tagged with: "general"
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30 Mar 2014, 7:53 pm by Kevin Funnell
Apparently, there's been some bipartisan gagging induced by Operation Choke Point and parallel throttling of the online payday lending by the OCC and the FDIC. According to the American Banker, a group of Republican and Democrat legislators wrote a letter to the OCC and the FDIC that their efforts to ostensibly "crack down" on online lending fraudsters were causing the sensitive souls in Congress "grave concern." "Banks should not be forced to throw out legitimate customers they have successfully… [read post]
16 Mar 2011, 12:47 pm by Elizabeth Litten
By: Elizabeth Litten and Michael Kline This blog series has been following the continuing flow of large security breaches of Protected Health Information (“PHI”) and how affected providers and insurers have been responding to their discovery. As reported in a recent posting, prior to yesterday, the New York City Health and Hospitals Corporation’s North Bronx Healthcare Network was perhaps the largest marcher in the parade of large PHI security breaches with a reported 1,700,000 persons… [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]
18 Mar 2014, 7:50 pm by Kevin Funnell
Just as nature abhors a vacuum, the CFPB abhors any area of the economy where it's not rooting out evildoers and saving innocent consumers from perils they may not realize endanger them. One of the vacuums that the CFPB is rushing to fill is the land of "Zombie Foreclosures." According to National Mortgage News' Kate Berry, the CFPB sees this as the badlands where straight shooters like the CFPB need to "clean house." Some borrowers are being harmed when a mortgage servicer starts a foreclosure but… [read post]
19 Jan 2011, 7:38 pm by Kevin Funnell
And thus Bureaucracy, the giant power wielded by pygmies, came into the world.---Honore de Balzac And we've been paying the price ever since. Today, in a speech to the Mortgage Bankers Association summit on loan servicing, Sheila Bair, obviously auditioning for her post-July job as the head of a consumer advocacy group (or keeping Liz Warren's seat warm at Harvard), called for the creation of a BP-like "foreclosure claims commission" to award compensation to the billions (no, make that… [read post]
15 Nov 2009, 7:42 pm by Kevin Funnell
Last week, the American Banker featured a story by Maria Aspan (paid subscription required) that looked at Wal-Mart's business of providing consumer financial services to its customers, two years after it finally gave up its quest to get the FDIC to move forward (as the law required it to do) on its application for approval of insurance of accounts for an industrial bank charter and withdrew the application. According to Aspan and expert observers she interviewed for the story, Wal-Mart has not… [read post]
6 Mar 2012, 1:03 pm by McNabb Associates, P.C.
INTERPOL on March 2, 2012 released the following: “LYON, France – INTERPOL Secretary General Ronald K. Noble has welcomed FIFA’s appointment of Ralf Mutschke as Director of the FIFA Security Division as a positive step in global efforts against match-fixing as well as illegal and irregular betting in football. “FIFA’s decision to appoint Ralf Mutschke to head its Security Division should be applauded. With 33 years’ experience, both national and international, at one of the finest police… [read post]
30 Jan 2011, 7:34 pm by Kevin Funnell
Last week, the Treasury Department issued a press release that announced the appointment of the General Counsel for the Consumer Financial Protection Bureau and the GC's Deputies. All members of the group graduated from top law schools (where, I'm sure, they excelled academically) and all seem to have experience somewhere in the federal regulatory bureaucracy at some point in their careers. Finally, all of the Deputies have the word "litigation" sprinkled throughout their job… [read post]
10 Jan 2011, 7:42 pm by Kevin Funnell
Consumer lawyer Abigal Field had a field day today with the responses of the nation's six largest residential mortgage servicers to a New Jersey state court judge's order that the banks either convince the court that they knew their hind quarters from their elbows about following New Jersey foreclosure procedures or he'd shut their foreclosures down and appoint a special master to review their past foreclosure practices. The "show cause" hearing is scheduled for the 19th of this month, and the big… [read post]
6 Feb 2012, 11:28 am by McNabb Associates, P.C.
INTERPOL on February 2, 2012 released the following: “LYON, France – The final meeting of the INTERPOL Group of Experts on Corruption (IGEC) saw members formally recognized for their contribution by INTERPOL’s Secretary General Ronald K. Noble at a ceremony at its General Secretariat headquarters. Key among the achievements of the IGEC since its creation in 1999 are the production of the Global Standards to Combat Corruption in Police Forces/Services and the Library of Best Practices,… [read post]
15 May 2013, 7:43 pm by Kevin Funnell
Last week, an article by Andy Peters in the American Banker hit a nerve. It profiled a California bank that had tried to make small dollar loans work as an alternative to payday lending, but had decided to give up the effort. One PacificCoast Bank in Oakland, Calif., is regrouping as it looks to battle payday lenders in the San Francisco Bay area. The $282 million-asset thrift recently pulled the plug on its One Pac Pal loan, which it tailored to offer low-income clients short-term credit at … [read post]
10 Jan 2010, 7:28 pm by Kevin Funnell
A few weeks ago, we discussed doubts raised by federal district court judge J. Frederick Motz about the viability of a lawsuit filed by the City of Baltimore against Wells Fargo, that alleged that Wells Fargo's predatory and discriminatory lending practices ("reverse redlining") are the root cause of the nuclear winter wasteland that Baltimore's inner city has become. Last week, Judge Motz ended those doubts by dismissing the lawsuit. He also had some harsh words for the plaintiff about the "real… [read post]
20 Mar 2013, 7:46 pm by Kevin Funnell
Community banks have been concerned that, although they might be exempt from direct supervision and enforcement by the CFPB, they would be recipients of a "trickle down" effect that would result when their primary federal bank regulator would attempt to demonstrate that it could stay abreast, or even ahead, of the CFPB when it comes to cracking down on unfair, deceptive, and "abusive" practices. Fraud, small banks understand, but they tend to fear zealots who may not be able to define an "abusive"… [read post]
23 Feb 2014, 7:57 pm by Kevin Funnell
Six years ago, right before the Big Bank that sunk this country's economy, we discussed problems of declining net interest margin on bank profitability, the ineffectiveness of the rate-cutting efforts of the Federal Reserve to boost that margin, and that banks were desperately seeking income from all sorts of other fees (including overdraft fees) and new lines of business to combat the problem. Over half of a decade later, the situation sounds distressingly similar. Central Massachusetts banks are… [read post]
6 Mar 2014, 8:04 pm by Kevin Funnell
The forced placed insurance kerfuffle we last discussed three years ago appears to be winding its way to an unhappy ending for loan servicers in the way many claims against loan servicers, lenders, and big businesses of all kinds end in our over-lawyered land: paying huge sums to class action palintiffs' lawyers to make them go away. To refresh our collective memories, forced placed insurance is property insurance that loan servicers buy when the borrower fails to keep the property insured. As we… [read post]
30 Oct 2011, 7:22 pm by Kevin Funnell
Last Wednesday, I was on a panel with Joseph Lynyak of Pillsbury Winsthrop Shaw Pittman LLP and Dr. Marsha Courchane of Charles River Associates, at the biennial conference of the Harland Financial Solutions Network of  State & Federal Counsel. The topic of the panel's discussion was "Putting It All Together: A Forward Looking Discussion." Dr. Courchane gave us some distressing statistics concerning community banks, including (1) the top five banks' share of total industry assets has leapt from… [read post]
28 Nov 2009, 10:29 am by ChristopherFEarley
Some cases settle relatively quickly, while some take years to settle.  Oftentimes, there is no settlement at all after years of litigation and the case must be decided in court by either a judge or jury.  The bottom line: there is no way to predict how long your case will take to resolve, assuming it even does resolve.  Here is a great article on why, and how, there are so many delays with personal injury cases, from the National Association of Personal Injury Lawyers wesbite: "In this… [read post]
18 Jul 2011, 5:56 am by Alain Leibman
As reported previously on this blog series, the requirements under HIPAA/HITECH statutes and regulations for public disclosure of security breaches of Protected Health Information (“PHI”) have been bringing to light new breaches of PHI security and direct intervention by attorneys general with respect to such breaches. An earlier posting on December 13, 2010 (the “2010 Posting”) reported that, on October 29, 2010, the Indiana Attorney General's office announced in a press release (the… [read post]
2 Nov 2012, 9:59 am by McNabb Associates, P.C.
INTERPOL on November 1, 2012 released the following: “ROME, Italy – INTERPOL’s General Assembly will bring together Justice, Home Affairs and Security Ministers from some 110 countries for the largest ever such gathering, which will focus on criminal violence issues ranging from human trafficking to terrorist activities. The Ministerial meeting, which marks the beginning of the four-day (5 – 8 November) conference in Rome, Italy with the theme ‘Challenges for Police Facing Contemporary… [read post]
21 May 2013, 7:43 pm by Kevin Funnell
Inspired by last night's post, a regular reader pointed me to last Friday's post by Tom Brown, who was off to the races over two recent utterances by high-level CFPB officials. The post's title, "The Beginnings of Overreach at the CFPB. Whatever happened to personal responsibility?" gives you a clue that he and I (and Marvin Umholtz) are singing from the same songbook. The first object of Tom's ire was Stacy Canan, deputy assistant director of the CFPB’s Office for Older Americans, who… [read post]