Risk Evaluation Report Finds Mobile Banking Leaves Some Banks More Vulnerable to Cyber Attacks

Risk Evaluation Report Finds Mobile Banking Leaves Some Banks More Vulnerable to Cyber Attacks

While mobile banking is no doubt convenient for customers – and banks – there’s a significant downside to the fact that more and more financial institutions are using the technology: an increased risk that your personal information will fall in the hands of a cyber criminal. [More]

Four Years After Reaching Deal With Regulators, Six Banks Still Haven’t Fixed Foreclosure Problems

Four Years After Reaching Deal With Regulators, Six Banks Still Haven’t Fixed Foreclosure Problems

Back in 2011, several of the nation’s largest banks entered into a settlement with federal regulators that required the institutions to correct widespread foreclosure abuses that helped to trigger the housing crisis. While the agreement was revised in 2013 to make things a bit easier for the offending banks, regulators today announced that six of the lenders – including JPMorgan Chase and Wells Fargo – still haven’t met requirements and face new restrictions on their mortgage operations. [More]

Bank Of America Must Pay $30M For Military Relief Law Violations

Bank Of America Must Pay $30M For Military Relief Law Violations

The Servicemembers Civil Relief Act (SCRA) aims to protect members of the Armed Forces from unfair and harmful practices that jeopardize their financial well-being while deployed. It shouldn’t be surprising then, that failing to adhere to those protections is frowned upon by federal regulators. Just ask Bank of America, which is now on the hook for $30 million stemming from SCRA violations related to more than 73,000 servicemember accounts. [More]

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Many Victims Of Shady Foreclosure Practices Will Only Get $300-$500 Under Government Plan

There’s no doubt that millions of homeowners were the victims of shady foreclosure practices at the country’s biggest banks when the recession hit. So many of those people were likely hoping for a positive resolution to their woes when the government said it was going to figure out how to compensate homeowners with its Independent Foreclosure Review, an investigation into banks’ mistakes in servicing mortgages. But after waiting years for an answer, about three million eligible borrowers will only be seeing checks for between $300 and $500. [More]

Wells Fargo's "not a payday" loan

Wells Fargo Called Out For Continuing To Offer Payday Loans

The Community Reinvestment Act of 1977 requires that FDIC-insured banks be examined and rated on whether or not they are meeting the banking needs in each of the communities in which they are chartered. But a pair of advocacy groups claim Wells Fargo deserves a lowered CRA rating because of loans that smell a lot like payday loans. [More]

Banks Want To Forgive Credit Card Debt — But The Government Says No

The next wave of the credit crisis — the skyrocketing defaults on credit cards — is coming in and odd alliances are being formed. The Consumer Federation of America, along with the Financial Services Roundtable ( a self-described “major player on Capitol Hill and with the regulators” which represents the securities, investment, insurance and banking industries) has requested a “special program that would allow as much as 40 percent of credit card debt to be forgiven for consumers who don’t qualify for existing repayment plans.”

WaMu Customers, Office of the Comptroller of the Currency Is Your New Regulator

WaMu Customers, Office of the Comptroller of the Currency Is Your New Regulator

As an aside, WaMu’s charter was under the Office of Thrift Supervision (OTS). Chase’s bank regulator is the Office of the Comptroller of the Currency (OCC). Whether being a Chase customer was your choice or not, if you ever have a major complaint about Chase regarding what you feel is on the bank’s part malfeasance, you’ll want to send it to the OCC.

Two More Banks Fail, Including The Largest Arizona-Based Bank

Two More Banks Fail, Including The Largest Arizona-Based Bank

Yesterday the FDIC shuttered the 28 branches of the First National Bank of Nevada and the First Heritage Bank. Federal regulators will perform a nifty little magic trick over the weekend, and on Monday, the branches will reopen as Mutual of Omaha Bank. Aren’t bank failures fun?!

Wachovia To Pay $144 Million For Bilking "Gullible" Seniors

Wachovia To Pay $144 Million For Bilking "Gullible" Seniors

Wachovia will pay $144 million for helping telemarketers prey upon the elderly. The Office of the Comptroller of the Currency spanked the morally bankrupt institution with one of the largest fines ever levied—but before seeing a penny of settlement money, seniors will need to fill out detailed claim forms and navigate a complex bureaucracy.

New Treasury Department Plan: "Rehashed Industry Wish-List"

New Treasury Department Plan: "Rehashed Industry Wish-List"

PREVIOUSLY: Treasury Secretary Calls For Supercharged Fed, Streamlined Regulatory System

Treasury Secretary Calls For Supercharged Fed, Streamlined Regulatory System

Treasury Secretary Calls For Supercharged Fed, Streamlined Regulatory System

Treasury Secretary Henry Paulson wants to consolidate the nation’s financial regulators into a tripartite gang that can save the economy from distress and doom. The plan to give the Federal Reserve broad new regulatory powers and streamline the regulatory community has been in the works since last March, before the start of the subprime meltdown. Paulson is worried that the U.S. markets are no longer competitive with maturing world markets, some of which aren’t hampered by nuisances like regulation. After the jump we’ll explain the consumer impact of the plan and introduce you to your three new regulators.

New York Times To Congress: Fix Our Broken !@$% Banking System!

New York Times To Congress: Fix Our Broken !@$% Banking System!

The New York Times published an editorial damning Congress’ unwillingness to protect consumers from a rising tide of unreasonable fees and penalties that have boosted the financial sector’s bottom line, while impoverishing millions of Americans.