BankThink

Receiving Wide Coverage ...

Reaction: The reaction to the Consumer Financial Protection Bureau's proposal to prevent banks from using mandatory arbitration to block class-action lawsuits was swift and, for the most part, predictable. Not surprisingly, the financial industry (and Rep. Jeb Hensarling, R-Texas) blasted it.

"Consumers will get less and pay more," the American Bankers Association's president, Rob Nichols, said. ...

Requirements that banks share anti-money-laundering information should extend to fraud and cyber risks, to connect the dots between bad actors and their transfer of money.

New York Times

The Times has a curtain-raiser on the Consumer Financial Protection Bureau's proposal to let consumers bring class-action lawsuits against banks and other financial-services companies, rather than be forced into mandatory arbitration. Read a concise account of the CFPB's proposal by American Banker's Kate Berry here. The proposal, if approved, would be a "major setback for banks, credit unions, credit card companies and many other financial firms," AB reports. In fact, the proposal would...

With agencies created by the Dodd-Frank Act embroiled in court battles and continued questions dealing with "too big to fail," can anyone honestly say the reform law is working?

De-risking can be curbed with tools that help lower the cost of complying with anti-money-laundering rules but do not sacrifice the effectiveness of controls.