News Topic: Compliance

Federal Reserve Gov. Jerome Powell defended a proposal aimed at streamlining information presented to bank boards of directors. ... Read full article

Powell downplayed fears about subprime auto lending, saying he aims to improve Santander Consumer's compliance culture, beef up customer services and expand its relationship with Chrysler Capital. ... Read full article

The credit card issuer paid $95 million to settle charges it offered inferior terms to customers in American territories; Mitsubishi UFJ wants to become a top 10 U.S. bank. ... Read full article

Picking a new benchmark for adjustable-rate mortgages is the easy part. Industrywide implementation is where things get tricky. ... Read full article

PHH Corp. will pay the Justice Department $75 million to settle a False Claims Act investigation of its underwriting practices on government-insured mortgages and loans sold to Fannie Mae and Freddie Mac. ... Read full article

Core deposit growth might be the best indicator of which banks will have true staying power in the years ahead. ... Read full article

With the move, the Mississippi bank would no longer be regulated by the Federal Reserve. The decision comes after the bank struggled with Bank Secrecy Act and Community Reinvestment Act compliance. ... Read full article

The nation’s largest state set out to bring a once-illicit industry into the financial mainstream but is now running into a Washington, D.C.-size barrier. ... Read full article

National Credit Union Administration Chairman J. Mark McWatters said dropping Consumer Financial Protection Bureau oversight of credit unions would free up CFPB resources. ... Read full article

The Trump administration's Justice Department was expected to be less aggressive in its pursuit of False Claims Act cases against the mortgage industry. Instead, its focus has shifted to Federal Housing Administration-insured reverse mortgages. ... Read full article

Readers criticized a credit union securitization proposal, weighed in on scaling back the CFPB’s complaint database, debated the need for banks to examine gender-based salary comparisons, and more. ... Read full article

The online small-business lender has also announced the hiring of a new U.S. head of capital markets. ... Read full article

Financial firms say the database is unreliable and would like to see it removed from public view. But the industry would also lose access to competitive insights that can be gleaned from the massive trove of consumer complaints. ... Read full article

Compliance, security and data analytics were the themes at this year’s New York FinTech Innovation Lab demo day. ... Read full article

The message to banks is loud and clear: A vendor’s mistake is your mistake. You can outsource a function, but not the responsibility for mishaps. ... Read full article

IBM is set to announce new tools on Wednesday aimed at reducing the compliance burden of financial institutions and sifting through the mounds of data they collect by using Watson, its cognitive computer. ... Read full article

Digital banking services should solve consumers' problems and offer them advice, and they must rely on artificial intelligence and other cutting-edge technology, bankers from TD, RBC and Bank of the West said. ... Read full article

The bank agreed to improve anti-laundering controls deemed "unsafe" by the Fed, including oversight of so-called mirror trades that may have helped foreign customers hide large sums of money. ... Read full article