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.
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.
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.
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.
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.
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.
