Readers react to efforts to improve bank branches, weigh the Consumer Financial Protection Bureau's decision to pull back on enforcing the Military Lending Act, consider efforts to build finetch sandboxes and more.
The agency alleges that some customers made payments to the e-commerce group even though their accounts had already been sold to third-party debt buyers.
The consumer bureau alleges Future Income Payments lured vulnerable consumers into taking out high-cost loans in exchange for their future pension payments.
The N.J. firm, which made loans to Sept. 11 first responders and pro football players diagnosed with brain injuries, was accused of usury. But a judge threw out the case, ruling that the New York attorney general lacks jurisdiction.
A new law exempts small lenders from expanded mortgage data reporting, but regulators are signaling that banks no longer have to collect the data either.
Bankers should resist the urge to skirt financial regulations, including know-your-customer and lending standards, to make a sale. The danger of penalties and a possible reputational hit is too great.
