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Banking Law

Bank Lawyers Blog

Commentary on Banking Law

Post Frequency: 7.9/day

Last Entry: June 18, 2013 at 22:58:00

NY Fed Official: Let's "Facilitate" The Seizure Of Underwater Loans

Posted on June 18, 2013
As we discussed in April, the scheme to have municipalities seize mortgages from lenders through the use of the power of eminent domain refuses to die. It continues to stalk the nightmares of loan owners and servicers alike. According to...

Misguided Guidance?

Posted on June 17, 2013
While engaged in a "myth busting" exercise via the myth busters preferred venue, Source Media, FDIC senior policy analyst Elizabeth Khalil responded to one "myth" with an answer that, while it may be technically correct, may also fly in the...

Banks Hire Hagglers

Posted on June 16, 2013
A few weeks ago, the American Bankers ran a story about how community banks were hiring outside consultants to negotiate major IT contracts with vendors. Hiring consultants, including those who once worked at tech vendors, can make a difference, industry...

Can't Get No Relief?

Posted on June 12, 2013
The NAFCU's Steve Van Beek discussed in a recent post the Regulatory Accountability Act of 2013. Steve explains what the bill would do, if enacted. Require regulators to consider their existing rules when writing new regulations; Issue an advanced notice...

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More FDIC D&O Lawsuits

Posted on June 10, 2013
In his latest post on the status of FDIC lawsuits against former officers and directors of failed banks, Kevin LaCroix makes a couple of observations. One is the fact that in the latest two lawsuits, filed during the last two...

Much Ado About Something

Posted on June 09, 2013
I don't think I've ever received as much comment via email and telephone to any trade press article as I did to one in last Friday's American Banker with the totally biased headline "The Myth of the All Powerful CFPB"...

Vito As The Only Viable Alternative

Posted on June 05, 2013
Last night's post concerning the crackdown on banks' overdraft fees and programs by federal bank regulators and the always vigilant CFPB, spurred one long-time financial institutions' attorney to write me the following hot opinion this morning, which I've editied to...

Overdraft Overdependence

Posted on June 04, 2013
Although bankers are pushing back (paid subscription required) on the proposal of the OCC, FRB and FDIC to require banks to break out overdraft fee income on their quarterly CALL reports, the effort is unlikely to stem the continuing crackdown...

Hear No Evil

Posted on June 02, 2013
In a story that was given merely passing notice in the trade press and none in the main stream media, the CFPB barred representatives of the payday lending industry, represented by the Community Financial Services Association of America, from attending...

Tribal Warfare Takes A Potentially Deadly Turn

Posted on May 30, 2013
But Jesus said unto them, A prophet is not without honour, but in his own country, and among his own kin, and in his own house. Mark 6:4 There is no sadder moment in life than when your own "peeps"...

Job Interview Suicide

Posted on May 28, 2013
When a close friend recently told me that her financial services company's human resources department was encountering Gen Y candidates for employment who, in the course of interviews, (a) talked like gum-popping adolescents, and (b) repeatedly checked their "smart" phones...

New Boss Same As The Old Boss

Posted on May 27, 2013
I last looked at the litigation against Wells Fargo over its overdraft practices three years ago. At that time, federal district court judge William Alsup had ruled against the bank on the issue and awarded plaintiffs $203 million in damages....

Variations On The Theme of "Pet Parakeet"

Posted on May 22, 2013
Every once in a while, I receive an email that threatens to expand the level of parody and sarcasm beyond the ability of the human mind to contain it without erupting in cornucopia of burst cranial blood vessels like a...

Arbitrary, Instrusive, and Ubiquitous

Posted on May 21, 2013
Inspired by last night's post, a regular reader pointed me to last Friday's post by Tom Brown, who was off to the races over two recent utterances by high-level CFPB officials. The post's title, "The Beginnings of Overreach at the...

Save Me From Myself

Posted on May 20, 2013
Marvin Umholtz's latest CU Strategic Hot Topics email newsletter contains a lengthy discussion of a position paper issued late last month by the National Consumer Law Center (NCLC), which calls on the CFPB to restrict bank and credit union overdraft....

You Have Nothing To Lose But Your Chains

Posted on May 19, 2013
The latest edition of Ballard Spahr's "CFPB Monitor" starts off with an article by Barbara Mishkin about how CFPB employees have voted to unionize. Apparently, getting starting salaries of $173,000, plus tuition for courses in basic banking law, are not...

There Ain't No "There," There

Posted on May 15, 2013
Last week, an article by Andy Peters in the American Banker hit a nerve. It profiled a California bank that had tried to make small dollar loans work as an alternative to payday lending, but had decided to give up...

Waters Attacked By Sudden Fit Of Reason

Posted on May 14, 2013
This past weekend, The New York Times set out to rehabilitate in the minds of community bankers the image of a woman whose performance in a congressional hearing was once described by The Atlantic's Megan McArdle as "like watching your...

Camden Fine Fires Off A Fine Salvo

Posted on May 12, 2013
In recent opinion piece for Bloomberg News, ICBA CEO Camden Fine was in fine fettle, ranting about his favorite topic: new regulatory burdens are strangling community while the largest banks are doing just fine, thank you very much. Among his...

Charlie Munger: A Favorite Curmudgeon

Posted on May 09, 2013
Warren Buffet's long-time running buddy, Charlie Munger, agrees with Cam Fine about one thing: it's time to break up (or at least "simplify") the big banks. In an interview with CNN at Berkshire Hathaway's annual meeting, Munger, who is Warren...

The OCC Takes A Body Shot

Posted on May 08, 2013
Housing Wire's Jacob Gaffney was kind enough to turn readers on to a recent snark-fest by John Stewart, in which he turned the heat up on both MERS and the OCC. It's a rare day when you have an audience...

A New Approach To Compliance

Posted on May 06, 2013
Steve Van Beek, NAFCU's Director of Regulatory Compliance, has a dynamite article in the latest issue of The Federal Credit Union, that community banks, as well as credit unions, would do well to heed. In addition to noting the obvious...

The CU-Bank War Is Getting Ugly

Posted on May 05, 2013
Crying "The Time Is Right To Tax," commercial bankers are upping the thermostat on state and federal regulators to "level the playing field" by eliminating the tax exempt status of credit unions. According to the ABA Banking Journal, in a...

Community Bank Consolidation: Over-Hyped?

Posted on May 02, 2013
I've been traveling on business this week and have missed posting the past couple of days, but I couldn't let the week end without commenting on a story in yesterday's American Banker, the tone, and much of the substance, of...

A Change of Policy, But Only in Two States

Posted on April 29, 2013
While the epic "Yo Mamma" wars between banks and credit unions have been well-documented (and often lamented) on this blog, I have no explanation for the recent activities of Chase Bank and Huntington Bank, as outlined in a recent article...

A Bad Idea That Refuses To Die

Posted on April 28, 2013
Even though municipalities like San Bernardino have come to their senses and dropped a make-your-investment-banker-rich-quick scheme to seize underwater mortgages from mortgage lenders and wrote down the principal balances, the scheme refuses to completely die...

Gimme A Break! Nobody Actually Believed Us!

Posted on April 24, 2013
To answer a reader's question, yes, I did get a kick out of the argument by S&P's lawyers (paid subscription required) that statements by S&P "about independence and objectivity are 'puffery' and were never meant to be taken at face...

FDIC's Take On FFIEC's Social Media Guidance

Posted on April 22, 2013
I ran across an interview recently that the FDIC's Elizabeth Khalil gave to InfoSecurity's Tracy Kitten about the FFIEC's proposed guidance on social media. Among my take-aways are the following: The push for the guidance came from smaller banks that...

Florida Continues To Pummel Stern

Posted on April 21, 2013
Nearly two years ago, we noted that the Florida Bar had filed a complaint against former Florida Foreclosure King David J. Stern over alleged ethical lapses related to the meltdown of his foreclosure mill firm in the wake of a...

Scapegoating 101

Posted on April 17, 2013
The 20/20 hindsight afforded members of Congress when judging the alleged failures of the independent foreclosure reviews that we discussed last night also graces the peepers of the Government Accountability Office. The independent foreclosure reviews abruptly ended by regulators in...

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