The extensive breach at Yahoo is a threat to banks, even though no bank or credit card information was taken. Criminals could use the data gleaned for several types of bank-related attacks, including phishing and new-account fraud.
Two former Wells Fargo employees say they were wrongfully fired for not meeting "impossible quotas" and were made an example for other employees. They are seeking class-action status for a lawsuit over the matter.
Policymakers should explore inconsistencies in the way regulations treat bank investments, Treasury Secretary Jack Lew told the House Financial Services Committee. "Distinctions were made between different kinds of activities so that private equity is treated one way, merchant banking is treated another way," Lew said.
The Consumer Financial Protection Bureau's investigation into Wells Fargo came too late and shows the agency isn't protecting consumers, Republican lawmakers say. "Far from an argument for enhancing the powers of the CFPB, I think what the Wells Fargo scandal says is that we need to reform the CFPB," said Rep. Andy Barr, R-Ky.
Eight Democratic senators want the Department of Labor to determine whether Wells Fargo broke wage and overtime laws when employees stayed late to meet sales quotas. A Wells Fargo spokeswoman said the bank offers employees "market competitive compensation, career-development opportunities, a broad array of benefits, and a strong offering of work-life programs."
Mortgage fraud risk is rising slightly, and low-down-payment mortgages may be an area that could see increased fraud, according to CoreLogic. Mortgage fraud rose to 0.7% of all mortgage applications in the second quarter, compared with 0.67% in Q2 of 2015, CoreLogic says.
The time it takes to close a mortgage under the Consumer Financial Protection Bureau's Truth in Lending Act-Real Estate Settlement Procedures Act Integrated Disclosure rule has leveled out at 46 days, according to Ellie Mae. The closing time had reached a high of 50 days in January.
IBM is partnering with China UnionPay to let bank customers swap bonus points in loyalty programs. The project uses blockchain to facilitate transactions.
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