Banking
Top editor picks, summarized for you
9/26/2016

The growth of mobile and online payment channels will boost global payment revenues, but banks and card companies face market-share threats from financial-technology upstarts.

9/26/2016

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.

9/26/2016

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.

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USA Today
9/23/2016

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.

9/23/2016

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.

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The Hill
9/23/2016

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."

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Reuters
9/23/2016

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.

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HousingWire
9/23/2016

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.

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HousingWire
9/23/2016

The Dodd-Frank Act hasn't solved problems that caused the financial crisis and needs to be repealed, former Federal Reserve Chairman Alan Greenspan says. The law has done nothing to fix cascading defaults, he says.

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Bloomberg
9/23/2016

IBM is partnering with China UnionPay to let bank customers swap bonus points in loyalty programs. The project uses blockchain to facilitate transactions.