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New Challenges, Unresolved Questions
Friday, January 07, 2011 (1313 reads)


Greet Mortgage Industry in 2011

The Empire State’s banking industry may be in for a rocky 2011 as regulators, politicians and judges turn up the heat amid a never-ending flood of mortgages gone bad. With the foreclosure crisis making headlines, New York’s financial institutions face unprecedented pressure as state regulators and lawmakers alike scramble to grab a piece of the spotlight



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The CFPB Can’t Go it Alone
Friday, January 07, 2011 (1311 reads)


The Dodd-Frank legislation has made consumer protection a top priority of the reform agenda. This is appropriate and long overdue; tragically, it has taken a financial crisis for some to realize that consumer protection is at the root of a safe and sound financial system. The creation of the new Consumer Financial Protection Bureau (CFPB) is a centerpiece of the legislation in this area that holds great promise, but also creates new regulatory relationships that have yet to be worked out. The CFPB will have its hands full in addressing a wide range of actors in today’s diverse financial services marketplace. The key to success for the CFPB is to effectively partner with other regulators at all levels of government, what I refer to as “cooperative federalism.”



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Foreclosure Wars, Part 2:
Friday, January 07, 2011 (1535 reads)


The Borrowers Strike Back

Before the term “robo-signing” was coined, large banks and mortgage lenders were feverishly initiating loan foreclosure proceedings to protect their assets as mortgage values deteriorated.



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Cyber Friends? Cyber Enemies? Could be the Same
Friday, January 07, 2011 (992 reads)


Who’s on the side of the consumer? It’s getting harder to tell.



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Third Party Management: Vendor Management Gets Bigger, Harder and More Labor-Intensive
Friday, January 07, 2011 (1286 reads)


When I was working for a large financial institution back in the late 1990s, vendor management, as a regulatory requirement, was just beginning to become a big deal. Examiners were beginning to push vendor management, even though they really couldn’t identify it or who should be managed.



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