Ocwen seeks DOJ aid in challenging CFPB constitutionality | Auto-loan servicer faces $2.4M CFPB penalty | Audit: Fed's bank cybersecurity oversight needs work
April 27, 2017
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Ocwen seeks DOJ aid in challenging CFPB constitutionality
Ocwen Financial is asking the Justice Department for assistance in challenging the Consumer Financial Protection Bureau's lawsuit alleging misconduct in mortgage servicing, saying the agency is unconstitutional. The request follows a similar strategy in the PHH case, in which the DOJ has filed an amicus brief asking the court to declare the CFPB unconstitutional and to give President Donald Trump authority to terminate the CFPB director for any reason.
HousingWire (4/26) 
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Banks Confront Third-Party Risks
The regulation of banks' relationships with third parties has evolved in recent years, and financial institutions face the challenge of interpreting and applying the new guidance, as their business models change and incorporate more outsourced activities, Promontory's Insights says.
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The CFPB Today
Auto-loan servicer faces $2.4M CFPB penalty
The Consumer Financial Protection Bureau has ordered Security National Automotive Acceptance to pay $2.4 million in fines and redress for failure to comply with a consent order that alleges illegal tactics to collect debt from service members. The CFPB has levied a $1.25 million penalty on the Ohio auto-loan servicer, in addition to a $1 million penalty in 2015.
AmericanBanker.com (subscription required) (4/26) 
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The Value of Knowing What You Don’t Know
A survey of mid- to large-sized retail banks revealed that "inability to control risk" is the most significant challenge of customer acquisition campaigns. The trouble starts when you build prospect lists from inadequate data sources. LexisNexis® Risk Solutions offers guidance on a more balanced approach.
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Industry News
Audit: Fed's bank cybersecurity oversight needs work
An internal Federal Reserve audit concluded that cybersecurity risks at large banks are being overlooked because Fed bank examiners have difficulty identifying thousands of service providers. The central bank's inspector general said those vendors process loans and checks; prepare checks, statements and notices for mailing; and calculate and post interest and other credits and charges.
Federal Computer Week (4/24),  MLex (subscription required) (4/25) 
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Startups' share of job growth shrinks
Startups have accounted for slightly more than 11% of job growth during the latest economic expansion, down from 15% in the 1990s, according to the Labor Department. The slowdown indicates reduced entrepreneurship and a lack of dynamic environment needed to boost productivity, economists say.
The Wall Street Journal (tiered subscription model) (4/26) 
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Regulatory Report
Lawmaker wants regulators to create innovation offices
Lawmaker wants regulators to create innovation offices
McHenry (Saul Loeb/AFP/Getty Images)
Rep. Patrick McHenry, R-N.C., vice chairman of the House Financial Services Committee, said he will introduce a bill requiring financial regulators to launch innovation offices. The offices would exchange financial technology with one another and help fintech startups get in touch with the proper government authorities, he said.
Bloomberg BNA (free content) (4/26),  MLex (subscription required) (4/25) 
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OCC sued by state regulators over fintech charter
The Conference of State Bank Supervisors has sued the Office of the Comptroller of the Currency, saying the latter has no authority to offer a federal charter for financial-technology firms. The group says that the OCC is authorized to charter only firms involved in banking, per the National Bank Act, and that chartering fintechs would pre-empt state law.
AmericanBanker.com (free content) (4/26) 
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Fed reportedly overhauls big-bank oversight panel
The Federal Reserve is revamping its Large Institution Supervision Coordinating Committee, sources said. Changes to the LISCC, created in 2010 to improve the Fed's oversight of major banks, involve streamlining the panel's subgroups to clarify roles and reduce redundancies.
The Wall Street Journal (tiered subscription model) (4/26) 
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Legislative Affairs
Senate moves forward on Acosta's confirmation as labor secretary
Senate moves forward on Acosta's confirmation as labor secretary
Acosta (Win McNamee/Getty Images)
The Senate voted 61-39 on Wednesday to end debate on President Donald Trump's nomination of R. Alexander Acosta to be labor secretary. One more vote must be taken to complete his confirmation process.
ThinkAdvisor (free registration) (4/26) 
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Trump urges cut in personal, business tax
President Donald Trump has proposed slashing federal taxation. The highest personal tax rate would fall to 35% from 39.6%, while the standard deduction would double, and the rate for corporations and most small businesses would decline to 15%.
The Hill (4/26),  The New York Times (free-article access for SmartBrief readers) (4/26),  The Washington Post (tiered subscription model) (4/26) 
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Career Development
Be a better listener if you want to understand
People often omit or gloss over key details when delivering a message, and it's also easy as a listener to hear only what you need to respond, writes David Grossman. He offers tactics for hearing "what's not being said," including paying attention to body language and emotional hints.
LeaderCommunicator Blog (4/24) 
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The empires of the future are the empires of the mind.
Winston Churchill,
statesman and prime minister
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