Several consumer advocacy groups filed suit against the Texas CU Commission and the Texas Finance Commission, claiming new rules implementing the state's recently passed allowance for home equity loans, implementing the state's 1998 law, are tilted unfairly toward lenders and create exceptions that go beyond the intent of the law. The suit, filed in state court, claims the commission violated the law's 3% cap on fees by ruling that discount points purchased to lower interest are interest, so do not fall under the cap. Other provisions being challenged are exceptions to the waiting period and a requirement to provide actual loan costs before the closing. The suit was filed by the Association of Community Organizations for Reform Now, known as ACORN, The American Association of Retired Persons Foundation Litigation, and Texas Rio Grande Legal Aid.
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While banks will likely increase near-term dividend plans, analysts and investors are more focused on the long-term outlook for capital requirements from regulators.
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The Missouri bank surveyed consumers about what kind of financial management tools they use, then built its My Finance360 tool in response.
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GodFather malware mimics and manipulates real financial apps on Android devices, exposing sensitive data without user suspicion.
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As banks consider their strategies, other big names are also considering a role for digital assets.
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The Financial Technology Association — which had been granted the right to defend the Consumer Financial Protection Bureau's open banking rule after the bureau declined to defend it — filed a motion Sunday to preserve the rule.
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Kevin Fromer, who has headed the Financial Services Forum since 2017, announced his departure Monday. Fromer transformed the Financial Services Forum to advance the interests of the largest U.S. banks.
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