Banking Articles

These Banking articles will give you the news and information you need to stay up to date in the ever changing Banking industry.

May 17, 2011 – 1,957 views
Mike King
Can you secretly record conversations with delinquent borrowers and share those discussions with the loan committee or the board of directors? The temptation to record conversations in the banking business can arise in a number of situations. Maybe you want to be able to prove what someone told you in negotiations. Maybe you want to be able to prove representations about finances and assets. But be careful, the Federal Wire Tap Act prevents intentionally intercepting spoken conversations or intentionally disclosing or using such illegally intercepted conversations! Full Story 
May 10, 2011 – 1,373 views
Diana L. Spurgus MBA, MCP, CITP, CPA
It's 4:30 on Friday afternoon when you get the message that a key vendor will not be able to deliver what was promised on time, which will in turn cause YOU to miss a critical deadline for your most important client. Frustrated, you call the vendor, who instantly denies ever being told about the deadline. You know deadlines were discussed but can't find it in your original written agreement. You then turn to your e-mail only to be forced to dig through hundreds of messages to try and find the e-mail where you conveyed the importance of this project being delivered on time, but you can't find it because it was deleted. Full Story 
May 3, 2011 – 1,522 views
Mortgage payments can be one of life's biggest expenses, comprising 65 percent of all consumer debt, according to the Federal Reserve. To help people better tackle this debt, online personal finance solution has added a home loans feature to the "Ways to Save" portion of its award-winning tool. The feature looks through thousands of home loan options and compares them to a person's income, debt ratio, and credit worthiness – giving the person a customized look at home loan options presented by multiple lenders. Using that information may help the individual reduce interest rates or lower monthly payments. Full Story 
April 26, 2011 – 1,528 views
Phyllis Weiss Haserot
If you are thinking about branding or flexibility for your firm's people, the 43-page new dress code from Swiss bank UBS AG should get your attention.(It immediately drove pursuit of dress code stories by ABC and MSNBC,  judging from media queries I received the day after Elena Berton's story "Dress to Impress, UBS Tells Its Staff" appeared on the front page of the Wall Street Journal Money & Finance (!) section, Dec. 15, 2011.) Full Story 
April 19, 2011 – 1,598 views
JPMorgan Chase has announced that it will end its popular debit card rewards program for existing customers on July 19. Wells Fargo, SunTrust, and PNC have announced that they will either end their rewards programs or close them to new customers. Large banks are reacting to a ruling proposed by the Federal Reserve in December to lower the interchange fees that banks charge merchants to $.12, from approximately $.44, for an average single debit card transaction. Full Story 
April 12, 2011 – 1,514 views
Ron Scott
Few people understand how mortgage rates are set. While there are many influences on interest rates, it basically all comes down to what is called a Mortgage-Backed Security or MBS.A MBS is defined as an asset-backed security or debt obligation that represents a claim on the cash flows from mortgage loans, most commonly on residential property. Full Story 
April 5, 2011 – 1,501 views
Matthew D. Lee
Final Regulations Are Applicable for FBARs Due June 30, 2011The Financial Crimes Enforcement Network (FinCEN) of the Treasury Department has issued new, final regulations governing foreign bank account reporting requirements under the Bank Secrecy Act.  The new rules are effective for Reports of Foreign Bank and Financial Accounts (a reporting form commonly referred to as an “FBAR”) which are due to be filed by June 30, 2011, and for all subsequent calendar years.  Among the significant changes contained in the new FBAR regulations are (1) a revised definition of “signature or other authority”; (2) clarification of whether an account is “foreign” for FBAR purposes and, in particular, filing obligations in context of custodial accounts holding foreign assets; (3) a revised definition of “mutual fund”; (4) changes to the filing obligations for foreign accounts held by trusts; (5) enactment of an “anti-avoidance” provision designed to deter non-compliance with the FBAR rules; and (6) clarification of the recordkeeping obligations of officers or employees who file FBARs because of signature or other authority over foreign accounts of their employers.  The final regulations include a lengthy preamble which contains a significant number of explanatory notes which clarify a number of previously ambiguous areas based upon comments submitted to FinCEN.  It is expected that Treasury will issue a new FBAR form with instructions to reflect changes in the filing rules sometime prior to the June 30 filing deadline. Full Story 
March 29, 2011 – 1,444 views
Petra Alluis
Debt collection is one of the highly regulated industries in the United States today.  It does not matter what fancy or complimentary title you wish to adopt.  If you are in the judgment recovery or debt buying business, you will be classified a "debt collector" and subject to the Fair Debt Collection Practices Act (FDCPA) when collection from individuals.  The FDCPA is the business bible that you must embrace, learn in depth, and always apply in every transaction you process. Full Story