Recently the City of Providence, Rhode Island filed a federal lawsuit alleging that Santander Bank, N.A. has discriminated against Providence’s minority communities by refusing to make prime mortgage loans available in minority neighborhoods as required under the Fair Housing Act. Providence is seeking millions in damages from Santander, Mayor Angel Taveras said, and hopes that federal regulators open investigations into potential redlining. Santander denied the allegations. Santander is owned by Spanish banking giant, Banco Santander […]
Month: June 2014
ABA RCC – Technology – Hits and Misses
A few final thoughts as the conference draws to a close: The Hotel – Hit To use the elevations room cards are scanned and then passengers are assigned to one of eight “cars.” Everyone assigned to a car is going to one of three or four floors. When the massive crowds exited the meeting rooms and flooded the elevators the system very efficiently handled the crowds. The Hotel – Miss Apparently the hotel failed to […]
INTERAGENCY STATEMENT – MAXIMUM FLOOD INSURANCE COVERAGE FOR “OTHER RESIDENTIAL BUILDINGS”
On May 30, 2014 the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the National Credit Union Administration, and the Farm Credit Administration (collectively, the agencies) issued a statement regarding the new National Flood Insurance Program (NFIP) maximum limit of flood insurance coverage for non-condominium residential buildings designed for use for five or more families (classified by the NFIP as “Other Residential […]
ABA RCC – Reporter’s Notebook
ABA RCC – Reporter’s Notebook Monday was another great day of informative sessions at the ABA’s Regulatory Compliance Conference in New Orleans. A couple of my favorites were “Legal Risk” and “The Right Tool for the Job: Effective 2nd Line of Defense Compliance Testing”. The “Legal Risk” session discussed how to measure, manage and track legal risk and how to determine when to involve an attorney. Some of the key points and recommendations were: 1) […]
ABA RCC – Flood Insurance
The American Bankers Association is underway in New Orleans this week. With more than 1,700 attendees and 82 sessions offered there is a wealth of knowledge to be shared. One notable session from Sunday was, “Flood Insurance: Where Are We Now and Where Are We Going?” The “Flood Insurance: Where Are We Now and Where Are We Going?” session gave a good overview of the recent and pending changes to the flood insurance requirements resulting […]