Proposed changes to the Real Estate Settlement Procedures Act, or RESPA, would have a substantial impact on the $50 billion annual market for consumer mortgage settlement services, according to the U.S. Department of Housing and Urban Development.
A scheme that allegedly bilked consumers out of millions of dollars in phony credit card charges and other losses is the largest in a growing number of identity theft cases that have hit consumers, financial services companies and law enforcement agencies.
Home loan refinancing and new risk management regulations will be two of the drivers impacting the banking industry over the next year, according to speakers at Ernst & Young's Financial Services Outlook 2003 conference.
The Treasury wants Congress to investigate the feasibility of creating an identification system for foreign nationals under the auspices of the Immigration and Naturalization Service or its proposed successor, the Department of Homeland Security.
By Cliff Stephens and Tom Crook | October 07, 2002
As check fraud, money laundering and kiting schemes grow more sophisticated, new laws ratchet up the pressure on banks to detect such crimes. Fortunately, new technology may help them do that better than ever.