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Issue of May 1, 2006 |     |
Testing of Local Lenders Points to DiscriminationBy Andrea Gregory A black woman recently visited a Boston-area bank, seeking a mortgage. She was told her credit score of 670 was below average and the closing fee would be $8,000 to $9,000. When the woman still appeared interested, the bank representative told her the institution mainly focused on commercial lending, and residential mortgages weren’t really its specialty. Amendments Make It Easier for Banks to Offer Insurance By Andrea Gregory The rules have changed, making it easier for banks to sell insurance. A series of amendments went into place on April 21, putting a final end to an argument by local bankers who said a handful of regulations put state-chartered banks at a disadvantage when trying to sell insurance. The changes resulted from a court ruling last year that decreed four provisions of Massachusetts law were preempted by the federal Gramm-Leach-Bliley Act. Dangers of Phishers’ Software in Spotlight at BankWorld By Katie Curnutte Just as financial institutions are starting to catch up with and educate customers about traditional phishing attacks, sophisticated software that allows fraudsters to steal personal information with a few keystrokes and more targeted attacks of banks and credit unions are making it easier for criminals to steal people’s identities. |
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