This and That...

Posted by Anthony Demangone

Here are a few things to kick off your week.

Death of free checking? I don't like to say I told you so, but this was pretty easy to see coming.  A Wall Street Journal article points to the possible death of "free checking."  With all the constraints placed on our shoulders in the last year or so, is this truly a surprise to anyone?

Bank of America Corp. and other banks are preparing new fees on basic banking services as they try to replace revenue lost to regulatory rules, in a push that is expected to spell an end to free checking accounts for many Americans.

Free checking accounts, which have been widely available for more than a decade, have been a boon to middle-class consumers and attracted low-income customers to the banking system for the first time.

Customers will likely be required to pay new monthly maintenance fees on the most basic accounts that don't generate a lot of activity. To avoid a fee, customers will have to maintain certain account balances or frequently use other banking services, such as credit and debit cards, automated teller machines and online accounts.

Flood.  Two things remain the same.  We're still in a NFIP lapse.  And the civil money penalties for bank flood violations keep rolling in.  (Link to Bankersonline.com.)

Mortgage fraud.  In the past, you may recall FinCEN hammering away on the issue of mortgage fraud.  I think they were on to something.  Recently, the DOJ announced an indictment involving a $1.9 billion mortgage fraud scheme.  More than 1,200 individuals have been arrested on similar charges in the last few months.  While the horse may be out of the barn, here's a link to FinCEN's latest mortgage fraud update.

NCUA Virtual Town Hall Meeting.  NCUA is taking registrations for its "virtual" town hall meeting with NCUA Chairman Debbie Matz. 

Ponzi Schemes.  Here's an interesting blog post from BankInfoSecurity.com on Ponzi schemes, and how they might affect your credit union.  And if anyone wants a truly terrifying picture of a Ponzi scheme, just read this book.   It is a page-turner.