Barclaycard Announces Expansion of Southern Nevada Operations

Fast-growing payments business expects to hire 300 more employees over the next year as growth continues

(HENDERSON, Nev. – Nov. 12, 2015) – Barclaycard US, the payments business of Barclays in the United States, announced today it is expanding its operations in Henderson and plans to hire 300 new employees over the next year to fill several positions. The notable growth comes less than two years after Barclaycard officially opened its customer contact center in Henderson in February 2014.

Barclaycard celebrated its Phase II expansion on Nov. 12 by holding a ribbon-cutting event with company executives, elected officials and local dignitaries at its location at 2290 Corporate Circle in the Green Valley Corporate Center in Henderson. Since opening locally, about 1,000 people have been hired.

TRID Relief "Hold Harmless" Period Pending

Tuesday, September 29, 2015 Richard Cordray, director of the Consumer Financial Protection Bureau, told the House Financial Services Committee there is relief on the way with respect to implementing the new TRID rules.

In the hearing, the director stated the FFIEC would issue a written statement soon that creates an examination "hold harmless" period. According to Cordray, the "hold harmless" period will last for 6 months, and perhaps more, in an effort to give vendors and bankers more time to get it "right."

Cordray said federal banking agency examinations would be "diagnostic, corrective and not punitive." Importantly, these same agencies will work with (rather than against) bankers by providing resources for the implementation of the new TRID rules in an effort to make sure everyone is up to speed and ready to fully implement these new rules.

The original enforcement date is October 3, 2015. As soon as we receive clarification we'll make sure it is published. 

SB 306 - Section 8.5 Deadline October 1, 2015

Section 8.5 of Senate Bill 306 requires a financial institution that is a mortgagee or beneficiary of a deed of trust under certain residential mortgage loans to provide to the Division of Financial Institutions of the Department of Business and Industry the name, street address, and any other contact information of a person to whom: (1) a borrower or a borrower’s representative may send information and notices to facilitate a mediation under the Foreclosure Mediation Program (NRS 40.437 and 107.086); and (2) a unit-owners’ association may mail notices concerning the association’s lien (NRS 116.3116 to 116.31168).

Joint Industry Associations Issue Statement on HOA Super Priority Liens

Seven trade associations have signed a letter and statement related to HOA Super Priority Liens.  The letter identifies several principals that the signatories believe should be adhered to in any legislative, or regulatory decision related to super priority liens.  In addition to outlining policy principles, the document also contains a brief history on this issue and an analysis dangers that may result from judicial decisions on this issue. The document can be read in full here. United in offering this recommendaiton are the American Bankers Association, Amercian Financial Services Association, Association of Mortgage Investors, Housing Policy Cpuncil of the Financial Services Roundtable, Mortgage Bankers Association, Securities Industry and Financial Markets Assoication, and Structured Finance Indutry Group.

suffocating regulationsWashington TImes Special Section Explores Excessive Bank Regulation

Today the Washington Times runs a 12 page special section titled "How excessive regulation is crushing Main Street: The impact of the feds’ squeeze on community bankers is a special report prepared by The Washington Times Advocacy Department." Read the piece, supported by the ICBA  here. This supplement will be distributed to over 20,000 persons on Capitol Hill and to their over 1 million subscribers.

SavingsCoachUSAA and Nuance Create 'Savings Coach" Financial Literacy Virtual Assistant to Help Millennials Break Negative Savings Rate

Virtual assistant and gaming features prove successful with savers

BURLINGTON, Mass.USAA is introducing a free Savings Coach app, created with Nuance Communications, Inc. (NASDAQ: NUAN). Savings Coach is one of the first proactive virtual assistants for banking, designed especially to help millennials save money.

“Savings Coach engages millennials through a conversational, simple explanation of the importance of saving, analysis of spending and ongoing suggestions for a savings plan.”