Auditor spots 'material weakness' in Webster's internal controls

KPMG said Webster did not properly document a change in the way it calculates its provision for loan losses. The bank does not expect to restate its financial results or incur any meaningful increase in costs because of the problem.
Source: American Banker

Mulvaney’s unexpected gift to Democrats

Critics of the acting CFPB director have a new line of attack as he takes fire for remarks made at an industry conference earlier this week.
Source: American Banker

Loan-mod fraud organizer gets 15 years in prison

A Long Island, N.Y., man was sentenced to the prison time and ordered to pay $2.5 million after pleading guilty in June to ripping off distressed homeowners, Special Inspector for TARP Christy Romero said.
Source: American Banker

Fifth Third names successor for FDIC nominee McWilliams

Susan Zaunbrecher would replace Jelena McWilliams as chief legal officer upon the Senate’s confirmation of McWilliams, the Cincinnati company said.
Source: American Banker

Four myths in the battle over Dodd-Frank

Republicans repeatedly claim that the Dodd-Frank Act has hurt consumers by raising costs and hampering credit availability. But the data doesn’t back that up.
Source: American Banker