On June 23, 2015, the Consumer Financial Protection Bureau (CFPB) released its Supervisory Highlights report detailing the Bureau’s supervision efforts for the first four months of 2015. The report summarizes the most common “illegal practices” uncovered by the Bureau and identifies the areas where the Bureau has focused on in its…
On June 22, 2015, the Maryland Attorney General announced a settlement with two regional mortgage and credit consulting companies and their sole owner over claims the companies made false representations regarding their ability to obtain mortgage approval for consumers, solicited illegal advance fees, and engaged in credit counseling without the…
On June 4, the Federal Reserve Board anounced an order assessing civil penalties against a state bank for violations of Regulation H, which implements the National Flood Insurance Act. The bank consented to a $5,000 civil penalty, paid to the National Flood Insurance Program.
On June 4, the Federal Reserve announced an order assessing civil penalties against a state bank in connection with violations of Regulation H, which implements the National Flood Insurance Act. The bank consented to pay a $7,500 civil penalty to the National Flood Insurance Program.
On May 12, the Board of Governors of the Federal Reserve System announced the execution of a settlement in an enforcement action against a state member bank concerning alleged violation of Section 102(f) of the National Flood Insurance Act (NFIA). The settlment noted that where a pattern of practice of…
On April 28, 2015, the Consumer Financial Protection Bureau announced a consent decree with a national bank regarding improper overdraft fees in violation of Regulation E, the implementing regulation of the Electronic Fund Transfer Act (“EFTA”). When a consumer does not have sufficient funds to cover a purchase or withdrawal,…
On March 12, 2015, the Justice Department announced a settlement with a regional bank over allegations that the bank violated FIRREA by permitting an intermediary third-party payment processor to process fraudulent payments through the bank. The payment processor opened an account at the bank for the purpose of processing electronic…
On February 24, 2015, a national bank disclosed in an SEC filing that the Department of Justice (“DOJ”), Department of the Treasury, U.S. Attorney’s Office for the District of New Jersey, and New York district attorney’s office issued subpoenas to the bank in early 2015 related to the bank’s subprime…