On September 29, the U.S. Department of Justice (DOJ) announced that it had entered into a consent order with a national bank over allegations that the bank had engaged in unlawful debt collection practices, in violation of the Servicemembers Civil Relief Act (SCRA). The SCRA extends additional protections from certain debt…
On May 25, the Office of the Comptroller of Currency (OCC) entered a consent order with a national bank stemming from allegations that the bank violated a 2011 consent order concerning its mortgage servicing related activities. The OCC alleged that the bank had violated the consent order during the period from October 1,…
On April 13, 2016, the Office of the Comptroller of the Currency (the “OCC”) assessed a $35 million dollar penalty against a national bank for billing practices alleged to be unfair and deceptive in violation of Section 5 of the Federal Trade Commission Act. The penalty was assessed in connection with a credit…
On December 18, 2015, the Office of the Comptroller of the Currency (OCC) announced that it had entered into a consent order with a Rhode Island bank over allegations the bank engaged in unfair, deceptive, unsafe, and unsound acts and practices in violation of the Federal Trade Commission Act (Section 5). The alleged…
On August 21, 2015, the Office of the Comptroller of the Currency announced that it had concluded its investigation into several related national banks regarding alleged violations of the Servicemembers Civil Relief Act. The Act prohibits certain debt collection activities against members of the armed forces. Before proceeding with judicial…
On August 12, 2015, the Consumer Financial Protection Bureau (CFPB) announced that it, along with the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC), had entered into several consent orders with affiliated regional banks over allegations concerning consumer bank deposits. According to the consent orders,…
On June 17, the Office of the Comptroller of the Currency (OCC) announced that it terminated foreclosure-related consent orders with three national banks, entered into amended consent orders with six other national banks, and decided to escheat at the end of the fiscal year any uncashed payments made under the Independent Foreclosure Review Payment Agreement…