On August 10, 2018, the Board of Governors of the Federal Reserve (“Board of Governors”) announced that a national bank had consented to the assessment of a civil money penalty totaling $8.6 million pursuant to the Federal Deposit Insurance Act, as amended, 12 U.S.C. §§ 1818(b)(3) and 1818(i)(2)(B), for engaging in…
On August 10, the Consumer Financial Protection Bureau (CFPB) announced a settlement entered in the Western District of Missouri regarding the alleged unlawful origination and servicing of online payday loans. The Bureau filed suit against two individual and twenty allegedly related entities controlled by those individuals, asserting violations of the…