Search Results: test Banking

CFPB Publishes Rulemaking Agenda Including Proposed Rule Prohibiting Class Action Waivers

On November 20, 2015, the CFPB published​ its current rulemaking agenda. Under the Dodd-Frank Wall Street Reform Act, the CFPB drafts and implements new regulations governing certain consumer finance products and services. The CFPB publishes its regulatory agenda twice a year, which summarizes the proposed regulations (or “rules”) the Bureau is…

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CFPB Summarizes Supervisory Trends for May through August, 2015

On November 3, 2015, the Consumer Financial Protection Bureau (CFPB) released its Supervisory Highlights report​ detailing the Bureau’s supervision efforts for May through August of 2015. The report summarizes the violations of consumer protection laws the Bureau observed during the four-month period and identifies the areas in which the Bureau has…

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CFPB & DOJ Reach $27M Settlement with Regional Bank over Redlining Allegations

​On September 24, 2015, the CFPB and the DOJ announced a settlement with a regional bank over allegeatoins that it engaged in redlining practices in violation of the Equal Credit Opportunity Act (ECOA). According to the complaint, the bank allegedly discriminated against minorities by systematically preventing residents of certain minority neighborhoods from…

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Federal Reserve Board Announces Enforcement Action Against Regional Bank for Alleged Violation of the National Flood Insurance Act

On September 22, 2015, the Board of Governors of the Federal Reserve System announced the execution of a settlement in an enforcement action against a regional bank concerning an alleged violation of the National Flood Insurance Act (NFIA), 42 U.S.C. § 4012a(f)(4). ​The Board of Governors asserted that where a pattern or practice of violations of…

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Office of the Comptroller of the Currency Announces $30 Million Civil Penalty Against National Bank Over SCRA Violations

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…

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New York Attorney General Announces Results of Investigation into National Bank's Subsidiary over Improper Fees

On August 19, 2015, the New York Attorney General’s Office announced an interim agreement with a subsidiary of a national banking organization over allegations that the bank charged improper fees on customer’s inactive accounts. The bank managed consumer investment accounts and charged a variety of fees for account management services….

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Regional Bank Settles Deposit Discrepancy Claims with the CFPB, FDIC, and OCC

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,…

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American Bankers Association Asks Financial Regulators to Adopt Supreme Court's Disparate Impact Framework

On August 5, 2010, the American Bankers Association (ABA) announced that it had sent a letter to federal regulators and enforcement agencies, requesting that they confirm in their “interagency guidance, updated exam procedures, and where appropriate amended regulations” that the burden-shifting framework used by the Supreme Court in Texas Department of Housing and Community Affairs v….

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CFPB Summarizes Recent Results of Supervisory Enforcement

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…

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