Search Results: test Banking

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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Maryland Attorney General Settles with Mortgage and Credit Counseling Companies Over Claims of False Representations and Illegal Fees

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…

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FDIC State-Member Bank Agrees to Civil Money Penalty to Resolve Flood Insurance Enforcement Action by the Federal Reserve

​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…

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Regional Bank Settles Claims for $1.225 Million that it Ignored Fraudulent Transactions Committed by Third-Party Payment Processors

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…

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