OCC

CFPB and OCC Settle with National Bank for $1 Billion Over Auto and Mortgage Lending Practices

On April 20, 2018, the Consumer Financial Protection Bureau (CFPB)​ and Office of the Comptroller of the Currency (OCC) each announced settlements totaling $1 billion with a national bank resulting from a coordinated action between the two agencies. The OCC found that deficiencies in the bank’s enterprise-wide compliance risk management program…

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Q2 2017 Sees Significant Decrease In Civil Penalties and Consumer Relief

In the second quarter of 2017, Consumer Enforcement Watch tracked 40 enforcement actions taken against consumer financial service providers. This represents a marginal decrease from the 46 enforcement actions taken against consumer financial service providers that we tracked last quarter, and from the 46 enforcement actions tracked in the second…

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CFPB Assesses Largest Fine in Agency's History Against National Bank for Opening Accounts Without Consumers' Consent

On September 8, 2016, the Consumer Financial Protection Bureau (CFPB) announced that, pursuant to a Consent Order, a national bank agreed to make full restitution to consumers and pay the CFPB a $100 million fine because many of its employees allegedly engaged in an illegal practice of opening unauthorized deposit and credit…

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CFPB and National Bank Reach $32.25 Million Settlement Regarding Credit Card Add-On Products

On August 25, 2016, the Consumer Financial Protection Bureau (CFPB) announced an order against a national bank that will require the bank to pay $32.25 million in consumer relief and civil penalties based on practices relating to credit card add-on products.  These practices allegedly violated sections 1031 and 1036(a)(1)(B) of the Consumer Financial Protection Act…

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