The consumer bureau alleges the Providence, R.I., bank mismanaged billing error claims over a six-year period. Citizens Bank says it is “puzzled and disappointed” by the agency’s action.
Kenneth Lehman, a former banking attorney who acquires large stakes in small banks, will buy BankFlorida, which lost $555,000 through the first nine months of 2019.
The company has revised its near-term forecasts for reducing expenses, citing delayed branch closings and a decision to spend more time testing systems ahead of conversion and integration.
The agency has named Thomas G. Ward as the bureau’s assistant director for enforcement. House Democrats have questioned Ward's role as a political appointee in the Trump administration.
The new regulation aims to standardize the process for determining if those owning less than a quarter of a bank must comply with holding company requirements.
No Republicans voted for the package of bills intended to overhaul the credit reporting system, casting doubt on its chances in the GOP-controlled Senate.
In another rollback of the bank trading ban, the federal agencies unveiled a plan to allow financial institutions to invest in multiple companies through certain fund structures.
