Compliance

NCUA board OKs interagency guidance proposal

10/28/20

The rule, which will go up for a 60-day comment period, codifies existing NCUA policies and is not expected to change how the agency operates.

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Visa $5.3 billion Plaid deal triggers DOJ antitrust concerns

10/27/20

Visa’s $5.3 billion acquisition of Plaid has raised competition concerns at the U.S. Justice Department, which is nearing a decision about whether to sue to block the deal, according to two people familiar with the matter.

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Should consumer protection failures play a bigger role in CRA grades?

10/21/20

USAA Federal Savings Bank’s downgrade shows how customer mistreatment stemming from flaws in internal controls can hurt Community Reinvestment Act scores. Some want consumer compliance to carry more weight in the CRA calculus.

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How PayPal’s approach to crypto breaks with precedent

10/21/20

PayPal isn’t the first company to open its platform to cryptocurrencies, but its technique is more hands-on than most payment providers.

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Ex-Trump adviser Cohn predicts bleak future for community banks

10/19/20

Gary Cohn, former head of the Trump administration’s National Economic Council and onetime top executive at Goldman Sachs, says technological changes will continue to make it harder for smaller financial institutions to compete and force many to be sold.

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USAA's regulatory troubles now include OCC fine, CRA downgrade

10/14/20

The $85 million penalty and the bank's "needs to improve" rating on its Community Reinvestment Act exam were tied to alleged violations of the Military Lending Act and Servicemembers Civil Relief Act.

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Wells Fargo faces growing pressure to slash costs

10/14/20

CEO Charlie Scharf disappointed investors by failing to provide either a detailed road map for long-term expense reductions or say when he might release such a plan.

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The high cost of giving banks too much slack

10/14/20

Examiners are skilled at spotting trouble but often do too little to correct it, as the latest revelations about Citi once again show. Prompt supervisory intervention is essential to protecting the integrity of the financial system.

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Citi execs silent on cost of risk overhaul

10/13/20

CEO Michael Corbat and CFO Mark Mason dodged questions from analysts about how much time and money Citigroup expects to spend to address recent enforcement actions.

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CFPB reverses course on marketing services agreements

10/09/20

The agency had raised concerns in the Obama administration about kickbacks in the marketing pacts between mortgage lenders and other providers, but the agency's recent guidance says the deals are legally viable.

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