News Topic: Compliance

Under a new policy, a company subject to a civil investigative demand will learn from the agency about what conduct the probe is targeting and what legal provisions the firm may have violated. ... Read full article

The Federal Trade Commission accused the online lender of numerous violations in connection with its loan servicing practices. In one example, Avant allegedly informed customers that they could make payments by credit card or debit card but then refused to ... Read full article

The San Francisco bank is under pressure from investors to get out from under a Fed-imposed asset cap and to hire a new permanent CEO. But executives said Friday that thoroughness is more important than speed. ... Read full article

Since Wells Fargo’s phony-accounts scandal broke in 2016, the bank has appeared contrite in public. In private, it’s a different story. ... Read full article

The bank's decision to select its general counsel as successor to Tim Sloan, albeit on a temporary basis, focused attention on its frayed relationships with the Federal Reserve and the OCC. ... Read full article

The new Apple Card wasn't just one product of many announced at the Steve Jobs Theater on Monday — it was the glue that binds all of Apple's new services together. ... Read full article

Robust public discussion from a diverse array of stakeholders has informed regulators working to reform the Community Reinvestment Act, but it has also included some misleading claims, writes a top OCC official. ... Read full article

The head of the agency said she wants FDIC staff to be proactive with banks that show visible problems, but not “focus more on seeking out dirt than on whether the home is clean.” ... Read full article

Given the size of the deal — which includes about $9 billion of Worldpay’s debt on top of a $34 billion bid — the pressure’s on to build a global powerhouse that can counter other major fintech mergers announced in the past weeks. FIS must also emerge as a ... Read full article

Federal regulators normally hesitate even to name specific institutions, but the Office of the Comptroller of the Currency appears to be taking a different tack with Wells. ... Read full article

After more than two years of successful operation in delivering Same-Day ACH payments, Nacha's request to add a third processing window has been denied by the Federal Reserve, which says it has to obtain public comment on the concept. ... Read full article

Digital-asset companies will try to develop a less adversarial relationship with the state's securities regulator, who stopped several startups from selling digital currencies as investments. ... Read full article

Maria Teresa Tejada joined the bank Monday as chief strategic enterprise risk officer. ... Read full article

Entrepreneurs in the digital-assets industry say that even as some attract investment from multibillion-dollar institutions, they are routinely refused basic banking services by the likes of HSBC and JPMorgan Chase. ... Read full article

The data breach at Equifax and Facebook's scandals have made data privacy a big issue to state and federal lawmakers. Here's why banks need to be worried. ... Read full article

With U.S. sanctions in place against Venezuela, banks fear compliance violations; exclusion and cyber attacks the biggest concerns of cash-free society. ... Read full article

The OCC said that branches in New York, Los Angeles and Chicago will be required to take certain corrective actions, but it did not hit the Japanese-owned bank with any financial penalties. ... Read full article

The enforcement action from the OCC comes on the heels of a CFPB consent order that said USAA reopened customers' accounts without consent and neglected stop-payment requests. ... Read full article