The former chairman of the National Credit Union Administration served at the agency during a crucial time for regulatory reform and credit union growth, though his tenure also had its share of scandals.
The bank has agreed to pay $97 million in customer restitution and a $25 million fine to settle allegations by the Consumer Financial Protection Bureau that it deceptively charged overdraft fees for certain ATM and debit card transactions.
A group of eight Attorneys General filed suit against an FDIC final rule related to ‘rent-a-bank’ partnerships, mirroring a similar suit filed against the Office of the Comptroller of the Currency last month.
An internally built system called Advanced Listening analyzes phone calls, emails, text messages and more, identifying possible compliance violations, systemic issues and opportunities to improve processes, products and customer service.
The executive shuffle at the company continues as Chief Compliance Officer Mike Roemer quits and Credit Suisse America’s Paula Dominick is hired, according to a Financial Times report.
Kyle Hauptman is not likely to be confirmed to the National Credit Union Administration board until after Labor Day, though the regulator is not scheduled to meet again until mid-September.
Lexicon Bank in Las Vegas, whose chairman was a professional gambler, is actively courting poker players to open deposit accounts for their tournament winnings.
