News Topic: Compliance

The Feb. 13 hearing marks a turning point in long-running efforts in Washington to ease bankers' fears about serving the cannabis industry. ... Read full article

The lender collected at least $21,800 that consumers did not owe and harassed borrowers' personal references, according to a CFPB settlement. ... Read full article

Ginnie Mae has restricted loanDepot's ability to securitize Veterans Affairs mortgages because of apparent churning of recent originations. ... Read full article

Attorney General-nominee William Barr signaled this week he was not likely to crack down on financial institutions serving pot businesses, but even if he is confirmed and sticks with his assurance, the situation is far from resolved ... Read full article

The number of states not allowing surcharging on credit card purchases continues to dwindle, as New York now gives merchants the option to charge fees as long as they make the costs clear to consumers. ... Read full article

Jonathan Gould, the committee's chief counsel, has been hired by the Office of the Comptroller of the Currency as senior deputy comptroller and chief counsel. ... Read full article

The Office of the Comptroller of the Currency announced Friday that it has lifted restrictions relating to U.S. Bank's flawed efforts to prevent money laundering and Citi's deceptive marketing and billing practices. ... Read full article

Former McKinsey & Company associate partner Liz Oakes has been named Mastercard's executive vice president of market development for the New Payments Platforms division. ... Read full article

The Massachusetts senator and critic of Trump administration policies sent the new CFPB director an expansive list of to-do items for her first month on the job. ... Read full article

Former CFPB chief Mick Mulvaney had claimed the agency could not supervise firms for Military Lending Act compliance, but lawmakers want his successor to go in a different direction. ... Read full article

The fintech Robinhood did not contact the Securities Investor Protection Corp. to discuss protection for deposits, according to SIPC CEO Stephen Harbeck. ... Read full article

Two U.S. senators demand an investigation into the German bank over security, criminal risks; the Treasury has proposed rules to help foreign banks deal with last year’s tax law. ... Read full article

The former head of Heritage Oaks Bancorp says she relishes a chance to reinvent Luther Burbank, a thrift that wants to make more commercial loans — a shift she has deftly orchestrated before. ... Read full article

The regulator claimed Congress has already granted it the authority to define field-of-membership areas. ... Read full article

Organizers of Community Bank of the Carolinas still need to raise $25 million and secure approval from the state's banking commissioner. ... Read full article

Bank and credit union regulators issued a statement giving institutions the go-ahead to try artificial intelligence and other emerging tech to detect money laundering. It's just what some institutions have been waiting for. ... Read full article

The megabank’s continued compliance problems suggest that all of its board members, along with 100 of its most senior managers, should be replaced to make way for real change. ... Read full article

Top executives at Advance America acknowledged that anti-money-laundering concerns at banks were likely the cause of account terminations, even as they publicly blamed a stealth regulatory campaign. ... Read full article