The 3-year-old order was related to Discover Bank’s programs for combating money laundering. A related agreement with the Federal Reserve Bank of Chicago remains in effect.
Powell downplayed fears about subprime auto lending, saying he aims to improve Santander Consumer's compliance culture, beef up customer services and expand its relationship with Chrysler Capital.
The credit card issuer paid $95 million to settle charges it offered inferior terms to customers in American territories; Mitsubishi UFJ wants to become a top 10 U.S. bank.
PHH Corp. will pay the Justice Department $75 million to settle a False Claims Act investigation of its underwriting practices on government-insured mortgages and loans sold to Fannie Mae and Freddie Mac.
With the move, the Mississippi bank would no longer be regulated by the Federal Reserve. The decision comes after the bank struggled with Bank Secrecy Act and Community Reinvestment Act compliance.
The nation’s largest state set out to bring a once-illicit industry into the financial mainstream but is now running into a Washington, D.C.-size barrier.
National Credit Union Administration Chairman J. Mark McWatters said dropping Consumer Financial Protection Bureau oversight of credit unions would free up CFPB resources.
