Compliance

TCF tricked customers about overdraft opt-ins, CFPB suit alleges

01/19/17

The Consumer Financial Protection Bureau on Thursday sued TCF National Bank for what the bureau said were deceptive and abusive practices in selling overdraft services.

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Western Union admits to money laundering, fraud crimes

01/19/17

The global money transmitter will pay $586 million and implement an anti-fraud program in order to resolve allegations that it enabled widespread misconduct by some of its employees.

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JPMorgan says it has settled U.S. bias suit over mortgages

01/18/17

JPMorgan Chase & Co. agreed to pay $55 million to settle U.S. allegations of racial discrimination in home loans through mortgage brokers, leading black and Hispanic borrowers to pay higher interest rates and fees from 2006 to 2009, a person familiar with the matter said.

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Wells' new pay plan is 'not that radical' – and that's good news for rivals

01/17/17

The embattled company's new incentive pay plan appears to resemble those used by other banks, which suggests that regulators are unlikely to demand big changes throughout the sector.

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N.Y. grants BitLicense to Coinbase amid firm's legal battle with IRS

01/17/17

Bitcoin exchange and digital wallet provider Coinbase has received a virtual currency and money transmitter license — commonly known as a BitLicense — from the New York State Department of Financial Services.

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The anti-laundering penalty box

01/13/17

Violations of Bank Secrecy Act and anti-money-laundering compliance remains a hot topic for financial institutions as regulators can bar them from branch building and bank acquisitions. Here are some notable regulatory actions that are still unresolved.

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Warren outlines blueprint to save the CFPB

01/11/17

Sen. Elizabeth Warren rallied progressives on Tuesday night to launch a campaign to defend the Consumer Financial Protection Bureau and the Dodd-Frank Act.

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Big banks worked with pot industry, despite denials, records show

01/11/17

Documents from Massachusetts complicate the narrative that marijuana businesses either can’t get bank accounts or are only being served by small institutions.

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Regulation hampers innovation: B of A's Moynihan

01/11/17

Simple innovations -- such as those that would bring the underbanked into the financial mainstream -- are often stymied by regulation, says Bank of America CEO Brian Moynihan.

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Wells Fargo's new sales goals reward group performance

01/11/17

Wells Fargo announced it was making changes to the way it pays branch employees as the bank tries to repair the damage from its phony account scandal last year.

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