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. ... Read full article
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. ... Read full article
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. ... Read full article
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. ... Read full article
The federal banking agencies clarified that minor violations of Bank Secrecy Act rules will typically not result in a cease-and-desist order. ... Read full article
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. ... Read full article
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. ... Read full article
The key word is "temporary" with the FHA's quality control waiver expiring and not likely to be renewed. ... Read full article
Lexicon Bank in Las Vegas, whose chairman was a professional gambler, is actively courting poker players to open deposit accounts for their tournament winnings. ... Read full article
Legislation that would force transparency around company ownership would be better than another burdensome anti-money-laundering rule. ... Read full article
Similar to a law passed two years ago in California, legislation headed to the New York governor’s desk would require fintech and other nonbank lenders to uniformly disclose total cost of capital, APR and other metrics to potential borrowers. ... Read full article
Longtime executive Christine Lowthian had been serving as interim chief compliance officer at HSBC Bank USA since April. ... Read full article
Unity Bancorp must improve its policies and procedures, and increase staff training, for following Bank Secrecy Act and anti-money laundering laws. ... Read full article
Regulators can only delay the move to a new interest rate index alternative for so long. ... Read full article
The agency has proposed letting firms seek specific guidance, which can be applied to other institutions. But consumer groups worry the plan circumvents formal rulemaking. ... Read full article
The company seeks to help funnel more loans to minority businesses and consumers; the regulator says short-staffed banks are having trouble handling new government programs. ... Read full article
Two years after a consumer protection law changed how banks and other companies handle customer information, a new proposal aims for more sweeping reforms. ... Read full article
The pandemic will accelerate the drive toward a supervision process in which both regulators and banks will need the digital tools that enable sophisticated remote exams. Expect a heightened focus, too, on customers' financial health. ... Read full article
A new CFPB rule will expedite the forbearance and loss-mitigation process for consumers suffering financial hardship from the pandemic. ... Read full article
The push for a public option to digitize government payments has gotten stronger, and the discussion has moved on from whether it should happen to how it should happen. ... Read full article
