Enforcement

Citi using Revlon snafu to fix risk management

09/14/20

Citigroup will establish new internal oversight guidelines, spend more on technology and take other steps to upgrade risk systems, CFO Mark Mason said at an industry conference in discussing the aftermath of the bank’s mistaken $900 million payment.

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Trumps face N.Y. probe into valuation of assets to get loans

08/24/20

New York’s attorney general is investigating whether President Trump’s company inflated the value of his assets to secure favorable terms for loans, according to court filings. Testimony from his son Eric Trump is being sought as part of the case.

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TD Bank will pay $122M to settle CFPB charges of overdraft abuse

08/20/20

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.

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California’s ‘mini-CFPB’ plan is back in play. Banks aren’t happy.

08/14/20

A proposal to expand consumer protections in the state was added to a budget bill after being dropped in June. Financial institutions say the measure conflicts with federal law and are working behind the scenes to stop it.

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Regulators issue guidance on AML enforcement actions

08/13/20

The federal banking agencies clarified that minor violations of Bank Secrecy Act rules will typically not result in a cease-and-desist order.

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Appeals court clears way for Pennsylvania AG suit against Navient

07/27/20

The student loan company had said a three-year-old lawsuit alleging consumer abuses was superseded by a similar CFPB suit. Here’s why the 3rd U.S. Circuit Court of Appeals disagreed.

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BofA settles federal fair housing discrimination claim for $300K

07/24/20

Due to possible exploitation, Bank of America instituted a policy that limited loans to persons in guardianships, but later ended that policy.

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CFPB slaps Chicago mortgage lender with redlining lawsuit

07/15/20

The consumer agency alleges Townstone Financial's CEO and president made statements on a radio show discouraging applicants living in Black neighborhoods from seeking home loans.

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Supreme Court ruling eliminates autodialer use for FHA, VA collections

07/06/20

The court struck down a 2015 update to the Telephone Consumer Protection Act, which permitted robocalls to cell phones for government-related debt collection.

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CFPB offers templates for banks, servicers to seek 'no-action' letters

05/22/20

The templates are meant to make it easier to obtain agency approval for small-dollar loan products and to accommodate mortgage servicers that want to provide online loss mitigation options.

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