Enforcement actions

Fed won't lift Wells' growth cap until deficiencies are fixed: Powell

12/10/18

The Federal Reserve Board chairman told Sen. Elizabeth Warren in a letter that the central bank is actively reviewing the bank's progress in following a February consent order.

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Fed rejects Wells fix-it plan; more trouble for Deutsche Bank

12/07/18

The move means the cap on asset growth may stay in place longer; the German bank reportedly processed 80% of the money laundered through Danske Bank.

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Wells Fargo's latest troubles suggest tougher stance by OCC

12/06/18

An eight-month-old consent order appears to be forcing the San Francisco bank to grapple more deeply than it did previously with the many failures that led to its account-opening scandal.

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CFPB fines mortgage lender over claims it deceived veterans

12/06/18

The CFPB ordered Village Capital & Investment in Henderson, Nev., to issue refunds and pay a penalty for allegedly misrepresenting the cost savings in a refi product.

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Warren lays into Navient CEO over Education Dept. audit

11/20/18

The Massachusetts senator said the government’s findings bolster allegations that the servicer steered borrowers into expensive student loan forbearance plans.

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Time to clean house at Wells Fargo

11/20/18

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.

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Societe Generale fined $1.34B for violating U.S. sanctions

11/19/18

The French bank was hit with a billion-dollar fine after it was found to have unsafe practices that violated sanctions against Cuba and other sanctioned countries.

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CFPB walks tightrope in effort to define ‘abusive’ practices

11/11/18

Regulators typically write rules before applying them. But the CFPB is attempting the reverse.

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Banking groups to regulators: Codify policy on supervisory guidance

11/06/18

The federal agencies said in a recent statement that “guidance does not have the force and effect of law,” but two trade groups say that standard should be more binding.

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Regulators secretly halted JPMorgan Chase’s growth for years

10/26/18

Under the Obama administration, the OCC quietly prevented JPMorgan Chase from opening branches in new states as punishment for violating banking rules, according to sources.

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