Conduent Education Services has agreed to pay $3.9 million to the CFPB for failing to provide accurate account balances on more than 200,000 student loans.
The Department of Financial Services has created a statewide financial protection division focused on corporate compliance and consumer issues, in line with steps taken by New Jersey and Pennsylvania.
Director Kathy Kraninger said the agency will emphasize a confidential supervisory process instead of just doling out public enforcement actions. But skeptics worry this will let companies escape punishment.
The central bank issued an enforcement action against Sumitomo Mitsui Banking Corp. and its New York branch, citing deficiencies related to risk management and compliance with the Bank Secrecy Act.
Under a new policy, a company subject to a civil investigative demand will learn from the agency about what conduct the probe is targeting and what legal provisions the firm may have violated.
Nearly a dozen shareholders disrupted opening remarks at Wells Fargo’s annual meeting in Dallas on Tuesday, pressing executives to answer for a series of scandals that have rocked the bank.
Readers debate the Federal Reserve's potential entry into real-time payments, consider the Consumer Financial Protection Bureau's guidance for assessing fines, discuss the efficacy of financial education programs and more.
It remains to be seen whether anti-money-laundering provisions will get a deeper look this Congress or whether political optics will divide lawmakers on moving ahead with changes.
In her first policy speech since being confirmed as the agency's director, Kathy Kraninger promised less focus on enforcement actions and more emphasis on consumer education.
