News Topic: Enforcement actions

The hearings before the Senate Banking Committee have high stakes for both companies, as lawmakers are expected to ask the CEOs whether they should be fired. ... Read full article

Federal Reserve Chair Janet Yellen said Wells Fargo’s treatment of customers was “egregious and unacceptable," hinting that more regulatory action was likely. ... Read full article

The Consumer Financial Protection Bureau on Tuesday filed an enforcement action against Top Notch Funding, accusing it of scamming NFL concussion sufferers and 9/11 victims. ... Read full article

The CFPB has ordered National Collegiate Student Loan Trusts and its debt collector, Transworld Systems, to pay at least $21.6 million. ... Read full article

The Consumer Financial Protection Bureau may face an unsteady political environment, but a new report on CFPB supervisory priorities has experts warning banks not to rest on their laurels. ... Read full article

Revenue from overdrafts keeps rising, according to new FDIC data, even though the controversial product still has a bull’s-eye on its back. Clearer disclosures and higher consumer confidence are the big reasons. ... Read full article

One year after the San Francisco megabank paid $190 million in fines and restitution after it opened millions of unauthorized accounts, Wells remains mired in scandal. Why hasn't the firm been able to recover? ... Read full article

Senate Banking Committee Chairman Sen. Mike Crapo, R-Idaho, said he is considering holding another hearing on Wells Fargo following the bank's recent missteps. ... Read full article

New York’s banking regulator ordered Habib Bank Ltd. to pay $225 million and surrender its license to operate in the state, effectively removing Pakistan’s largest lender from the U.S. financial system. ... Read full article

The Consumer Financial Protection Bureau has fined a California-based lead aggregator and its owner hundreds of dollars for allegedly directing consumers towards illegal loans that would be void in their states. ... Read full article

Nothing like revelations of a client’s Ponzi scheme that lead to your bank paying $4 million in anti-money-laundering fines. That’s what happened at Gibraltar Private Bank & Trust, but its CEO argues its compliance overhaul has given the bank a ... Read full article

Bank undercounted fake accounts and says it also opened more than 500,000 bill-pay accounts; CFPB director provides “no further insights” on his future. ... Read full article

Wells Fargo said Thursday that employees opened 3.5 million potentially unauthorized consumer accounts over a nearly eight-year period, a 67% increase from its earlier estimate. ... Read full article

A credit service provider agreed to exit the industry on Wednesday after a yearlong lawsuit with the Consumer Financial Protection Bureau. ... Read full article

Powell downplayed fears about subprime auto lending, saying he aims to improve Santander Consumer's compliance culture, beef up customer services and expand its relationship with Chrysler Capital. ... Read full article

The Boston company — a division of the Spanish banking giant Banco Santander — announced that the Federal Reserve has terminated a 2014 written agreement barring it from declaring dividends without central bank approval. ... Read full article

American Express charged higher interest rates and annual fees to cardholders in Puerto Rico, the U.S. Virgin Islands and other U.S. territories than in the U.S., the CFPB said Wednesday. ... Read full article

Regulators reach a $183.5 million deal Thursday to get debt relief to 41,000 students of bankrupt Corinthian Colleges. ... Read full article