News Topic: Enforcement actions

The Consumer Financial Protection Bureau's unblemished track record regarding enforcement actions came to an end in 2016 as more companies began fighting back. ... Read full article

In a speech, Consumer Financial Protection Bureau Director Richard Cordray said the agency enforces “with the principle of equal justice” so enforcement actions don’t seem random. ... Read full article

The settlement, which requires judicial approval, will cover customers' fees and other costs related to about 2 million unauthorized accounts. ... Read full article

The Consumer Financial Protection Bureau said Experian sold consumers an "educational" credit score and falsely claimed in advertisements that the score was used by lenders to make credit decisions. ... Read full article

The German lender says that the Justice Department closed a criminal inquiry into its currency-trading activities without action, but regulators are said to be in the final stages of their own reviews of that conduct to determine if any fines are in order. ... Read full article

A district court judge on Friday dealt a blow to the Consumer Financial Protection Bureau by saying the agency failed to present enough facts in its case against Intercept Corp. ... Read full article

Nationstar Mortgage agreed on Wednesday to pay $1.75 million to the Consumer Financial Protection Bureau for failing to accurately report home mortgage data that is used to identify discrimination. ... Read full article

With the new administration and eventual new leadership of the regulatory agencies, banks’ calculus that agreeing to consent orders is usually the right course is potentially changing. ... Read full article

The SEC is investigating the bank for selling clients mutual funds that charge marketing fees when other, cheaper funds were available. SunTrust expects an enforcement action. ... Read full article

The founders of the South Carolina bank, which liquidated after lavish spending and losses depleted its capital, paid a total of $57,000 in fines and face restrictions on future employment. ... Read full article

The insurance company, facing regulatory scrutiny and lawsuits over a former sales relationship with Wells Fargo, said it may press its partner to cover costs after halting the sales. ... Read full article

The Consumer Financial Protection Bureau and the New York attorney general filed a lawsuit Tuesday against a New Jersey law firm and its owner for allegedly luring 9/11 first responders and football players with brain injuries into taking out loans with ... Read full article

The Consumer Financial Protection Bureau on Wednesday ordered Mastercard and the prepaid debit card company UniRush to pay $13 million in restitution and fines for a service breakdown in October 2015 that left thousands of customers without access to their ... Read full article

The Consumer Financial Protection Bureau hit Prospect Mortgage with a $3.5 million fine for illegally paying kickbacks to two real estate brokers and a mortgage servicer. ... Read full article

The CFPB sued the attorneys and law firm that worked with now-bankrupt debt relief firm Morgan Drexen, alleging they continued a scam that charged millions in fees to thousands of consumers seeking debt relief. ... Read full article

The Consumer Financial Protection Bureau ordered two units of Citigroup to pay a combined $28.8 million for failing to help borrowers with foreclosure relief. ... Read full article

Navient Corp. was sued by a U.S. regulator over allegations that the student loan giant "systematically" cheated borrowers. ... Read full article

Violations of Bank Secrecy Act and anti-money-laundering compliance remains a hot topic for financial institutions as regulators can bar them from branch building and bank acquisitions. Here are some notable regulatory actions that are still unresolved. ... Read full article