Enforcement actions

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.

Hope Hardison, the chief administrative officer, and David Julian, the chief auditor, were placed on leave Wednesday after they received the letters, which indicated the comptroller's office plans to pursue sanctions againts them, a source says.

The civil money penalty from the Office of the Comptroller of the Currency follows a 2015 consent order against the bank, which became a subject of federal questioning after it suspended its business with check cashers.

The groups argue the proposal, which would provide certain legal safe harbors to participating companies, exceeds the CFPB’s statutory authority and would put consumers at greater risk.

The agency alleges that some customers made payments to the e-commerce group even though their accounts had already been sold to third-party debt buyers.