PHH Corp. will pay the Justice Department $75 million to settle a False Claims Act investigation of its underwriting practices on government-insured mortgages and loans sold to Fannie Mae and Freddie Mac.
The Consumer Financial Protection Bureau ordered JPMorgan Chase to pay a $4.6 million fine for failing to provide accurate information when denying checking account applicants.
With heavy focus on the granular details of compliance, bankers and regulators might miss the big picture — not unlike New York City’s approach to fighting crime in the 1990s.
The promise of fintech is that it might offer underbanked consumers access to financial products. But some are worried that relying on algorithms to make credit decisions could open up problems of its own.
Sen. Elizabeth Warren, D-Mass., asked Federal Reserve Chair Janet Yellen on Monday to remove 12 Wells Fargo board members because of the fake-accounts scandal.
Litigation is soaking up a significant share of resources at the Consumer Financial Protection Bureau, which faces at least a dozen cases challenging its constitutionality and a surging number of legal disputes to its enforcement actions.
Readers weigh in on a proposal for encouraging small bank installment loans, a firm that uses AI to reduce false alarms, what security improvements are needed for sharing customer data, and more.
Free-market advocates believe that consumers discipline wayward companies better than the government by eschewing their offerings, but switching products is not the same as punishing malefactors.
