Enforcement

Massachusetts law firm to pay $1M over debt collection practices

07/27/17

The collections firm Lustig, Glaser & Wilson often harassed the wrong consumers, demanded amounts that were not owed, bullied consumers into paying from exempt income, and failed to obtain legitimate documentation of those debts, state officials said.

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In regulating bank boards, it's time to re-center the pendulum

07/26/17

Regulators need a principles-based approach that seeks to position boards as watchtowers for their banks while not subjecting directors to overly burdensome restrictions.

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Wells Fargo said to get regulatory questions after breach

07/24/17

The bank is drawing renewed scrutiny after a lawyer’s unauthorized release of sensitive client details for tens of thousands of accounts belonging to wealthy customers of its brokerage unit.

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BNP Paribas fined $246 million over currency manipulation

07/18/17

BNP Paribas agreed to pay $246 million to settle Federal Reserve allegations that the bank failed to keep its currency traders from using electronic chatrooms to manipulate prices.

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Regulators not done with Wells: Yellen

07/13/17

Federal Reserve Chair Janet Yellen said the central bank is prepared to issue further enforcement actions against Wells Fargo for its account scandal if “appropriate.”

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RBS to pay $5.5B in FHFA mortgage-bond settlement

07/12/17

Royal Bank of Scotland Group agreed to pay $5.5 billion to settle the second of three major U.S. mortgage-backed securities probes the government-owned lender must overcome before it can fully return to the private sector.

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California struggles for answer to pot banking conundrum

07/10/17

The nation’s largest state set out to bring a once-illicit industry into the financial mainstream but is now running into a Washington, D.C.-size barrier.

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DOJ's False Claims Act focus shifts to reverse mortgage servicers

07/03/17

The Trump administration's Justice Department was expected to be less aggressive in its pursuit of False Claims Act cases against the mortgage industry. Instead, its focus has shifted to Federal Housing Administration-insured reverse mortgages.

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Is CFPB being stretched thin by litigation?

06/07/17

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.

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'Costs are costs': Comments of week

05/26/17

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.

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