Enforcement

Ripple fights back against SEC securities complaint

02/01/21

The software company in a court filing reiterated its argument that XRP is a virtual currency that doesn't need to be registered.

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New CFPB boss vows to get tough on military lending, pandemic relief laws

01/28/21

Dave Uejio, acting director of the Consumer Financial Protection Bureau, promised to protect veterans from predatory loans and to crack down on companies that improperly garnish stimulus checks or mistreat struggling borrowers.

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What will incoming CFPB chief do with $570 million consumer aid fund?

01/25/21

The agency has amassed more in fines than it has returned to wronged customers. With Democrats now in power, some hope the bureau will allocate the unused money more aggressively.

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Former Wells Fargo general counsel fined $3.5 million in OCC settlement

01/15/21

The OCC had hit James Strother and other executives with civil charges a year ago in connection with the bank's phony-accounts scandal. His monetary penalty is lower than what the agency had first floated.

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Tax hikes, tough regulators: What Democratic sweep may hold for banks

01/07/21

Now that Democrats have won control of the Senate following the Georgia runoffs, experts say tax increases, progressive regulators and stricter congressional oversight await. Still, there could be some positives for banks, too.

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CFPB fines Nevada lender over alleged Military Lending Act violations

12/30/20

The agency said Omni Financial in Las Vegas illegally required service members to designate a portion of their paychecks to repay loans, depriving of them of other payment options.

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How will SEC complaint affect banks’ relationships with Ripple?

12/29/20

The Securities and Exchange Commission last week accused Ripple of breaking securities laws, raising questions about the future of banks' ties with the company.

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Citigroup offers first hint of price tag for risk overhaul

12/09/20

The company’s noninterest expenses are expected to rise more than $500 million next year, largely because of a revamp of risk management and internal controls mandated by regulators.

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A Biden CFPB could put pressure on mortgage servicers

12/08/20

The Consumer Financial Protection Bureau has taken a hands-off approach to servicers during the pandemic. But with forbearance plans set to expire and President-elect Biden likely to appoint new CFPB leadership, companies lacking aggressive plans to help borrowers could face tougher enforcement.

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What to expect when you’re expecting divided government

12/02/20

President-elect Joe Biden will likely have to contend with a Republican-controlled Senate. That could have important implications for his approach to financial services policy.

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