The disagreement is tied to Walnut Street, an entity formed in 2014 to move certain commercial loans out of the bank. Separately, the company is facing a civil money penalty from the FDIC tied to issues with a third-party payment processor.
While used infrequently by credit unions, arbitration clauses can be an effective way to ensure both the credit union member and the credit union’s interest are protected when disputes arise.
British regulators are touting the success of their so-called regulatory sandbox. Their American counterparts have been unable to agree on a comprehensive scheme to foster innovation.
In a surprise move, the Supreme Court will decide whether Amex may bar merchants from steering customers to less expensive card networks. The card issuer will have to prove the consumer gain from its practices outweighs the merchant pain.
The lawsuit against Navient Corp. demonstrates that despite the recent appointment of more industry-friendly regulators in Washington, financial service company still face significant legal threats from state capitals.
The bank plans to contact all customers who paid fees for rate lock extensions during a three-and-a-half year period and to refund any who believe they should not have been charged.
