If Congress doesn’t take the lead on protecting consumers from data breaches, states are more than ready to offer their own fixes. Bankers will also be keeping close tabs on bills related to marijuana, PACE loans and elder financial abuse.
Attorney General Jeff Sessions’ decision to rescind an Obama-era directive that helped foster the marijuana sector’s growth raises new risks for banks and credit unions that do business with growers and dispensaries.
PHH Corp. agreed to a $45 million settlement to resolve allegations from 49 states and the District of Columbia that it engaged in "foreclosure process abuses" involving "inconsistent signatures" in its servicing business from 2009 to 2012. The settlement comes as the nonbank mortgage company continues its legal challenge to a separate regulatory action by the CFPB.