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Banks, marketplace lenders and other nonbank lenders were dealt a setback when a federal appeals court declined to reconsider a ruling that has set off alarm bells across the consumer finance industry.
August 13 -
The two subsidiaries of Citizens Financial Group will pay regulators a combined $35 million to settle charges they engaged in "unfair and deceptive" actions related to deposit processing.
August 12 -
Ocwen Financial's internal review group is "independent," and the Atlanta servicer is in compliance with the national mortgage settlement, settlement monitor Joseph A. Smith said Tuesday.
August 11
The Office of the Comptroller of the Currency has promoted Amrit Sekhon to deputy comptroller for capital and regulatory policy.
Sekhon succeeds Charles Taylor, who himself oversaw the implementation of Dodd-Frank capital and leverage rules. In his new role, Sekhon will act at as the advisor to the comptroller on domestic and international policies regarding bank capital. He will also represent the OCC at Basel Committee meetings.
Sekhon "has frequently served as the OCC representative on a variety of Basel subgroups," said Jennifer Kelly, chief national bank examiner, in a news release Thursday. "This experience will serve him well in his new role, and we are fortunate to be able to turn to such a well-qualified candidate to fill this important position."
Sekhon currently serves as director for capital policy, a position he has held since July 2007. In this role, he has chaired the Ratings and Securitization Subgroup, which develops capital treatment for complex structured financial transactions, Kelly said. Sekhon joined the OCC in 1998 as a risk specialist.
