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The FDIC said Financial Pacific Leasing, a subsidiary of the Oregon bank, charged undisclosed fees to borrowers, made excessive collection calls and disclosed information about customer debts to third parties.
May 10
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The central bank wants to adopt new rules to state clearly that merchants must have a choice of debit networks for card-not-present transactions.
May 7
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Fannie and Freddie's regulator says the companies must comply with the new Qualified Mortgage standard by the summer, while the Consumer Financial Protection Bureau has extended the deadline to 2022. The conflicting timetables have stoked uncertainty in the market.
May 7
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The Treasury Department announced that Michael Hsu, a senior official at the Federal Reserve, would lead the national bank regulator until a Senate-confirmed comptroller is in place.
May 7
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The banks disclosed this week that they are under scrutiny for conduct that may have harmed consumers. The timing raises questions about whether the Consumer Financial Protection Bureau under President Biden is poised to bring more enforcement actions against large banks than it did under Trump-appointed Director Kathy Kraninger.
May 7
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The visibility of automated transactions provides a clear view of the flow of transactions, says Hummingbird's Joe Robinson.
May 7
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Critics say the regulation issued by the Office of the Comptroller Currency is a gift to predatory lenders. But the trade organizations warned lawmakers that invalidating it will make it difficult for the agency to create an improved framework in the future.
May 6
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The probe is the latest example of the consumer bureau scrutinizing sales tactics at big banks following the Wells Fargo fake-accounts scandal. U.S. Bancorp said it is cooperating fully.
May 6
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Wall Street firms have urged the Biden administration to ease the industry’s burden in complying with a flood of financial sanctions the U.S. has levied in recent years as a primary tool of foreign policy toward Russia, China, Iran and other adversaries.
May 6
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Organizations representing banks and other financial services firms said implementing the Office of the Comptroller of the Currency's overhaul of the Community Reinvestment Act could be wasteful as regulators discuss a new interagency plan to modernize the law.
May 6
