The move would remove the Federal Reserve from the list of regulators for the Mississippi bank. It also comes after a period where the bank has struggled with Bank Secrecy Act and Community Reinvestment Act compliance.
The Buffalo, N.Y., bank has been freed from an enforcement order that required an upgrade of its anti-money-laundering compliance systems. The Fed had ordered the upgrade as a condition for approval of its acquisition of Hudson City Bancorp.
Lustig, Glaser & Wilson often harassed the wrong consumers, demanded amounts that were not owed, bullied consumers into paying from exempt income, and failed to obtain legitimate documentation of those debts, state officials said.
Visiting Research Fellow
Christensen Institute from Tata Consultancy Services
New entrants don’t pose a disruptive threat to the incumbent cohort of issuers, credit card networks and acquirers primarily because the incumbents — Visa, Mastercard and First Data — are prepared to compete in all segments of the market.
Interim Director, Economic Equity
The Greenlining Institute
Efforts to repeal a Dodd-Frank mandate for lenders to report data on small-business applicants — including race and ethnicity — overlooks the benefits of the provision to both communities of color and banks.
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