Compliance

The Consumer Financial Protection Bureau on Monday fined a large auto title lender $9 million for failing to disclose the terms and costs of its title loans in three states, and for illegally exposing consumers' information to their employers.

First NBC Bank Holding of New Orleans disclosed that it will miss a self-imposed deadline for filing reports for the first and second quarters.

In 2010, lawmakers passed bipartisan reforms to bring transparency and competition to a debit card swipe fee market that had previously been void of both. Now, members of Congress want to undo that progress.

The national CU trade associations and state leagues all have differing methods of how they distribute their political fundraising dollars, but all agreed that any candidate that supports credit unions is a candidate worth supporting.

Lisa McDougald, the deputy general counsel at the $222 billion-asset BB&T in Winston-Salem, N.C., and Leon Holschbach, chief executive at Midland States Bancorp, a $3 billion-asset company in Effingham, Ill., were appointed to the board this summer.

The Consumer Financial Protection Bureau filed a lawsuit this week against a Van Nuys, Calif., credit repair company for deceptively marketing its services and charging consumers illegal fees.

A compliance-at-all-costs mentality, which is the overarching attitude in many banks, results in overspending and overallocating valuable resources to meet both real and perceived compliance standards.

A mix of lawmakers, regulators and industry stakeholders discussed reforming Dodd-Frank and other hot topics at the National Association of Federal Credit Union’s conference on Capitol Hill.

Despite praise from CFPB Director Richard Cordray, tension was high during his address at the conference, which also featured a variety of lawmakers alternately criticizing and defending the bureau.

Other investigations related to Wells Fargo may prevent the Consumer Financial Protection Bureau from sharing confidential information with House investigators, Director Richard Cordray said Thursday.

Despite several attempts over the past two weeks, Wells Fargo has been unable to quell the furor surrounding revelations that thousands of employees opened millions of phony accounts. Here's why.

Republican lawmakers are pushing back against claims by the Consumer Financial Protection Bureau's allies that it rooted out fraud at Wells Fargo, arguing the L.A. City Attorney and the Los Angeles Times brought the situation to light.

It didn't go well when Wells Fargo CEO John Stumpf appeared before the Senate Banking Committee. Here are some of his worst moments.

As long as current projections hold, the regulator is unlikely to require further assessments from credit unions, though it is not yet clear whether CUs will get any money back.

Policymakers repeatedly said during a Senate Banking hearing Tuesday that Wells' mistakes couldn't be blamed — as the company maintains — just on rogue employees. Instead, they see a cultural problem at the San Francisco bank and wonder whether it extends beyond Wells Fargo.

Credit union analysts are skeptical of the chances for CFPB reform following the Wells Fargo fiasco, but they are also optimistic that it could spur another Bank Transfer Day-style opportunity for CUs.

The fallout from the banking giant's fraudulent practices has some wondering whether or not CUs might be wise to reexamine their own cross-selling strategies.

John Stumpf may have hoped that Tuesday's hearing on Capitol Hill would mark a key turning point in Wells Fargo's blossoming scandal, but his harsh questioning by lawmakers — and his struggle to answer many of their questions — suggests that the embattled megabank's problems are just beginning.

Contrary to expectations about growing mortgage lending volumes, current industry trends suggest a gradual reduction in capacity for both lending and servicing that should alarm policymakers.

Credit union regulators from 30 jurisdictions around the world have registered an independent association called the International Credit Union Regulators' Network.