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The consumer bureau said the bank’s migration to a new servicing platform led to unauthorized payment withdrawals, misrepresentations about what borrowers owed and violations of a prior 2015 enforcement action.
December 22 -
The Federal Reserve and the New York State Department of Financial Services have ordered the Swiss bank’s U.S. arm to improve oversight and better monitor the activities of its customers.
December 22 -
The bank's release from a five-year-old enforcement action would mark progress in CEO Charlie Scharf's efforts to resolve its sprawling regulatory problems. But 10 more consent orders, including an asset cap imposed by the Federal Reserve in 2018, remain in place.
December 21 -
A number of top Wells executives privately expect it won’t be able to escape the limit on assets until late next year at the earliest, while key Fed officials see the process dragging into 2022 or beyond, according to people familiar with their thinking.
December 8 -
On the same day that Mr. Cooper announced a settlement with state and federal authorities over its servicing practices, the Dallas company, U.S. Bank and PNC reached separate agreements with DOJ regarding bankrupt borrowers.
December 7 -
The Consumer Financial Protection Bureau alleges that the online lender made loans that exceeded a federal cap on interest rates for active-duty service members.
December 4 -
The agency said customers of SMART Payment Plan LLC could receive up to $7.5 million for statements that created a false impression about the service used for auto loans, but in a twist the bureau said it may pay most of the restitution.
November 4 -
The company said one of its regulators may impose a civil money penalty related to compliance deficiencies in its advisory business and other areas. The matter echoes a recent fine imposed on Citigroup, one expert says.
November 3 -
The agency found a 40% error rate in the 2016 data submitted by the Seattle bank. In addition to the fine, the institution is required to improve its compliance systems.
October 27 -
The agency’s consolidation of supervision and enforcement policy into one office could compromise the independence of those deciding when to investigate alleged wrongdoing by banks and others, critics of the move say.
October 22