Enforcement

The agency said lenders should avoid reporting delinquent payments to credit bureaus for consumers who have sought payment relief due to the pandemic.

The reprieve from mortgage data collection was among several changes to the agency’s supervisory and enforcement procedures to help firms responding to the COVID-19 pandemic.

The COVID-19 pandemic has already given rise to false marketing of test kits and criminals impersonating the FDIC. Consumer advocates say the bureau could issue alerts as well as empower banks to help safeguard their customers’ funds.

Sens. Sherrod Brown and Elizabeth Warren criticized Director Kathy Kraninger for not issuing any public enforcement actions against auto lenders during her tenure.

The bank’s former chair expressed regret over comments attributed to her in a House report, while Democrats and Republicans butted heads over whether the hearing was necessary.

The Trump administration proposes cutting personnel and other budgetary items at the bureau, while the agency’s director — who controls the purse strings and was hand-picked by the administration — aims to boost spending and hire more employees.

Members of the House Financial Services Committee chastised Kathy Kraninger for not supervising student loan servicers and failing to examine firms for compliance with the Military Lending Act.

Members of the House Financial Services Committee chastised Kathy Kraninger for not supervising student loan servicers and failing to examine firms for compliance with the Military Lending Act.

The two agencies said they will exchange student loan complaint data after their information-sharing efforts had been in limbo for over two years.

The agency has named Thomas G. Ward as the bureau's assistant director for enforcement. House Democrats have questioned Ward's role as a political appointee in the Trump administration.

The agency has named Thomas G. Ward as the bureau’s assistant director for enforcement. House Democrats have questioned Ward's role as a political appointee in the Trump administration.

Wells Fargo's main regulator is preparing civil charges against former managers related to their roles in its retail banking scandals, people familiar with the matter said.

Several former high-level Wells Fargo executives are under criminal investigation in connection with the bank's fake-accounts scandal and could be indicted as soon as this month.

Two former officials were sentenced to five years each for falsifying travel expenses and lying to authorities.

Lenders contend the proposal goes beyond policing third-party debt collectors and could expose banks to enforcement actions and lawsuits.

Readers react to the FDIC's fine against a bank over a 5-year-old consent order, Regions Financial's about-face on acquisitions, HUD's promotion of a controversial CFPB official and more.

Readers react to Sen. Warren's call for banks to fund her Medicare plan, a proposal requiring big-bank CEOs to testify before Congress, federal regulators lacking Trump appointees on their board and more.

Santander Consumer is planning to attract online deposits via a national platform that could rival Goldman Sachs’s Marcus; HSBC is now in retrenchment mode after aiming for growth.

Banks need to understand that examiners' job is to call it like they see it.

The consumer agency is investigating Bank of America over “potentially unauthorized” accounts; why fintech rollouts are magnets for fraud; KeyCorp’s Beth Mooney to retire next year; and more from this week’s most-read stories.