Enforcement

Santander Bank will pay a $10 million fine for charging illegal overdraft fees and for signing up consumers for overdraft services without their consent, the Consumer Financial Protection Bureau said Thursday.

The Consumer Financial Protection Bureau said Thursday that it paid $24.5 million in restitution to consumers after uncovering illegal activities in auto finance and payment firms in the first four months of this year.

BancorpSouth Bank agreed Wednesday to a $10.6 million settlement with the Consumer Financial Protection Bureau and the Justice Department for allegedly discriminatory mortgage lending practices that harmed minorities.

Evidence that regulators consider institution size when evaluating accounting compliance should encourage banks worried about the new loan-loss reserving standard.

New York senators approved Vullo Wednesday as the superintendent of the New York State Department of Financial Services, a year after the exit of the last permanent superintendent.

Mortgage lenders, debt collectors and credit card companies have borne the brunt of the Consumer Financial Protection Bureau's public enforcement actions over the past four years, yet banks have paid the most in penalties and restitution, according to a new study released by an agency insider.

Bank of New York Mellon will pay a $30 million penalty to the U.S. Securities and Exchange Commission in a settlement related to the bank's pricing of foreign-exchange transitions.

Without the Consumer Financial Protection Bureau setting specific debt collection guidelines — including what technology agencies can use — the industry will continue a practice that harms consumers: lawsuits.

The Consumer Financial Protection Bureau filed a lawsuit Monday against payment processer Intercept Corp. and its two top executives for allegedly enabling clients to withdraw millions of dollars' worth of illegal charges from consumer bank accounts.

The Inspector General for the Department of Housing and Urban Development Inspector General is not backing down on his concerns about premium pricing associated with the down payment assistance programs by the Federal Housing Administration.

The Department of Housing and Urban Development is telling lenders that down payment assistance programs still qualify for FHA backing despite concerns raised last year by HUD's inspector general.

Citigroup will pay $425 million to resolve U.S. Commodity Futures Trading Commission claims that the bank attempted to manipulate global benchmarks for interest rate products multiple times from 2007 to 2012.

FHFA Director Mel Watt also reiterated concerns regarding insurance companies and large bank members, saying that some Home Loan Banks have large exposures to a few individual members.

The Consumer Financial Protection Bureau is making an end run around existing regulations to collect new data on overdraft programs, the American Bankers Association claims.

Bank of America Corp.'s Countrywide Financial unit was exonerated of allegations that it sold defective residential mortgage loans to Fannie Mae and Freddie Mac with an appeals court throwing out a judgment against the bank of more than $1.2 billion.

The nascent industry's early success will mean very little if these new companies don't take necessary steps to position themselves for the long term.

The Justice Department filed suit Thursday against Guild Mortgage, arguing the firm violated the False Claims Act by improperly originating and underwriting Federal Housing Administration loans.

Bank of America and Deutsche Bank AG were among five banks sued over claims that traders conspired to manipulate the market in agency bonds, which is made up of an estimated $9 trillion of debt issued by government entities and institutions like the World Bank.

WASHINGTON -- M&T Bank has agreed to pay $64 million to settle U.S. government allegations that it originated defective Federal Housing Administration insured loans over a five-year period.

The Office of the Comptroller of the Currency's recent white paper is a great first step in promoting innovative collaboration between banks and fintech, but companies need clearer guidelines on what regulators expect of them.