Enforcement

Congress should consider placing restrictions on the Financial Crimes Enforcement Network as the agency targets foreign banks it deems money laundering risks.

The U.K. Government is ramping up its efforts in supporting the country’s fintech industry, announcing Monday initiatives to create a fintech strategy unit and information hub for startups.

Goldman Sachs will pay $5.1 billion to settle a U.S. probe into its handling of mortgage-backed securities involving allegations that loans weren't properly vetted before being sold to investors as high-quality bonds.

Speaking before the Senate Banking Committee, CFPB Director Richard Cordray said fintech companies should be held to the same standards as depository institutions. At the hearing, Cordray fielded questions on payday loans, indirect auto lending and regulation by enforcement rather than rulemaking.

As actions such as Operation Choke Point continue, the government should acknowledge the tension institutions face between serving a community and facing increased regulatory scrutiny.

GOP lawmakers and witnesses at a Senate Banking Committee hearing pointedly criticized the Consumer Financial Protection Bureau on Tuesday, setting the stage for a likely contentious hearing with the agency's director later in the week.

The U.S. Supreme Court's decision last week not to review a mortgage-backed securities lawsuit renewed interest in a long-brewing legal conflict over the mandate of the Financial Institutions Reform, Recovery, and Enforcement Act.

The Consumer Financial Protection Bureau has amassed more than $300 million in so-called "unobligated balances" in its civil penalty fund, driven by a bumper crop of penalties against financial institutions in the past year. Some are questioning why the balances remain so large, year after year.

The Dallas-based subprime consumer lender backed off controversial changes to its method for calculating its quarterly provisions for loan losses, forcing it to revise earnings downward for the last two years. It also announced that it had found more accounting issues.

The Consumer Financial Protection Bureau on Wednesday ordered a San Diego student debt relief company to shut its operations, cancel all contracts and cease participating in the industry.

Wells Fargo has agreed to pay the state of California $8.5 million to settle a probe into its failure to tell consumers it was recording their calls.

Treasury Secretary Jack Lew warned Wednesday that over using economic sanctions could saturate their potency, driving commerce away from the U.S. and threatening the U.S. dollar's status as the world’s reserve currency.

Freedom Bank in Columbia Falls, Mont., has been released from a consent order that the FDIC and the Montana Division of Banking and Financial Institutions had implemented in December 2009.

WASHINGTON – Four Democratic senators sent a letter on Thursday to federal financial regulators asking for clear guidance on how banks can serve the marijuana industry.

Hackers linked to the Iranian government launched a series of cyber-attacks on U.S. financial institutions including Bank of America Corp. and the New York Stock Exchange, federal prosecutors say.

The former chief executive of a failed bank in Lincoln, Neb., was sentenced to 11 years in prison for forming a scheme to hide more than $100 million in losses from shareholders and regulators.

The Consumer Financial Protection Bureau on Wednesday issued an advisory for banks and credit unions on how to prevent and respond to elder abuse.

Military families and service members are submitting debt collection complaints at twice the rate of other consumers, the Consumer Financial Protection Bureau said Tuesday in a report.

The Consumer Financial Protection Bureau claimed victory Friday in resolving a long-standing lawsuit against the bankrupt Nevada debt-relief company Morgan Drexen, which preemptively sued the agency in 2013.

Lawmakers sharply criticized the Federal Deposit Insurance Corp. on Wednesday over a watchdog report that said the agency used abusive tactics to stop banks from offering refund anticipation loans.