Enforcement

The Consumer Financial Protection Bureau announced Thursday that it had fined one of the largest dealer-finance companies, CarHop, $6.5 million for inaccurately reporting consumer credit data.

A modern version of the Depression-era law would not only make banks safer, but it would also reduce compliance costs and erase the need for certain capital mandates.

WASHINGTON — The Consumer Financial Protection Bureau is seeking $1.85 million in fines and restitution from EOS CCA, a Norwell, Mass., debt collection firm accused of holding on to a tainted AT&T portfolio of old cellphone bills.

In a report assessing the impact of a 2009 reform law, the agency cited concerns on debt collection, deceptive rewards programs and so-called deferred interest products.

Unlike the high-profile hacking incidents at big banks, smaller institutions have their own breed of threats such as cyberextortion that they must focus on in strengthening their security.

Sage Bank in Lowell, Mass., has agreed to pay about $1.2 million to settle Justice Department allegations of discrimination against minorities in mortgage lending.

Broadway Financial Corp. in Los Angeles has been released from an enforcement action requiring it to improve its corporate governance.

The Senate is the next battleground for legislation requiring the Consumer Financial Protection Bureau to rescind 2013 guidance on indirect auto lending, but the bill may do nothing to slow enforcement efforts.

A report released by Republicans on the House Financial Services Committee accuses the CFPB of willfully overstepping the law to punish indirect auto lenders for alleged discriminatory practices that, the report says, are fair business.

Commercial and retail banking customers in some cases are being marginalized from the financial system, making de-risking a pressing social-policy issue, a Bank of America official said at a Clearing House conference.

In one instance, a single complaint in the Consumer Financial Protection Bureau's database was counted as 35 different ones while in another, a complaint against a payday lender was filed against an unrelated bank. Current and former officials say that's par for the course, leading to inflated complaint numbers and inaccurate data.

The Consumer Financial Protection Bureau is pushing back against a lawsuit from PHH Corp. that claims the agency erred in overturning an administrative law judge's recommendation to limit the amount of penalties it could face.

U.S. Bancorp has been hit with a consent order regarding deficiencies in its anti-money laundering compliance program.

Wells Fargo has agreed to pay $81.6 million to settle a federal investigation into its alleged failure to properly notify homeowners of increases in their mortgage payments.

Deutsche Bank agreed to pay $258 million to the Federal Reserve and New York’s Department of Financial Services, and to fire six employees, to resolve a probe into sanctions violations from 1999 to 2006 for allegedly handling transactions linked to Iran, Libya, Syria, Burma and Sudan.

Google, Amazon, Apple, PayPal and Intuit have joined forces to promote policies they say will foster greater innovation in financial services.

JPMorgan Chase agreed to pay California $50 million to resolve claims the bank cheated tens of thousands of credit-card customers while collecting debts from them, California Attorney General Kamala Harris said.

Bank of America has agreed to pay $335 million to settle a lawsuit claiming it misled shareholders about risky mortgages and its dependence on the electronic mortgage registry known as MERS.

First Horizon National Corp. in Memphis expects to be fined up to $11.5 million by federal arbitration panel, in a dispute over its sale of preferred-term securities to First United Corp. in Oakland, Md.

New York’s attorney general called on more than 90 banks including units of Toronto-Dominion Bank and HSBC Holdings to revamp customer screening procedures to give poor people better access to financial services.