Enforcement

After the agency pulled back on fair-lending enforcement in the Trump administration, interim Director Dave Uejio has made clear his intent to use the “disparate impact” standard to launch more anti-discrimination probes.

The software company in a court filing reiterated its argument that XRP is a virtual currency that doesn't need to be registered.

Dave Uejio, acting director of the Consumer Financial Protection Bureau, promised to protect veterans from predatory loans and to crack down on companies that improperly garnish stimulus checks or mistreat struggling borrowers.

The agency has amassed more in fines than it has returned to wronged customers. With Democrats now in power, some hope the bureau will allocate the unused money more aggressively.

The OCC had hit James Strother and other executives with civil charges a year ago in connection with the bank's phony-accounts scandal. His monetary penalty is lower than what the agency had first floated.

Now that Democrats have won control of the Senate following the Georgia runoffs, experts say tax increases, progressive regulators and stricter congressional oversight await. Still, there could be some positives for banks, too.

The agency said Omni Financial in Las Vegas illegally required service members to designate a portion of their paychecks to repay loans, depriving of them of other payment options.

The Securities and Exchange Commission last week accused Ripple of breaking securities laws, raising questions about the future of banks' ties with the company.

The company’s noninterest expenses are expected to rise more than $500 million next year, largely because of a revamp of risk management and internal controls mandated by regulators.

The Consumer Financial Protection Bureau has taken a hands-off approach to servicers during the pandemic. But with forbearance plans set to expire and President-elect Biden likely to appoint new CFPB leadership, companies lacking aggressive plans to help borrowers could face tougher enforcement.

President-elect Joe Biden will likely have to contend with a Republican-controlled Senate. That could have important implications for his approach to financial services policy.

The Office of the Comptroller of the Currency says JPMorgan Chase’s fiduciary unit lacked sufficient controls to manage risk and avoid conflicts of interest.

Warren Buffett's company has been pulling back from the scandal-ridden bank as it prepares to unveil strategic changes.

“We’re going to be looking at … what caused us to not be able to close some of these gaps in the past,” Citigroup's new Chief Administrative Officer Karen Peetz says of the effort to fix shortcomings in internal controls that have plagued the company for years.

The agency’s final rule modernizing the Fair Debt Collection Practice Act limits calls to seven per week, but collectors won stronger protections from liability claims and other key changes to the original proposal.

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.

Examiners are skilled at spotting trouble but often do too little to correct it, as the latest revelations about Citi once again show. Prompt supervisory intervention is essential to protecting the integrity of the financial system.

CEO Michael Corbat and CFO Mark Mason dodged questions from analysts about how much time and money Citigroup expects to spend to address recent enforcement actions.

The agency had raised concerns in the Obama administration about kickbacks in the marketing pacts between mortgage lenders and other providers, but the agency's recent guidance says the deals are legally viable.

The company's mistaken payment to Revlon creditors and other lapses are said to have contributed to Citi's recent leadership shake-up. On Wednesday, the OCC and Fed ordered the company to fix its risk management problems.