Law and legal issues

The agreement with plaintiff MBIA Insurance resolves a lawsuit tied to the sale of mortgage-backed securities that plummeted in value during the 2008 financial crisis.

A federal judge denied the Office of the Comptroller of the Currency's motion to have the case thrown out, saying concerns about the agency's rulemaking process to reform the Community Reinvestment Act have merit.

The company also reported a large fourth-quarter loss that reflected a significant increase in its loan-loss provision.

The Maryland company agreed to improve its risk and compliance controls, estimating that it will cost $2 million to make changes.

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.

Driver Management will try for a second straight year to gain a board seat at First United.

Some of the world’s biggest banks are urging a U.S. judge not to immediately terminate Libor after a group of borrowers filed suit claiming the benchmark was the work of a “price-fixing cartel.”

The CFPB issued two rulemakings in 2020 that the financial services industry and consumer advocates hoped would finally clarify key issues over how collectors contact debtors and deal with legacy debts. But both sides want the incoming Biden administration to make further changes.

The new legislation includes a provision sparing lenders from having to pay such fees on Paycheck Protection Program loans, except in cases where they agree in advance with borrower representatives to do so.

The Pittsburgh bank says the data aggregator deceptively uses PNC's logo in obtaining bank customers' login credentials.

The agency's rule outlines steps collectors must take to inform consumers about an outstanding debt, and prohibits companies from pursuing lawsuits after a statute of limitations has ended.

Bansley & Kiener, without admitting wrongdoing, agreed to pay $2.5 million to address allegations that lax oversight contributed to the 2017 collapse of Washington Federal Bank for Savings.

A trial to get underway this week over one of the biggest banking errors in recent memory will be closely watched on Wall Street, and its outcome could have a significant impact on the industry.

The president-elect has legal backing to fire Director Kathy Kraninger thanks to a recent court ruling, but Republicans are prepared to challenge his ability to choose her successor.

The Ohio company will benefit after settling unpaid judgments tied to nonperforming loans at a bank it bought before the last financial crisis.

Former CEO John Stumpf agreed to pay a $2.5 million penalty to settle civil charges tied to the bank’s fake-accounts scandal. Former community bank head Carrie Tolstedt did not agree to a settlement and is now facing a lawsuit that alleges she committed fraud.

A former Fifth Third executive recently accused the company of failing to deliver on a promise to make him president because he’s in his mid-50s. The case offers important lessons in hiring and succession planning as the banking industry cuts costs and seeks out younger, digital-savvy managers.

Women suing Goldman Sachs Group for gender discrimination are going after any internal documents with words like “babe,” “bimbo” or worse that they say would show bias by executives who administered the bank’s promotion and evaluation policies.

The company said one of its regulators may impose a civil money penalty related to compliance deficiencies in its advisory business and other areas. The matter echoes a recent fine imposed on Citigroup, one expert says.

Giant banks have racked up more than $4 billion in U.S. penalties in a wave of settlements weeks before the presidential election. That says a lot about an industry that once vowed to behave after the 2008 financial crisis — and about the regulatory risks it sees ahead.