Litigation

Mary Mack testified last week about the cultural problems she encountered after joining the bank's consumer unit in 2016. Recalling small group meetings she held with employees, she said: "People would stand up, and they were fearful."

The levy targets large financial institutions as a source of revenue. Industry groups argued that it discriminates against out-of-state banks, but the Washington Supreme Court disagreed.

Square, the mobile payments company, has joined with other tech companies in a cross-licensing platform to reduce patent lawsuits over cryptocurrency and promote the growth of digital currencies.

A predecessor bank, Allegiant Bancorp of St. Louis, was accused of fraud and breach of fiduciary duty in connection with a scheme run by a seller of funeral contracts.

The bureau said two rules related to communications with debtors will go into effect as originally planned on Nov. 30. The agency had previously proposed an extension to consider consumer advocates' concerns about the regulations.

A three-judge panel determined that a lower-court ruling against two law firms specializing in mortgage repair had used the wrong measure to calculate restitution.

DMB Financial, a debt-settlement firm near Boston that operates in 24 states, agreed to pay $5.4 million in restitution to consumers for allegedly charging upfront fees before providing any service, the CFPB said.

Collectors are mulling a procedural overhaul after a three-judge panel said the practice of using vendors to inform consumers about outstanding debts is illegal. The case may also complicate the CFPB's upcoming rule on electronic messaging.

Less than two years after shutting down its biggest business amid fraud allegations, the Michigan company has sold branches, settled a shareholder lawsuit and returned to profitability under turnaround specialist Thomas O’Brien.

The state's Department of Financial and Professional Regulation will reduce assessments by 61% this year because of overpayments in 2020, helping state-chartered credit unions deal with economic fallout from the pandemic.

The Consumer Financial Protection Bureau disputes a district court ruling that misconduct claims against the company were already covered by a previous settlement.

The Maryland company is closer to addressing claims it lacked sufficient controls under its previous management.

The company paid Driver Opportunity Partners nearly $10 million for the shareholder's stock and to resolve a longstanding legal battle.

Four former employees and several clients of Washington Federal Bank for Savings face charges of falsifying records to conceal the embezzlement of $31 million prior to the bank's December 2017 collapse.

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

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.

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.

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.