• 12.05.18

    FTC Sends Money Transfer Service $125M Penalty, Expanded Order

    An international money transfer service must pay $125 million after it failed to take the steps required in a 2009 consent order it had agreed to with the Federal Trade Commission (FTC) and a 2012 Deferred Prosecution Agreement (DPA) entered into with the Department of Justice (DOJ).

  • 11.07.18

    Latest BSA/AML Penalty: $100M From OCC

    On October 23, 2018, the Office of the Comptroller of the Currency (OCC) assessed a $100 million civil money penalty against a national bank primarily known for its issuance of credit cards, for failing to comply with a 2015 consent order requiring the financial institution to timely remedy ...

  • 10.24.18

    Federal Banking Agencies Encourage BSA/AML Collaboration

    Community banks and smaller financial institutions take note: The five federal banking agencies are encouraging banks and credit unions to enter into collaborative arrangements to share resources to more effectively and efficiently manage their Bank Secrecy Act/anti-money laundering (BSA/AML) ...

  • 06.20.18

    Federal Reserve Governor Talks Digital Innovations

    How will digital innovations impact the financial system? Speaking at the Decoding Digital Currency Conference sponsored by the San Francisco Federal Reserve Bank, Federal Reserve Board Governor Lael Brainard discussed cryptocurrencies, digital currencies and distributed ledger technologies.

  • 06.06.18

    Short-Term Lending: Think Small, as OCC Nudges Banks

    Not long after the CFPB’s acting director put the brakes on tough payday lending rules, the Trump administration likewise signaled that banks should move back into the $90 billion business.

  • 04.27.18

    Treasury Department: Bringing the CRA Into the 21st Century

    The U.S. Department of the Treasury has published recommendations for modernizing the Community Reinvestment Act (CRA), offering proposals to the Federal Reserve Board of Governors, the Federal Deposit Insurance Corp. (FDIC) and the Office of the Comptroller of the Currency (OCC) to better align ...

  • 02.01.18

    Scrutiny for Online Lending in New York

    The New York Department of Financial Services (DFS) may be taking a closer look at online lending, thanks to bills pending in the state legislature.

  • 11.30.17

    Deceptive Marketing Practices Cost Bank $5M

    A state-chartered bank based in Missouri must pay $5 million pursuant to a Consent Order with the Board of Governors of the Federal Reserve System resulting from charges of deceptive marketing practices.

  • 08.03.17

    DFS Provides Answers to Cybersecurity FAQs

    Hoping to provide greater clarity to financial institutions subject to its new cybersecurity requirements, New York’s Department of Financial Services (DFS) published a Frequently Asked Questions (FAQ) document to assist those institutions as the Aug. 28, 2017, compliance deadline looms.

  • 08.03.17

    Will the CFPB’s Arbitration Rule Survive?

    As previously reported, the Consumer Financial Protection Bureau (CFPB) released its new rule prohibiting the use of mandatory arbitration clauses that foreclose group lawsuits.