• 12.08.16

    Trump Administration Gears Up for Financial Services Changes

    With the new administration weeks from taking over, President-elect Donald J. Trump's transition team is getting ready to make changes in the financial services industry, including a potential overhaul of the Dodd-Frank Act and a reduction in corporate tax rates.

  • 11.10.16

    OCC Embraces "Responsible Innovation" With New Office, Framework

    The Office of the Comptroller of the Currency (OCC) announced plans to establish an office dedicated to responsible innovation, accompanied by a formal framework to "improve the agency's ability to identify, understand, and respond to financial innovation affecting the federal banking ...

  • 10.13.16

    California's DBO Hits LendUp With Action, Fine

    California's Department of Business Oversight (DBO) reached a $2.68 million settlement with LendUp recently, a deal based on the regulator's allegations that the firm charged illegal fees and committed other "widespread" violations of state law.

  • 10.11.16

    Court to CFPB: Unconstitutional and Wrong on RESPA

    In a landmark decision impacting the consumer financial services industry and beyond, a three-judge panel of the U.S. Court of Appeals for the D.C. Circuit has declared unconstitutional a core component of the structure of the Consumer Financial Protection Bureau (CFPB), and overturned a $109 ...

  • 09.29.16

    CFPB Flunks For-Profit Education Company, Orders $31M Payment

    Continuing its recent focus on student lending, the Consumer Financial Protection Bureau (CFPB) ordered a for-profit college company to provide loan forgiveness and refunds of more than $23 million, adding an $8 million civil money penalty on top.

  • 09.15.16

    OCC, CFPB Charge Bank With Illegal Credit Card Practices

    Two regulators have forced one bank to pay $35 million for allegedly improper credit card practices—including fines owed to both the Office of the Comptroller of the Currency (OCC) and the Consumer Financial Protection Bureau (CFPB).

  • 09.01.16

    FDIC on Marketplace Lending, Supervisory Appeals and Communication

    The latest regulator attempting to rein in controls on the marketplace lending industry is the Federal Deposit Insurance Corp. (FDIC). Marketplace lending to consumer borrowers generally runs through state-chartered banks. The FDIC is in the unique position of being able to regulate ...

  • 08.04.16

    Overdraft Service Program Costs Bank $10M in CFPB Fine

    Overdraft services practices were the basis for a $10 million fine from the Bureau of Consumer Financial Protection (CFPB) in a recent action against a national bank operating primarily in the northeast.

  • 07.21.16

    Network Rules Occupy Second Circuit, U.S. Supreme Court

    Issues surrounding network rules made headlines recently, with the Second Circuit Court of Appeals rejecting a $7.25 billion deal between Visa and MasterCard and approximately 12 million merchants claiming the networks worked together to fix credit and debit interchange fees, as well as the U.S. ...

  • 07.08.16

    A Different Approach to Regulatory Relief

    Community banks indeed need regulatory relief. Regulators generally agree, but their hands are tied as a decadelong enforcement environment drags on. Meanwhile, financial technology (fintech) firms assert they should not be subject to banking-type regulatory supervision as long as they are not ...

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