• 06.06.19

    Operation Choke Point Lawsuit Comes to an End

    Putting an end to a 2014 lawsuit filed by payday lenders challenging the actions of federal regulators in Operation Choke Point, the Federal Deposit Insurance Corporation (FDIC) announced a resolution to the action.

  • 06.06.19

    Slow Burn: California Makes Another Attempt to Pass a Marijuana Bank Bill

    The movement to provide a limited bank charter to serve marijuana businesses in California inched forward when the California Senate approved SB 51 by an almost unanimous vote, sending the measure to the Assembly for review.

  • 06.06.19

    Supreme Court Sets Limits on CAFA Removal

    A third party brought into a lawsuit by a counterclaim filed by the original defendant is not entitled to remove the case to federal court under the Class Action Fairness Act (CAFA), the U.S. Supreme Court has ruled.

  • 05.22.19

    CFPB News: Donoghue Resigns, Enforcement Efforts, Constitutionality Affirmed

    In Consumer Financial Protection Bureau (CFPB or Bureau) news, there’s a major shakeup at the Bureau after Kristen Donoghue, a former Richard Cordray appointee who joined the CFPB back in 2011, resigned as the Bureau’s enforcement chief.

  • 05.22.19

    Federal Reserve, FDIC Enforcement Efforts

    In recent enforcement actions, the Board of Governors of the Federal Reserve System announced an order with a Japanese bank over weaknesses with respect to its New York branch’s Bank Secrecy Act / anti-money laundering (BSA/AML) and U.S. sanctions compliance programs and internal controls.

  • 05.22.19

    New DFS Office To Tackle Consumer Protection

    There’s yet another state CFPB, and this one could be significant. Joining Pennsylvania’s earlier effort, the New York Department of Financial Services (DFS) has just created a new office, the Consumer Protection and Financial Enforcement Division.

  • 05.22.19

    State AGs, ABA Back Bill On Financial Services For Cannabis

    Support continues to build for the Secure and Fair Enforcement (SAFE) Banking Act, with a coalition of 38 state and territorial Attorneys General as well as the American Bankers Association (ABA) writing to lawmakers to urge passage of the bill.

  • 05.08.19

    Passive-Aggressive: Federal Reserve Seeks Comment on Bank Control

    Seeking to increase the transparency of the rules for determining control of a banking organization, the Federal Reserve Board of Governors (Board) asked for public comment on a new proposal.

  • 05.08.19

    Second Circuit: Tribal Officials Must Face Suit

    The U.S. Court of Appeals, Second Circuit has ruled that an online tribal lender must comply with state interest rate and licensing laws, allowing a pair of borrowers to move forward with their suit against tribal officials.

  • 05.08.19

    From SEC to FinCEN Enforcement Everywhere

    Reminding financial institutions that a multitude of enforcers are at their doorstep, the Securities and Exchange Commission (SEC) announced a $3 million deal with an online lender.