Bank Notes

  • August 20, 2019
    On Tuesday, August 20, 2019, the FDIC issued a press release on approving a notice of proposed rulemaking that would amend the deposit insurance assessment regulations that govern the use of small bank assessment credits and one-time assessment credits. Small bank credits were awarded to insured depository institutions (IDIs) that had less than $10 billion in assets, and that contributed to the...
  • August 20, 2019
    On Tuesday, August 20, 2019, the Board of Directors of the FDIC approved an interagency final rule to simplify and tailor requirements relating to Section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, commonly known as the "Volcker Rule." The Volcker Rule generally prohibits banking entities from engaging in proprietary trading and from owning or controlling hedge funds or...
  • July 25, 2019
    On Thursday, July 25, 2019, the CFPB and the New York Attorney General filed proposed settlements with multiple debt collection groups for violations of the FDCPA. The Bureau and the New York Attorney General alleged that since at least 2009, the debt collection companies together purchased millions of dollars’ worth of consumer debt, inflated those consumer debts, and relied on illegal tactics...
  • July 22, 2019
    On Monday the Bureau, FTC, and 48 states announced a settlement with Equifax that will provide up to $700 million in monetary relief and penalties. In a complaint and proposed stipulated judgment filed in federal district court in the Northern District of Georgia, the Bureau alleges that Equifax engaged in unfair and deceptive practices in connection with the 2017 data breach of Equifax’s systems...
  • July 22, 2019
    On Monday, July 22, 2019, the U.S. Department of the Treasury’s Office of Terrorism and Financial Intelligence, the federal bank regulatory agencies and the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a joint statement as part of continuing efforts to improve transparency into their risk-focused approach to Bank Secrecy Act (BSA)/anti-money laundering (...
  • July 9, 2019
    On Tuesday, July 9, 2019, the CFPB settled its lawsuit against Freedom Debt Relief, LLC , the nation’s largest debt-settlement services provider. The Bureau’s lawsuit alleged that Freedom Debt Relief violated the Telemarketing Sales Rule by charging advance fees and failing to inform consumers of their rights to funds they deposited with the company. The Bureau also alleged that Freedom Debt...
  • June 10, 2019
    On Wednesday, May 22, 2019, the FDIC issued a press release regarding resolving a lawsuit with Advance America, Cash Advance Centers, Inc.; Check Into Cash, Inc.; and Northstate Check Exchange. Advance America et al. v. Federal Deposit Insurance Corporation et al. (D.D.C.). The lawsuit had alleged terminations of payday lender bank accounts. In exchange for the plaintiffs’ agreement to dismiss...
  • June 5, 2019
    On Wednesday, June 5, 2019, the CFPB announced a settlement with Freedom Mortgage Corporation for violations of HMDA and Regulation C. Freedom is one of the nation’s largest reporters, and reported inaccurate race, ethnicity, and sex information and that much of Freedom’s loan officers’ recording of this incorrect information was intentional. For example, certain loan officers were told by...
  • June 4, 2019
    On Tuesday, June 4, 2019, the OCC issued a press release announcing that national banks and federal savings associations (FSAs) with consolidated assets between $100 billion and $250 billion will not be subject to the Dodd-Frank Act Stress Test (DFAST) requirements as of November 24, 2019, the OCC extended the deadline for compliance with the DFAST requirements for those banks to November 25,...
  • May 30, 2019
    On Thursday, May 30, 2019, the FDIC issued a press release reporting that Commercial banks and savings institutions insured by the FDIC reported aggregate net income of $60.7 billion in first quarter of 2019, up $4.9 billion (8.7 percent) from a year earlier. The increase in net income was mainly attributable to a $7.9 billion (6 percent) increase in net interest income. Financial results for...

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