Bank Notes

  • September 25, 2019
    On Wednesday, September 25, 2019, the Bureau filed a lawsuit in the federal district court in the District of Maryland against FCO Holding, Inc. and its subsidiaries. The entities are Maryland-based debt collectors that operate collectively under the name Fair Collections & Outsourcing and FCO. Also named in the Bureau’s lawsuit is Michael E. Sobota, the chief executive officer, president,...
  • September 23, 2019
    On Monday, September 23, 2019, the FDIC's Office of the Ombudsman published its 2018 Annual Report outlining the office’s structure, outreach activities, and goals. "Engaging with our stakeholders helps the FDIC maintain strong working relationships and assists in identifying potentially recurring questions or issues that may warrant policy or process changes at the FDIC," said FDIC Ombudsman M...
  • August 21, 2019
    On August 21, 2019, the FDIC published a Notice of Proposed Rulemaking seeking comment on proposed revisions to its regulations relating to interest rate restrictions that apply to less than well-capitalized depository institutions. The proposed rule amends the methodology for calculating the national rate and national rate cap for specific deposit products as the higher of (1) the 95 th...
  • 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...

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