Remove Consumer Financial Protection Bureau (CFPB) Remove Laws Remove Office of the Comptroller of the Currency
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Fifth Third Bank Sued By CFPB Over Fake Accounts

PYMNTS

The Consumer Financial Protection Bureau (CFPB) filed a lawsuit against Cincinnati-based Fifth Third Bancorp alleging that employees opened accounts for customers without their consent in an effort to reach sales targets, according to reports on Tuesday (March 10). The CFPB filed a complaint with the U.S.

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Federal Agencies Ask Lenders To Offer Small Loans To Ease Coronavirus Impact

PYMNTS

In a joint statement issued on Thursday (March 26), the Federal Reserve’s Board of Governors, Consumer Financial Protection Bureau (CFPB), Federal Deposit Insurance Corp.

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CFPB Set To Sue Santander Over Auto Protection Product

PYMNTS

The Consumer Financial Protection Bureau (CFPB) is gearing up to sue Spain-based Santander Bank, claiming the bank has overcharged its car loan customers. Citing sources familiar with the CFPB’s plans, Reuters reported that the CFPB suit could happen as soon as Monday (Nov.

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CFPB And OCC Confirm Wells Fargo’s $1B Fine

PYMNTS

I am especially pleased that we were able to work closely and effectively with our colleagues at the OCC, and I appreciate the key role they played in the negotiations,” Consumer Financial Protection Bureau Acting Director Mick Mulvaney said in a statement. “As That is what we did here.”.

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Wells CEO Faces Hill Grill On Account Scandals

PYMNTS

Chairwoman Waters highlighted the fact that the OCC has pointed to tens of thousands of cases requiring remediation for consumer abuse. He said in his testimony that the business model had been flawed. Scharf said there was “an enormous amount of resources working on it … I cannot give you a timeframe.”.

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Regulatory Chessboard Reconfigured: New Leadership Set to Shape Financial Oversight

Innovative Payments Association

Jonathan McKernan, the CFPB nominee, was nominated to head the CFPB on Feb. If confirmed, he will return to the FDIC board, along with the Comptroller. The by-laws of the Board say that not more than three of the five-member board can be from one political party. He previously served on the FDIC Board.

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Proposed Bill Would Reform Bank Exam Processes

Global Fintech & Digital Assets

The director may determine the merits of the appeal, or at the election of the financial institution, refer the appeal to an administrative law judge appointed by the FFIEC to conduct a hearing. In any hearing, neither the director nor the administrative law judge could defer to the opinions of the examiner or agency.

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