On August 5, a prominent investment brokerage firm disclosed in a quarterly filing that it has been responding to requests from the SEC since April related to the firm’s practice of sweeping uninvested customer account...more
On May 16, the Maryland Office of Financial Regulation (“OFR”) announced a settlement with a Missouri-based bank and its fintech partners for engaging in unlicensed lending, credit repair, and debt collection activities....more
In December, the CFPB brought a series of three separate enforcement actions against several financial services companies alleging a range of violations of federal consumer protections laws....more
1/29/2024
/ Banking Sector ,
Civil Monetary Penalty ,
Consent Order ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Protection Laws ,
Damages ,
Debt Collection ,
Department of Justice (DOJ) ,
EFTA ,
Enforcement Actions ,
Fair Credit Reporting Act (FCRA) ,
Fair Housing Act (FHA) ,
FDCPA ,
Financial Services Industry ,
ILSFDA ,
Popular
On April 26, an association of Texas state banking organizations and a Texas minority depository institution filed a joint complaint against the CFPB in Texas federal court seeking to invalidate a recently finalized agency...more
5/5/2023
/ Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Data Collection ,
Depository Institutions ,
Enforcement ,
Fair Lending ,
Lenders ,
LGBTQ ,
Minorities ,
Reporting Requirements ,
Small Business Loans ,
Women-Owned Businesses
On January 27, the Federal Reserve Board (FRB) announced that it unanimously voted to deny a crypto firm’s application to become a member of the Federal Reserve System. This denial ends the crypto firm’s 27-month effort to...more