News & Analysis as of

Regulatory Oversight Consent Order

Sheppard Mullin Richter & Hampton LLP

OCC Enters Consent Orders Against New York-based Bank

On May 14, the OCC entered into a formal agreement with a New York-based bank after determining that the institution is in “troubled condition.” In its findings, the OCC cited alleged unsafe or unsound practices tied to the...more

Sheppard Mullin Richter & Hampton LLP

FDIC and Maryland End Joint Consent Orders Against Regional Bank

On April 7, the FDIC and the Maryland Office of Financial Regulation terminated two consent orders against a regional bank headquartered in Maryland. The termination concludes joint federal and state enforcement actions that...more

Troutman Pepper Locke

Ohio AG Secures $16M Cleanup of Hazardous Glass

Troutman Pepper Locke on

On October 19, Ohio Attorney General (AG) Dave Yost filed a joint motion to enter into a consent order with two Columbus, OH properties, Garrison Southfield Park, LLC, and Olymbec USA LLC, settling claims that Garrison and...more

Kaufman & Canoles

Credit Union Client Alert – Wells Fargo Must Pay $250 Million Fine

Kaufman & Canoles on

The Office of the Comptroller of the Currency (OCC) issued a $250 million civil penalty against Wells Fargo Bank, NA for flaws in the bank’s home loan loss mitigation program. In addition, the OCC issued a cease-and-desist...more

Skadden, Arps, Slate, Meagher & Flom LLP

The Distributed Ledger: Blockchain, Digital Assets and Smart Contracts - October 2020

Recent and significant regulatory and legislative events in the digital asset space demonstrate the evolving and expanding approach by U.S. and international regulators to the burgeoning digital asset markets. These...more

Polsinelli

Recent Regulatory Actions Against TPAs (UPDATED)

Polsinelli on

The Kansas Insurance Department (“Kansas Department”) recently issued a Summary Order against a Missouri-domiciled third party administrator (“Company”) revoking the Company’s Kansas non-resident TPA license....more

Wilson Sonsini Goodrich & Rosati

FTC Data Security Settlement with Auto Dealer Software Provider Goes Further than Ever Before - Provides Detailed Specifications...

On June 12, 2019, the Federal Trade Commission (FTC) announced it had reached a proposed settlement with LightYear Dealer Technologies, LLC (doing business as "DealerBuilt") over allegations that the automobile software...more

Polsinelli

Recent Regulatory Actions Against TPAs

Polsinelli on

Recently, two state insurance departments took action against third party administrators in their respective states based on their failure to be properly licensed. These regulatory actions demonstrate the importance for TPAs...more

Burr & Forman

Do We Want the CFPB to Regulate the Practice of Law?

Burr & Forman on

On April 25, the Consumer Financial Protection Bureau (“CFPB”) entered into a Consent Order with a New Jersey debt collection law firm, Pressler & Pressler, LLP, and two of its managing partners, Sheldon H. Pressler, and...more

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