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Posted Date: Friday, May 10, 2024
State and federal regulators entered into a written agreement with First Citizens Bank of Butte requiring the Montana-based financial institution to address deficiencies in its risk management policies and practices to comply with Bank Secrecy Act/anti-money laundering regulations under the Dodd-Frank Act. Read on »
Posted Date: Tuesday, May 7, 2024
Houston’s largest credit union, Texas Dow Employees Credit Union, recently entered into an agreement to acquire Sabine State Bank and Trust Co., a commercial bank with more than $1.2 billion in total assets. Mergers involving tax-exempt credit unions acquiring banks have been a source of contention and legal debate in the past, and this one is no exception. Read on »
Posted Date: Tuesday, April 16, 2024
The Consumer Financial Protection Bureau issued a statement expressing support for state-level Community Reinvestment Act rules proposed by the Illinois Department of Financial and Professional Regulation. The bureau commended the state’s efforts to tailor reinvestment obligations to its needs and urged it to adopt the proposal. Read on »
Posted Date: Friday, April 12, 2024
To facilitate information sharing regarding nonbank mortgage companies, the Federal Housing Finance Agency (FHFA) and the Conference of State Bank Supervisors entered into a memorandum of understanding establishing protocols between state financial regulators and the FHFA. Read on »
Posted Date: Tuesday, April 9, 2024
The National Association of Industrial Bankers, American Financial Services Association, and the American Fintech Council brought suit against the state of Colorado over the state “opting out” from a section of federal banking law, resulting in out-of-state lenders being subject to the state’s rate cap.
Should the bill take effect as planned on July 1, Colorado would be able to subject out-of-state lenders to the state’s rate cap. The trade groups argued this law exceeds the state’s authority and conflicts with the U.S. Constitution’s Supremacy and Commerce Clauses. Read on »
Posted Date: Tuesday, April 2, 2024
The acceleration of technology has spurred federal and state agencies to consider ways of enhancing their capacity to enforce consumer protection laws in the ever-transforming digital landscape.
The Consumer Financial Protection Bureau and the Federal Trade Commission were among the federal agencies to issue separate statements detailing agency-specific plans for staffing and approaches applicable to emerging technology. Read on »
Posted Date: Tuesday, March 26, 2024
In Cantero v. Bank of America, petitioners asked the U.S. Supreme Court whether a New York statute requiring mortgage lenders to pay a minimum interest rate on funds held in mortgage-escrow accounts is preempted by the U.S. Constitution. Read on »
Posted Date: Friday, March 22, 2024
As New York considers legislative reforms to strengthen the state’s laws intended to protect consumers against unfair, deceptive, or abusive tactics, the Consumer Financial Protection Bureau expressed strong support for such a measure in identical letters to state leaders. Read on »
Posted Date: Tuesday, March 19, 2024
Chime Financial, Inc. was ordered to pay a $2.5 million penalty to settle claims concerning its mishandling of complaints involving customer transactions. The California Department of Financial Protection and Innovation cited the company for unfair acts, as defined by the California Consumer Financial Protection Law. Read on »
Posted Date: Tuesday, March 12, 2024
A group of loan officers filed a class action lawsuit against Loan Factory for using their personal information and likenesses on its website without consent to drum up business. The plaintiffs claimed they never even worked with the San Jose, Calif.-based mortgage brokerage firm. Read on »
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