Takeaways for Banks from the CFPB’s Recent Consent Order on Garnishment Orders
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The FCA has published a report setting out its findings from follow-up work on payment account access and closures, together with the results of independent research on the experiences some of the most financially excluded...more
The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) amended the Cuban Assets Control Regulations (CACR), 31 CFR Part 515, to promote internet freedom in Cuba, support independent Cuban private-sector...more
On November 15, the CFPB announced a consent order against a Chicago-based small-dollar lender for allegedly violating a 2019 order and by independently violating the CFPA. According to the 2019 consent order, the respondent...more
2023 is proving an eventful year for Singapore anti-money laundering legislation. In the first half of this year, the Ministry of Home Affairs (MHA) proposed two bills, intended to strengthen the country’s legal framework...more
The Consumer Financial Protection Bureau (CFPB) warned banks that unilaterally re-opening consumer accounts after account closure could constitute an unfair act or practice and the Securities and Exchange Commission’s (SEC)...more
Instead of debating whether there is (or will be) a banking crisis, what can you as a business owner do to protect bank accounts in a time of uncertainty? There are several practical tips to keep in mind while assessing your...more
On March 10, 2023, Silicon Valley Bank (SVB) was closed by the California Department of Financial Protection & Innovation, with the Federal Deposit Insurance Corporation (FDIC) appointed as receiver....more
On Friday morning, regulators closed Silicon Valley Bank (SVB), roiling the startup world and creating uncertainty about the availability of deposits and the availability of credit to its customers and borrowers. Unexpected...more
Factual Statement Is a Tale of Whistleblowing, High-Risk Customers, and Misleading U.S. Banks - Earlier this month, Danske Bank was sentenced in the Southern District of New York to three years of probation and forfeiture...more
On July 28, 2022, the Consumer Financial Protection Bureau (CFPB) issued a Consent Order against a large bank (the Bank), claiming that the Bank created sales pressure on its employees that encouraged employees to...more
In a recent consent order with a national bank, the CFPB found that the bank committed UDAAP violations in its process for handling garnishment orders and by including certain waiver language in its deposit account...more
The Hong Kong Police Commissioner's use of the 'No Consent Regime' to encourage three banks to freeze customer bank accounts, in circumstances where the banks had no independent suspicion of unlawful activity by bank account...more
In Compass Bank v. Calleja-Ahedo, an identity thief drained the plaintiff’s bank account through a series of fraudulent transactions in 2012 and 2013, and the plaintiff sued his bank to recover the stolen funds. No. 17-0065,...more
Just weeks after Mexico’s central bank was targeted by hackers who stole $15 million, Chile’s biggest bank, Banco de Chile announced on May 28, 2018, that it had been struck by a “virus,” that affected its workstations,...more
President Trump recently signed into law the Economic Growth, Regulatory Relief and Consumer Protection Act, which is already making waves in the financial sector for its repeal of certain Dodd-Frank provisions that were...more
Just back from a two-week swing through Belfast, Antrim (at a wonderful InvestNI program) Londonderry/Derry, Galway, and Dublin, meeting with companies looking to export to the U.S. One question that came up time and again:...more
Wells Fargo’s ability to grow its business is on hold for a year while it designs and implements a remediation program to address deficiencies in its board governance, risk management and compliance program. ...more
On January 29, 2018, the U.S. House of Representatives passed H.R. 1457, the Making Online Banking Initiation Legal and Easy (MOBILE) Act of 2017, in an overwhelming 397-8 vote. The bipartisan legislation, which provides...more
The CFPB’s October 2017 complaint report, which the CFPB calls a “special edition” monthly complaint report, departs from the format of the CFPB’s standard monthly reports. (The CFPB’s June and July 2017 complaint reports...more
We are fascinated by corporate scandals. Since the 1980s, the US public has enjoyed unraveling corporate scandals, and vilifying corporate leaders caught in the web of deceit and misconduct. I am sure there are historical...more
As the scandal grows, WF’s newish CEO, Timothy Sloan, faces the unfortunate reality of being a company man (30-years at Wells) when the foundations of that company are cracking....more
On August 9, 2017, the European Commission published an inception impact assessment (Ares (2017)3971182) (also called a roadmap) on access to centralized bank account registries. In the roadmap, the Commission explains...more
The CFPB has issued another report on checking account overdraft services, “Data Point: Frequent Overdrafts.” The new report represents the CFPB’s third report dealing with overdraft services. It previously issued a white...more
Two days after North Korea’s successful long-range ballistic missile test, the U.S. District Court for the District of Columbia unsealed a memorandum opinion which granted the Department of Justice “damming” warrants to seize...more
You may not recognize the full name, John Warren Geils Jr., but you probably do recognize the name J. Geils, as in the J. Geils Band, who died this week. J. Geils was ubiquitous in the 70s and early 80s with, as noted by an...more