Compliance Tip of the Day: Bank of America, Culture and Internal Controls
Corruption, Crime and Compliance : CFPB and OCC Hit Bank of America with $250 Million Penalty for Consumer Abuse Practices
Bank of America Tries Excuse They Often Scoff at in Fraud Suits Filed by DOJ, SEC
Weekly Brief: BoA Sued; SCOTUS Shortlists; Fund Fights Argentina
Data analytics has become an essential tool in the field of compliance and risk management. It allows compliance officers to assess the effectiveness of their programs and identify potential risks before they escalate into...more
Last month, a cardholder filed a class action lawsuit in California against a national bank alleging that the bank failed to inform the consumer that his automatic payment enrollment would be canceled after a period of credit...more
Bank of America joins the infamous club of consumer abusers in the banking industry, despite the alarm bells set off by the notorious Wells Fargo case. On this week’s episode of Corruption, Crime and Compliance, host Michael...more
Here are curated AG and federal regulatory news stories highlighting key areas in which state and federal regulators’ decisions are having an impact across the US: •FTC and FDA Weed Out Misleadingly Marketed THC-Containing...more
Bank of America joined the club of consumer abusers – Wells Fargo had been the well-established leader of this club and the poster-child for abusive consumer practices. For years, Bank of America avoided federal...more
The CFPB and the OCC announced that they have each entered into a consent order with Bank of America, N.A. for alleged violations arising from the Bank’s representment fee practices (“Fee Consent Orders”). The CFPB also...more
On July 11, 2023, the Consumer Financial Protection Bureau (CFPB) issued a consent order against Bank of America (BoA) based on the CFPB’s findings that BoA had engaged in unfair and deceptive trade practices. This consent...more
Alvaro Bedoya Sworn in as FTC Commissioner Following Senate Confirmation. On May 16, Alvaro Bedoya was sworn in as FTC Commissioner. The U.S. Senate confirmed Bedoya to the FTC’s open Commissioner on May 11. ...more
The CFPB and Bank of America have reached a settlement to resolve allegations that Bank of America—the nation’s second largest retail bank—illegally processed out-of-state garnishment orders and misled consumers regarding...more
2020 AG Elections- New Leadership Team at the Republican Attorneys General Association- •The Republican Attorneys General Association (“RAGA”) announced the election of the leadership team for its Executive Committee...more
Regulatory Announcements - CFPB Issues No Action Letter to Facilitate Consumer Access to Loans. The Consumer Financial Protection Bureau (CFPB) issued a No-Action Letter to Bank of America, N.A. on November 5 regarding...more
Welcome! Welcome to August’s issue of All Consuming. This month, we are taking a deep dive into discharges in bankruptcy and then reviewing several top news stories in the world of consumer finance. We hope you find value...more
As promised, we return now to provide an overview of the CFPB’s petition activity for the year to-date. In addition to the Bank of America (BofA) petition denial we discussed last month, the CFPB has issued a series of...more
As recently as last week, the Consumer Financial Protection Bureau has continued on its campaign of federal consumer protection and enforcement decisions. Namely, we have been sharing with our readers and constituents the...more
A recap of Friday’s GDP numbers, which featured both a strong 3.5% growth rate and early signs that “the growth could cool in coming months”...more
We’ve been keeping tabs on the high-profile CEOs who have withdrawn from Saudi Arabia’s coming investment conference over the past few weeks. But pulling out the conference is very different from severing ties with the...more
Facebook’s disappointing Q2 earnings (and, presumably, some pent-up scandal-fueled anti-‘Book sentiment) sent its stock into freefall yesterday, erasing more than $120 billion from the company’s market value as shares dove...more
In Krieger v. Bank of America, the plaintiff unknowingly gave a scammer access to his personal computer, which was used to make a $657 Western Union charge on his Bank of America (BOA) credit card. Upon realizing the scam,...more
In what can only be deemed a major reversal, the White House has reportedly ordered its economic adviser and trade representative to study rejoining the Trans Pacific Partnership, just a year after yanking the US out of deal...more
The Dodd-Frank Wall Street Reform and Consumer Protection Act was enacted as a measure to promote financial stability and protection for consumers through increased regulation of nearly every aspect of the consumer finance...more
Investor plaintiffs won a big discovery battle with the US gov’t over its 2012 decision to seize Fannie & Freddie’s profits. Federal Claims Court Judge Margaret Sweeney has ruled that the government improperly invoked the...more
Regulatory Developments - NY DFS Adopts Final Anti-Terrorism Program Regulation - On June 30, New York’s Department of Financial Services (DFS) adopted a risk-based anti-terrorism and anti-money laundering...more
On October 27, 2015, the Consumer Financial Protection Bureau (CFPB) released its latest Monthly Complaint Report, which provides an overview of three-month trends in consumer complaints. This Monthly Complaint Report also...more
On August 15, 2015, the CFPB released its latest “consumer complaint snapshot.” The Bureau’s “snapshots” generally provide updated national complaint information, and further include product and geographic spotlights that...more