News & Analysis as of

Enforcement Actions Bank of America

Thomas Fox - Compliance Evangelist

Compliance Program Use of Data Analytics

Matt Galvin, Counsel, Compliance & Data Analytics at the DOJ and one of the experts leading the DOJ’s data analytics initiative, highlighted in another talk, the proactive use of data to generate cases related to the FCPA and...more

Thomas Fox - Compliance Evangelist

Bank of America Enforcement Action and Using Data Analytics

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

The Volkov Law Group

Bank of America Hit with $250 Million in Penalties for Account Abuse Practices

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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

Ballard Spahr LLP

CFPB and OCC announce consent orders with Bank of America involving deposit account representment fees and credit cards

Ballard Spahr LLP on

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

Bilzin Sumberg

RMBS and Buyback Litigation: As Some Aged Claims Get Resolved, Are More On The Way?

Bilzin Sumberg on

The recent surge in residential mortgage buyback demands by Freddie Mac, among others, has a number of industry analysts bracing for a new wave of indemnification claims and put-back attempts against correspondent lenders and...more

Wiley Rein LLP

Wiley Consumer Protection Download (May 16, 2022)

Wiley Rein LLP on

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

Wiley Rein LLP

Wiley Consumer Protection Download (November 9, 2020)

Wiley Rein LLP on

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

Spilman Thomas & Battle, PLLC

All Consuming - Financial Litigation Insights: Issue 4, August 2020

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

Orrick - Equal Pay Pulse

OFCCP Ends Fiscal Year with Large Settlements Focused on Tech and Financial Services Firms

In recent weeks, the Office of Federal Contract Compliance Programs (“OFCCP”) has entered into four major settlements that are notable both for their size, and for highlighting current trends. Each case involved allegations...more

ArentFox Schiff

A Common Thread in 2019 CFPB Enforcement Activity: Denials of Petitions to Set Aside CIDs

ArentFox Schiff on

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

Polsinelli

OFCCP Announces Three Multimillion Dollar Bias Settlements

Polsinelli on

The OFCCP opened the month of October by announcing three multimillion dollar settlements with major government contractors.  The agency entered into early resolution conciliation agreements with Goldman Sachs & Co. LLC and...more

ArentFox Schiff

CFPB Denies Bank of America’s Request to Quash Probe Into Unauthorized Consumer Account Openings

ArentFox Schiff on

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

Robins Kaplan LLP

Your Daily Dose of Financial News

Robins Kaplan LLP on

GE—still in streamlining mode—agreed yesterday to sell its biopharma business to Danaher (current CEO Larry’s Culp’s former company, btw) for a reported $21.4 billion in the form of $21 billion in cash and $400 million in...more

Robins Kaplan LLP

Your Daily Dose of Financial News

Robins Kaplan LLP on

“Pot is the new crypto,” declares Bloomberg, and if you’ve seen how the virtual currencies are faring these days, that should be a warning and not a selling point....more

Robins Kaplan LLP

Your Daily Dose of Financial News

Robins Kaplan LLP on

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

Robins Kaplan LLP

Your Daily Dose of Financial News

Robins Kaplan LLP on

Notwithstanding Lloyd’s assurances that the rumors of his demise are premature, Goldman has cleared the path forward for David Solomon (aka, one of its current co-Presidents, aka, DJ D-Sol) to assume the CEO position when Mr....more

Katten Muchin Rosenman LLP

Bridging the Week - June 2016 #4

Broker-Dealer Sanctioned US $415 Million by SEC for Violating Customer Protection Requirements: Two Merrill Lynch entities agreed to pay sanctions of US $415 million to resolve charges brought by the Securities and...more

Skadden, Arps, Slate, Meagher & Flom LLP

"Dusting Off FIRREA: Old Statute Poses Challenges for Financial Institutions"

A long-dormant law can become an unexpectedly potent weapon in the hands of an assertive prosecutor. And in recent years, few statutes have undergone a rebirth more dramatic — and for some, more troubling — than the civil...more

Bradley Arant Boult Cummings LLP

False Claims Act: 2014 Year In Review

In what is becoming an annual refrain, 2014 marked another year of robust False Claims Act (FCA) enforcement by the U.S. Department of Justice (DOJ) and mushrooming qui tam lawsuits by whistleblowers. Indeed, fiscal year 2014...more

U.S. Equal Employment Opportunity Commission...

Bank of America to Pay $110,000 to Resolve EEOC Disablity Discrimination Suit

Bank Failed To Accommodate Visually Impaired Temporary Employee, Federal Agency Said - CHICAGO - Bank of America will pay $110,000 to a former temporary worker and provide other equitable relief under a consent decree...more

Orrick - Finance 20/20

Bank of America and Merrill Lynch Settle RMBS Lawsuit with FDIC

Orrick - Finance 20/20 on

On November 17, Bank of America and Merrill Lynch settled securities claims brought by the FDIC related to RMBS sold to United Western Bank. The FDIC, as the receiver for United Western Bank, alleged claims under the...more

Akin Gump Strauss Hauer & Feld LLP

Red Notice Newsletter - July 2014

Welcome to the July 2014 edition of Red Notice, a publication of Akin Gump Strauss Hauer & Feld LLP. This month on the anticorruption front, two Noble Corporation executives settle with the U.S. Securities and Exchange...more

Orrick - Finance 20/20

Parallel Government Actions Against Bank of America May Proceed

On June 19, Judge Max O. Cogburn, Jr. of the Western District of North Carolina issued Orders in two parallel actions by the DOJ and SEC against Bank of America, previously covered in the August 12, 2013 and April 7, 2014...more

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