News & Analysis as of

Civil Monetary Penalty Federal Deposit Insurance Corporation

Orrick, Herrington & Sutcliffe LLP

FDIC issues May 2024 enforcement actions

Recently, the FDIC released a list of administrative enforcement actions taken against banks and individuals in May 2024. During that month, the FDIC made public 15 orders consisting of: a combined personal consent order and...more

Goodwin

FDIC Announces $1.5 Million Settlement with Arkansas-Based Bank and Employees

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​​​​​​​​On May 17, 2024, the Federal Deposit Insurance Corporation (FDIC) announced a settlement with an Arkansas bank and nine of its employees, resolving allegations that the bank and the employees violated Section 5 of the...more

Orrick, Herrington & Sutcliffe LLP

Agencies adjust civil money penalties for 2024

Recently, the CFPB, NCUA, FDIC, FTC, and OCC provided notice in the Federal Register of adjustments to the maximum civil money penalties due to inflation pursuant to the Federal Civil Penalties Inflation Adjustment Act of...more

Orrick, Herrington & Sutcliffe LLP

FDIC releases November enforcement actions

On December 29, the FDIC released a list of administrative enforcement actions taken against banks and individuals in November. The FDIC made 12 orders public including, “five consent orders, three prohibition orders, two...more

Orrick, Herrington & Sutcliffe LLP

FDIC releases March enforcement actions

On April 28, the FDIC released a list of administrative enforcement actions taken against banks and individuals in March. The FDIC made public 11 orders including “four prohibition orders, three orders terminating deposit...more

Orrick, Herrington & Sutcliffe LLP

FDIC issues January enforcement actions

On February 24, the FDIC released a list of administrative enforcement actions taken against banks and individuals in January. The FDIC made public 11 orders, including “four combined orders of prohibition and orders to pay...more

Sheppard Mullin Richter & Hampton LLP

FDIC Settles with Bank for Repeat RESPA Violations, Doubling Previous Fine

The FDIC recently announced a consent order with an Oregon regional bank for violations of Section 8 of RESPA, the FTC Act, and the FRCA, resulting in a civil monetary penalty totaling $425,000. After conducting its...more

Orrick, Herrington & Sutcliffe LLP

FDIC issues December enforcement actions

On January 27, the FDIC released a list of administrative enforcement actions taken against banks and individuals in December. The FDIC made public nine orders, including “one order to pay civil money penalty, two consent...more

Orrick, Herrington & Sutcliffe LLP

FDIC issues November enforcement actions

On December 30, the FDIC released a list of orders of administrative enforcement actions taken against banks and individuals in November. The FDIC made public nine orders consisting of “two consent orders; two orders...more

Goodwin

FinCEN Proposes Rule for SARs Sharing Pilot Program

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In This Issue. The Financial Crimes Enforcement Network (FinCEN) issued a proposed rule about the establishment of a limited-duration pilot program for sharing suspicious activity reports (SARs); FinCEN published the final...more

Steptoe & Johnson PLLC

The Corporate Transparency Act

Steptoe & Johnson PLLC on

The Corporate Transparency Act (CTA), included as an amendment to the Anti-Money Laundering Act of 2020, was passed by Congress this year as an effort to make it more difficult to commit “shell company” money laundering, tax...more

Cozen O'Connor

Lender Settles Allegations It Financed Loans With Deposits Collected From Consumers Using False Promises Of Guaranteed High...

Cozen O'Connor on

The Consumer Financial Protection Bureau (“CFPB”) reached a settlement with financial company Driver Loan, LLC and its Chief Operating Officer (collectively “Driver Loan”) to resolve allegations that it misled consumers with...more

Goodwin

SEC Adopts Rule Providing New Regulatory Framework For Fund-Of-Funds

Goodwin on

In the News. The Securities and Exchange Commission (SEC) announced that it adopted Rule 12d1-4 under the Investment Company Act of 1940 (the 1940 Act), providing a new regulatory framework for fund-of-funds and final...more

Ballard Spahr LLP

FDIC assesses civil money penalty for bank’s alleged TCPA violations

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An FDIC order assessing a $200,000 civil money penalty for a bank’s alleged TCPA violations is a stark reminder that FDIC examiners are looking at TCPA compliance. ...more

Manatt, Phelps & Phillips, LLP

Federal Reserve, FDIC Enforcement Efforts

In recent enforcement actions, the Board of Governors of the Federal Reserve System announced an order with a Japanese bank over weaknesses with respect to its New York branch’s Bank Secrecy Act / anti-money laundering...more

White & Case LLP

Review of Anti-Money Laundering and Sanctions Policy and Enforcement

White & Case LLP on

TABLE OF CONTENTS: Executive Summary - Developments and Trends in Policy and Enforcement - US Department of the Treasury - The Office of Foreign Assets Control - Treasury's Financial Crimes Enforcement Network -...more

Goodwin

FDIC Announces Settlements With Wisconsin Banks Over Lending Violations

Goodwin on

On May 11, 2017, the Federal Deposit Insurance Corporation (FDIC) announced a settlement with a Wisconsin bank and two affiliated institutions, resolving allegations that the three lenders violated Section 5 of the Federal...more

Ballard Spahr LLP

FDIC announces settlement with bank and non-bank affiliated parties

Ballard Spahr LLP on

The FDIC announced last week that it had entered into settlements with Bank of Lake Mills and two non-bank “institution-affiliated parties” through which the bank originated loans for allegedly engaging in unfair and...more

Goodwin

Federal Banking Regulators Assess $65 Million Penalty Against Default Management Company

Goodwin on

On January 24, the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve, and the Office of the Comptroller of the Currency announced a $65 million fine assessed against a default management...more

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week In Review

Financial Industry Developments - Federal Reserve Board Announces Finalized Rule Adjusting the Board's Maximum Civil Money Penalties - On January 18, 2017, the Federal Reserve Board announced that it was adjusting...more

Morrison & Foerster LLP

Financial Services Report, Fall 2016

Editor’s Note - So much for summer! The weather is cooling, the kids are back to school, and we better not see you wearing white so long after Labor Day! For those of you having a little trouble getting back in the...more

Skadden, Arps, Slate, Meagher & Flom LLP

"Recent Bills to Amend Dodd-Frank Preview Coming Attractions in Post-Election Congress"

Recently introduced legislation suggests that Republicans and Democrats in post-election Congress will be looking in very different directions on how to amend the Dodd-Frank Wall Street Reform and Consumer Protection Act...more

WilmerHale

Civil Fines Jump Across Agencies Under Inflation Adjustment Act

WilmerHale on

Civil fines across federal agencies have recently been increased dramatically under the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015 (2015 Act) (Sec. 701 of Public Law 114-74), with some more than...more

Manatt, Phelps & Phillips, LLP

Add-On Products Add up to $63M Settlement With FDIC

Why it matters - Credit card add-on products were the subject of a recent enforcement action brought by the Federal Deposit Insurance Corporation (FDIC) against Comenity Bank of Delaware and Comenity Capital Bank in...more

MoFo Reenforcement

Deposit Processing Is Subject of New UDAAP Enforcement

MoFo Reenforcement on

The CFPB, OCC and FDIC (“the regulators”) took action on August 12, 2015 against three banks in the Citizens Bank corporate family, resulting in $11 million in required restitution and a total of $20.5 million in federal...more

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