Latest News & Blogs
Filter
Subscribe to our InfoBytes Blog weekly newsletter and other publications for news affecting the financial services industry.
CFPB issues statement intended to clarify “abusive” practices
On January 24, the CFPB issued a policy statement applicable immediately to provide a “common-sense framework” for how the Bureau plans to apply the “abusiveness” standard in supervision and enforcement matters as authorized under Dodd-Frank. Under the new policy statement, the Bureau will only...
InfoBytesOCC announces charges, settlements with former executives on account openings
On January 23, the OCC issued a notice of charges against five former senior executives for allegedly failing to adequately ensure a national bank’s incentive compensation plans regarding sales practices operated in accordance with bank policy. (See previous InfoBytes coverage here .) The relief...
InfoBytesPoint-of-sale finance company enters consent order with California DBO
On January 16, the California Department of Business Oversight (DBO) and a point-of-sale finance company entered into a consent order to resolve the DBO’s allegations that the company had made loans without a license to California consumers. According to the order, the company applied for a license...
InfoBytesTwo whistleblowers earn SEC awards totaling $322,000
On January 22, the SEC announced that it had awarded a total of $322,000 to two whistleblowers in two separate enforcement actions. According to the SEC’s press release, the whistleblowers “played a crucial role in helping the Commission protect Main Street investors,” and “assisted the SEC in...
InfoBytesIllinois AG sues credit repair companies for deceptive practices
On January 13, the Illinois attorney general announced that he filed two separate suits in the Circuit Court of Cook County against two credit repair companies and three individuals who allegedly engaged in deceptive and fraudulent practices when promoting credit repair services to consumers and...
InfoBytesTreasury seeks information on financial sector cybersecurity risks
On January 22, the Department of the Treasury published a request for comments on a proposed information collection designed to better understand cybersecurity risks facing the U.S. financial services sector and financial services critical infrastructure. The “Financial Sector Critical...
InfoBytesState AGs urge OCC to withdraw Madden proposal
On January 21, a bipartisan collation of attorneys general from 21 states and the District of Columbia, along with the Hawaii Office of Consumer Protection, submitted a comment letter in response to the OCC’s proposed rule to clarify that when a national bank or savings association sells, assigns,...
InfoBytesSEC files Supreme Court brief in favor of disgorgement
On January 15, the SEC filed a brief in a pending U.S. Supreme Court action. The question presented to the Court asks whether the SEC, in a civil enforcement action in federal court, is authorized to seek disgorgement of money acquired through fraud. The petitioners were ordered by a California...
InfoBytesFHFA raises annual CFI cap
On January 22, the Federal Housing Finance Agency published its annual adjustment to the cap on average total assets used to determine whether a Federal Home Loan Bank member qualifies as a community financial institution (CFI). The new cap is $1,224,000,000. Under the Federal Home Loan Bank Act,...
InfoBytesFederal Reserve vice chairman discusses supervision
On January 17, Federal Reserve Vice Chair for Supervision Randal K. Quarles spoke before the American Bar Association Banking Law Committee meeting in Washington, D.C. on bank supervision and ways to improve transparency, efficiency, and effectiveness. With respect to supervision, Quarles said that...
InfoBytes