U.S. Bank fined $36M over freezes of COVID-era unemployment benefits
Payments Dive
DECEMBER 20, 2023
The Minneapolis-based lender flagged a CFPB probe into prepaid card use last year. The OCC added a separate penalty Tuesday.
Today In Payments: Biden Expected To Name Michael Barr To Head OCC; Biden’s Treasury Pick Yellen Leary Of Crypto
PYMNTS
JANUARY 21, 2021
In today’s top news, President Biden is expected to pick Michael Barr to head the OCC, and Janet Yellen, Biden’s pick for Treasury Secretary, is expected to take a hard stance toward crypto. Plus, the chief of the CFPB stepped down at Biden’s request. Biden Expected To Name Professor Michael Barr To Head OCC. challenger bank.
OCC 
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CFPB And OCC Confirm Wells Fargo’s $1B Fine
PYMNTS
APRIL 20, 2018
I am especially pleased that we were able to work closely and effectively with our colleagues at the OCC, and I appreciate the key role they played in the negotiations,” Consumer Financial Protection Bureau Acting Director Mick Mulvaney said in a statement. “As That is what we did here.”.
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OCC Issues Policy Guidance on Buy Now, Pay Later Lending
Global Fintech & Digital Assets
DECEMBER 21, 2023
The OCC outlines safety and soundness principles and appropriate risk management processes for its regulated institutions that engage in BNPL lending. The OCC expects that banks engaged in BNPL lending “do so within a risk management system that is commensurate with associated risks.” By Arthur S.
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OCC Puts Small-Dollar Loans Back In The Spotlight
PYMNTS
MAY 24, 2018
The Office of the Comptroller of the Currency (OCC) issued a new guidance encouraging banks to offer responsible short-term, small-dollar loans to their customers. In 2013, the OCC had discouraged short-term lending by banks with limitations on what could be offered to customers depending on their credit.
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US agencies provide advice for combatting elder financial exploitation
Finextra
DECEMBER 4, 2024
The Board of Governors of the Federal Reserve System (FRB), Consumer Financial Protection Bureau (CFPB), Federal Deposit Insurance Corporation (FDIC), Financial Crimes Enforcement Network (FinCEN), National Credit Union Administration (NCUA), Office of the Comptroller of the Currency (OCC), and state financial regulators issued a joint statement this (..)
FinTech Reg Sandbox Takes Shape Via CFPB
PYMNTS
JUNE 4, 2018
The Consumer Financial Protection Bureau (CFPB) said this past week that it is linking up with the Commodity Futures Trading Commission, eyeing a regulatory sandbox for FinTech firms. The Office of the Comptroller of the Currency (OCC) says that it has warned some financial companies that they should modify lending terms.
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OCC did its part to secure customer data. Now it’s CFPB’s turn.
Payments Source
MARCH 20, 2020
The Comptroller's Office has provided banks with guidance on how to structure relationships with data aggregators. Now the bureau needs to focus on the bank-consumer connection.
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CFPB Set To Sue Santander Over Auto Protection Product
PYMNTS
NOVEMBER 27, 2017
The Consumer Financial Protection Bureau (CFPB) is gearing up to sue Spain-based Santander Bank, claiming the bank has overcharged its car loan customers. Citing sources familiar with the CFPB’s plans, Reuters reported that the CFPB suit could happen as soon as Monday (Nov. military.
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Wells Fargo Chair Quits Before Testimony
PYMNTS
MARCH 9, 2020
Waters said the two also did not follow legal orders with the Consumer Financial Protection Bureau (CFPB), Federal Reserve Board and Office of the Comptroller of the Currency (OCC). Between 2016 and 2018, the Fed, CFPB and OCC petitioned Wells Fargo to institute internal changes to head off future problems.
Wells Fargo’s Earnings May Change With Potential $1B Penalty
PYMNTS
APRIL 13, 2018
The CFPB [Consumer Financial Protection Bureau] and OCC [Office of the Comptroller of the Currency] have collectively offered to resolve for an aggregate of $1bn in civil money penalties,” the bank said. “At
Wells Fargo Plan To Compensate Auto Insurance Holders Rejected
PYMNTS
SEPTEMBER 12, 2018
Reuters , citing three sources familiar with the matter, reported that the Consumer Financial Protection Bureau (CFPB) and the Office of the Comptroller of the Currency (OCC) told the bank that it has to do more to make sure it has located and compensated everyone impacted by the practice.
Proposed Bill Would Reform Bank Exam Processes
Global Fintech & Digital Assets
JANUARY 12, 2024
Endnotes [1] The FFIEC members are the Board of Governors of the Federal Reserve System (FRB), the Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation (FDIC), the Consumer Financial Protection Bureau (CFPB), the National Credit Union Administration (NCUA), and the State Liaison Committee. [2]
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Wells Fargo Balks At Auto Loan Scandal Compensation Remedy
PYMNTS
NOVEMBER 23, 2018
In June, Wells Fargo submitted a plan to regulators as part of a $1 billion settlement it reached with the Consumer Financial Protection Bureau (CFPB) and the Office of the Comptroller of the Currency (OCC). Wells Fargo is trying to avoid compensating all of the 600,000 drivers affected by its auto loan scandal.
Rethinking Conventional Wisdom
PYMNTS
APRIL 17, 2018
10 million: The fine Wells Fargo is potentially facing from the CFPB and OCC over mortgages and car insurance. The Data: . quintillion : The number of bytes of data produced per minute on Earth. 30 million: Citigroup’s mobile banking customer count — up 25 percent from last year.
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Payments And Commerce Win, Lose Or Draw
PYMNTS
APRIL 16, 2018
The Data: $1 billion: The fine Wells Fargo is potentially facing from the CFPB and OCC over mortgages and car insurance. And high-risk merchants also got a bit of good news — as did the ISOs that work with them — in the form of faster commission payments from T1. 200 billion: The estimated value of India’s eCommerce market.
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Finance Policy Predictions 2020: AML, Authentication, Collections & CRA
FICO
JANUARY 13, 2020
The CFPB will issue its final debt collection rule in the fall of 2020. Forty-two years after the enactment of the Fair Debt Collections Practices Act, the CFPB proposed the first set of rules governing third-party debt collection activities. In addition, the Federal Reserve did not join the FDIC and OCC on the proposal.
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Public Policy Predictions 2022: What's Coming for Financial Services
FICO
DECEMBER 20, 2021
with New Rules Promulgated by the CFPB. You would think the new CFPB debt collection rules , which took effect last month on November 30, would be the primary focus of the collections and recovery industry. Open Banking Begins to Take Off in the U.S. However, 2022 should signal a change.
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Why the U.S. Regulators’ New Resource on BaaS Relationships is Disappointing
Finovate
MAY 6, 2024
FDIC and CFPB have issued multiple consent orders to banks, citing their BaaS relationships as the cause. regulators– the Board of Governors of the Federal Reserve System, the FDIC, and the OCC– have published a new third party risk management guide for community banks. Since late 2023, the U.S.
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US Department of the Treasury and FSSCC Lay Groundwork for Greater Cloud Adoption
The Fintech Times
JULY 20, 2024
Rohit Chopra, director at CFPB “Our financial system is essential infrastructure for the entire economy, and it is deeply reliant on a handful of powerful big tech cloud service providers,” said Consumer Financial Protection Bureau (CFPB) director, Rohit Chopra.
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59 Bipartisan Policy Center Report Urges Small Business Financial Reforms
PYMNTS
AUGUST 1, 2018
The proposed changes include moving the collection and storage of small business lending data, required under the Dodd-Frank Act , from the Consumer Financial Protection Bureau (CFPB) to the Office of Financial Research (OFR). Suggestions included that the U.S.
Pew Talks Payday Loans
PYMNTS
MAY 24, 2016
So, PYMNTS reached out to Pew and the director of its small-dollar loans project, Nick Bourke, to get their perspective on the payday loan problem, as the ecosystem eagerly awaits the coming round of CFPB draft rules on the subject. And that the CFPB can fix — narrowly. “They keep asking: Are payday loans good or bad?
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New York Venture Bank Seeks National Bank Charter
PYMNTS
NOVEMBER 23, 2017
22) report by American Banker , New York Venture Bank, which will be headquartered in New York, needs the nod of the Office of the Comptroller of the Currency (OCC) before it can launch operations. According to a Wednesday (Nov. Citing documents filed with the Federal Deposit Insurance Corp. and John Flemming, Carpenter & Co.’s
Ex-Bank of America employees allege ‘extreme pressure' to sell credit cards
Payments Source
AUGUST 27, 2020
Even as the bank’s sales practices faced intense government scrutiny following the Wells Fargo scandal, senior leaders in Oregon were fostering a culture that valued credit-card sales above all else, according to several former employees.
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Sizzle Fizzle: Last Mile Sizzles, Banks Fizzle And Snapchat Splits The Difference
PYMNTS
JUNE 9, 2018
Banks : And you thought it was just Wells Fargo: The Office of the Comptroller of the Currency looked at 40 banks, of the large and mid-sized variety, and found systemic problems (some of which the FIs scrambled to address and the OCC said those actions were sufficient redress) – such as opening accounts without consumer permission.
Another state creates tech sandbox as federal agencies tread warily
Payments Source
JULY 3, 2019
Utah this week became the third state to let companies test cutting-edge financial products without fear of violating licensing and other regulations.
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PayPal vows action after advocates flag ties to unaccredited schools
Payments Source
AUGUST 24, 2020
A borrower advocacy group is asking federal banking regulators to investigate PayPal and Synchrony Financial, which partner on a product that is used to offer high-cost education financing.
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70 Fintechs, regulators need more common ground
Payments Source
JUNE 7, 2019
While there’s been dramatic innovation in the banking sector in recent years, regulators and startups can better collaborate around these developments.
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68 Who's on first? The confusing state of federal fintech regulation
Payments Source
AUGUST 10, 2018
A week after the Treasury Department laid out a plan for federal fintech regulation, it is already unclear which agency is leading the charge.
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U.S. fintech industry jealously eyes U.K. regulatory scheme
Payments Source
OCTOBER 23, 2017
British regulators are touting the success of their so-called regulatory sandbox. Their American counterparts have been unable to agree on a comprehensive scheme to foster innovation.
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67 CFPB’s regulatory sandbox isn’t just about helping fintechs
Payments Source
AUGUST 7, 2018
The bureau wants to encourage more innovation without the threat of enforcement, but observers say regulators also need a testing ground to prove they can regulate fintech.
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Wells Fargo to pay $110M to settle fake-accounts lawsuit
Payments Source
MARCH 29, 2017
The settlement, which requires judicial approval, will cover customers' fees and other costs related to about 2 million unauthorized accounts.
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An Overview of Payment Regulation In The USA
Clearly Payments
FEBRUARY 8, 2024
Consumer Financial Protection Bureau (CFPB): Established in response to the 2008 financial crisis, the CFPB is tasked with protecting consumers in the financial marketplace. Office of the Comptroller of the Currency (OCC): As an independent bureau within the U.S.
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Data Dive: The Good, The Bad And The Terribly Confused Edition
PYMNTS
APRIL 23, 2018
A one billion dollar fine has arrived on Wells Fargo’s doorstep as part of a “coordinated action” between the Consumer Finance Protection Bureau (CFPB) and the Office of the Comptroller of the Currency (OCC). As to the terms of the settlement: we have said all along that we will enforce the law.
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The Changing Face Of Short-Term Lending
PYMNTS
OCTOBER 9, 2018
About a year ago, the CFPB, which now goes by the BCFP, dropped the final version of its payday lending regulations. Lenders actually prefer customers who will re-borrow repeatedly,” then-CFPB Executive Director Richard Cordray said after releasing the new regulations last year. Payday loan revenues have plummeted from $9.2
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CFPB Has Spoken: Payday Lending Regs Drop
PYMNTS
OCTOBER 6, 2017
But today, the journey came to an end as the CFPB has offered its final ruling on the future of the payday and title lending industry in this country. That destruction is necessary, according to CFPB director Richard Cordray. The CFPB’s payday rule, he added, “necessitates revisiting the OCC guidance.”. So Now What?
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The Final Payday Lending Rule Drops (Now What)
PYMNTS
OCTOBER 6, 2017
But today, the journey came to an end as the CFPB has offered its final ruling on the future of the payday and title lending industry in this country. That destruction is necessary, according to CFPB director Richard Cordray. The CFPB’s payday rule, he added, “necessitates revisiting the OCC guidance.”. So Now What?
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Why The Final Payday Lending Rules Are Far From The Last Word
PYMNTS
OCTOBER 11, 2017
Last week, after five years of debates, discussions, arguments and waiting, the Consumer Financial Protection Bureau’s (CFPB) final rules for payday lending dropped. Most concerning, this rule completely disregards the concerns and needs of actual borrowers, who value this credit option and told the CFPB as much in the record 1.4
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OCC Chief Praises Mulvaney On Halting Payday Rule
PYMNTS
FEBRUARY 7, 2018
6), Comptroller of the Currency Joseph Otting had nothing but praise for acting Consumer Financial Protection Bureau (CFPB) Director Mick Mulvaney. ” Otting was also complimentary regarding some of Mulvaney’s decisions while at CFPB, including the reversal of the bureau’s payday rule. After a 45-minute meeting on Tuesday (Feb.
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War-Gaming The Future Of Small-Dollar Lending
PYMNTS
FEBRUARY 21, 2017
The CFPB was a few weeks away from releasing new draft regulations, and the money was on regs that would by and large neuter the industry. As a result, the CFPB is looking a good deal more vulnerable than it did even six months ago. A year ago, the future of short-term, small-dollar loans in the U.S. Will the rule be pulled back?”
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How Equifax Might Be The Unlikely Savior Of The CFPB Arbitration Rule
PYMNTS
SEPTEMBER 12, 2017
Although it was approved in final form by the CFPB in July – after a lengthy and contentious rulemaking process – Republican lawmakers vowed to strike down the law within 24 hours of its passage via the Congressional Review Act.
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Wells CEO Faces Hill Grill On Account Scandals
PYMNTS
MARCH 10, 2020
Chairwoman Waters highlighted the fact that the OCC has pointed to tens of thousands of cases requiring remediation for consumer abuse.
2017 Banking Regulatory Predictions—Brace for a Sea Change
FICO
JANUARY 9, 2017
The FDIC, Fed and OCC recently initiated the process for drafting new cybersecurity regulations for banks with assets exceeding $50 billion. Led by the CFPB, federal agencies have aggressively used the disparate impact legal doctrine in the lending arena. We’ve already seen several early indications of this.
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