PYMNTS

SEPTEMBER 9, 2016

The Consumer Financial Protection Bureau (CFPB) and the Office of the Comptroller of the Currency have levied the highest penalties ever on the leading U.S. bank, but this is not the first time that Wells Fargo has been taken to task.

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PYMNTS

JULY 19, 2018

People familiar with the matter told WSJ that the Consumer Financial Protection Bureau (CFPB) is investigating the incident and is looking into whether customers were tricked and whether they had the ability to cancel the services.

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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.

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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. regulator.

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PYMNTS

NOVEMBER 23, 2017

New York Venture Bank, a new financial institution (FI) created by big names in the financial services industry, has applied for a national bank charter. Its proposed president and CEO, Judith Erwin, is a former executive at Square 1 Financial. According to a Wednesday (Nov. and John Flemming, Carpenter & Co.’s

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PYMNTS

APRIL 20, 2018

In a “coordinated action” with the Office of the Comptroller of the Currency (OCC), the Bureau of Consumer Financial Protection Bureau (CFPB) announced a settlement with Wells Fargo on Friday (April 20): The CFPB assessed a $1 billion penalty against the bank, but the bureau credited the $500 million penalty collected by the OCC against the fine, (..)

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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 sandbox is getting a bit bigger — the regulatory kind, that is.

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Global Fintech & Digital Assets

DECEMBER 21, 2023

Long , Parag Patel , Barrie VanBrackle , Becky Critchley , Deric Behar , and Charlotte Collins On December 6, 2023, the Office of the Comptroller of the Currency (OCC) issued Bulletin 2023-37 (Guidance), which clarifies the OCC’s policy positions on the risk management of “Buy Now, Pay Later” (BNPL) lending. By Arthur S.

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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. Further uncertainty was added to the mix by the Consumer Financial Protection Bureau (CFPB), noted the CBA.

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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).

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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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PYMNTS

MARCH 10, 2020

The Consumer Financial Protection Bureau (CFPB) filed a lawsuit against Cincinnati-based Fifth Third Bancorp alleging that employees opened accounts for customers without their consent in an effort to reach sales targets, according to reports on Tuesday (March 10). The CFPB filed a complaint with the U.S.

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PYMNTS

MARCH 26, 2020

In a joint statement issued on Thursday (March 26), the Federal Reserve’s Board of Governors, Consumer Financial Protection Bureau (CFPB), Federal Deposit Insurance Corp.

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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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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. He said in his testimony that the business model had been flawed. Scharf said there was “an enormous amount of resources working on it … I cannot give you a timeframe.”.

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FICO

JULY 17, 2017

These include eliminating the proprietary trading restrictions of the ‘Volcker’ Rule, major changes to the Financial Stability Oversight Council and the diminished authority and independence of the Consumer Financial Protection Bureau (CFPB). And now there is even more on Congress’s plate.

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