Wells Fargo faces $1B CFPB settlement over consumer abuses: report

The reported record-settlement falls in line with CFPB Director Rohit Chopra’s mission to impose stricter penalties on banks that repeatedly violate consumer protection laws.

By Anna Hrushka • Nov. 7, 2022

Deutsche may face BaFin penalty over slow AML progress

A warning Friday suggests the German regulator wants quicker action from the bank in response to 2018 and 2019 orders. But Deutsche said it’s “fully aligned” with BaFin ahead of a mid-2023 deadline.

By Dan Ennis • Nov. 7, 2022

Explore the Trendline➔

Fraud and AML in banking

The past year has been one of reckoning with regard to fraud — from TD’s $3 billion AML penalty to the continuing punitive phase connected to PPP misdeeds, crypto bankruptcies and pig butchering.

By Banking Dive staff

Banks processed $1.2B in ransomware-related payments in 2021, FinCEN says

It’s not clear if an uptick in ransomware-related filings signifies an actual increase in ransomware-related incidents, FinCEN noted. The bump could be related to improved reporting and detection, the agency said.

By Rajashree Chakravarty • Nov. 3, 2022

CFPB investigating U.S. Bank over pandemic-era unemployment payments

The bank is the latest lender to face regulatory scrutiny over its administration of the payments. Bank of America was handed a $225 million fine in July after regulators said its efforts to tamp down fraud went too far.

By Anna Hrushka • Nov. 3, 2022

Wells Fargo the subject of SEC probe, CFPB settlements

As the regulator questions the bank’s hiring practices, Wells Fargo also seeks to settle with a consumer watchdog on lending practices.

By Gabrielle Saulsbery • Nov. 1, 2022

Customers Bank to pay KServicing $58M over PPP dispute

Under the settlement, the bank will pay the bankrupt small-business loan servicer $23 million and forfeit nearly $35 million in servicing and referral fees KServicing withheld as part of a PPP loan contractual dispute.

By Anna Hrushka • Nov. 1, 2022

CFPB should update regulations in response to Zelle fraud, Warren says

Warren urged the regulator to amend Regulation E of the Electronic Fund Transfer Act “to increase consumer protection and interpret the guidelines surrounding peer-to-peer platforms.”

By Anna Hrushka • Oct. 31, 2022

New OCC office to focus on fintech

The regulator said it plans to open the office next year in response to the growing complexity of bank-fintech partnerships.

By Anna Hrushka • Oct. 28, 2022

Biden administration takes aim at banks’ ‘junk fees’

The move is being touted as an effort to combat rising inflation, and comes just two weeks before the 2022 midterm elections.

By Anna Hrushka • Oct. 27, 2022

Warren wants regulators to answer for crypto ‘revolving door’

Five Democrats wrote the SEC, CFTC, CFPB, OCC, FDIC, Fed and Treasury to see how the agencies’ policies keep employees who jump to crypto lobbying roles from exerting undue influence.

By Rajashree Chakravarty • Oct. 27, 2022

COVID-19 brought unbanked percentage to record low, FDIC says

Almost half of recently banked households said receiving a government benefit during the pandemic contributed to their opening a bank account.

By Anna Hrushka • Oct. 26, 2022

CFPB aims to give ‘open banking’ rule teeth in 2024

The bureau's chief, Rohit Chopra, laid out a timeline on a rule change meant to make it easier for consumers to break up with their banks.

By Gabrielle Saulsbery • Oct. 26, 2022

Fed approves $5.2B Columbia-Umpqua merger

The FDIC has yet to give the tie-up its blessing. Columbia must divest 10 branches under the deal. The bank has said it plans to close or consolidate 49 more, according to the Fed.

By Dan Ennis • Oct. 26, 2022

FedNow will be a ‘public utility model,’ Waller says

The central bank governor equated the nascent system with an interstate highway on which private companies will provide "on-ramps" and "off-ramps."

By Lynne Marek • Oct. 26, 2022

Banking-as-a-service grows as regulators play catch-up

The BaaS space is expected to reach $74.55 billion by 2030, and has emerged as an enticing revenue stream for community banks. Meanwhile, the OCC has hinted more regulation is forthcoming.

By Anna Hrushka • Oct. 25, 2022

CFPB sets sights on ‘junk data’ in credit reports

Companies must have policies and procedures to detect and remove inconsistencies and “obvious impossibilities” in credit data, the CFPB said.

By Anna Hrushka • Oct. 24, 2022

Deutsche Bank’s DWS sued over ‘confusing’ ESG claim

A consumer group claims the company’s marketing materials simultaneously indicate that a fund invests 0% in coal but that fund holdings may include companies with 15% coal revenue.

By Dan Ennis • Oct. 24, 2022

Inside 6 of the FDIC’s top concerns over stablecoins

The regulator’s acting chief discussed their potential effect on community banks, interplay with FedNow and a potential CBDC, the importance of inclusion and the limits of regulation.

By Dan Ennis • Oct. 21, 2022

Fed disputes allegations of favoritism over BNY Mellon crypto move

The central bank asserts Custodia’s complaint ignores "substantial differences" between the two banks’ business models.

By Anna Hrushka • Oct. 21, 2022

Fintech OppFi challenges California regulator’s ‘true lender’ theory

The company used a Utah-chartered bank to issue loans carrying an interest rate above California’s 36% cap, the regulator said.

By Rajashree Chakravarty • Oct. 20, 2022

14 Republican AGs probe 6 big banks’ climate pledges

The banks’ involvement in the Net-Zero Banking Alliance will prevent farmers from getting loans, Missouri Attorney General Eric Schmitt said.

By Gabrielle Saulsbery • Oct. 20, 2022

Appeals court rules CFPB funding structure unconstitutional

Because the CFPB receives funds from the Federal Reserve and not Congress, the bureau’s funding apparatus violates the separation-of-powers principles in the U.S. Constitution, the court ruled.

By Anna Hrushka • Oct. 20, 2022

Bank of America issues revamped office-return policy

Employees with job profiles that support a split schedule will work in the office at least three days a week, the bank said.

By Dan Ennis • Oct. 19, 2022

Texas securities regulators investigate FTX, Sam Bankman-Fried

FTX shouldn't be allowed to buy Voyager's digital assets while the regulator is looking into whether the company is illegally offering interest-bearing accounts, an enforcement official asserted.

By Gabrielle Saulsbery • Oct. 18, 2022

Atlanta Fed chief discloses violations, reigniting ethics scandal

Paperwork filed Friday included previously unreported sales or purchases of mutual funds, some of which were settled on dates within blackout periods.

By Dan Ennis • Oct. 17, 2022