Banking

The banking oversight committees of both chambers of Congress held hearings to investigate and review the cause of the collapse and failure of four regional banks over the past two months, as well as the actions taken by regulators leading up to the collapses and in the aftermath. Both Democrats and Republicans had critical remarks for regulators, though with wildly different expectations. Read on for more details. Read on »

The Consumer Financial Protection Bureau entered into a settlement agreement which would include a $9 million penalty ordered against Citizens Bank for “unlawful credit card servicing” activity. This unlawful activity, according to the bureau, included Citizens Bank failing to properly manage and respond to customers’ credit card disputes and fraud claims. Read on for more details. Read on »

Wells Fargo entered into a preliminary settlement agreement with shareholders as part of a class action lawsuit related to misleading information Wells Fargo provided regarding its response to the creation of fake accounts – which was made public in 2016 – and resulted in nearly $200 million in fines from regulators. Read on for more details. Read on »

The Consumer Financial Protection Bureau issued a compliance guide for small entities that are to be subject to the Section 1071 small-business lending rule. The guide provides a detailed summary of the final rule’s requirements and provides details and examples when necessary to clarify and explain the different components and requirements of the final rule as it affects small entities. Read on for more details. Read on »

At CBA Live, hosted by the Consumer Bankers Association (CBA), Dodd Frank Update sat in on a conversation by experts who discussed the Consumer Financial Protection Bureau’s rulemaking for section 1033, the personal financial data access rule. This upcoming rule intends to grant consumers greater access to their personal financial data, as well as regulating the way consumer financial services providers use and store that data.

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The Consumer Financial Protection Bureau released its latest circular which issues a warning to banks about the practice of “reopening” closed accounts to process transactions and apply fees. The circular confirms that engaging in such activity might put banks in violation of the Consumer Financial Protection Act. Read on for more details. Read on »

North Carolina-based First Citizens Bank saw a $9.5 billion profit in the first quarter after receiving discounts from federal regulators when it agreed to acquire loans and assume deposits from Silicon Valley Bank after its collapse. Read on for more details. Read on »

The Federal Deposit Insurance Corp. proposed a new rule that would allow it to impose special assessments to recover the loss to the deposit insurance fund arising from the protection of uninsured depositors in connection with the systemic risk determination announced following the closures of Silicon Valley Bank and Signature Bank. Read on for more details. Read on »

The California Department of Financial Protection and Innovation released its findings following an investigation into the collapse of Silicon Valley Bank. The regulator’s findings echo the finding previously published by the Federal Reserve, stating regulators did not act early or forcefully enough to prevent the collapse. Read on for more details. Read on »

The Federal Reserve released its latest financial stability report, which warned that banks’ concerns about slower economic growth could lead to decreases in lending, accelerating the current economic slowdown. It also highlighted areas of heightened risk within financial markets that may face increased scrutiny from bank examiners. Read on for more details. Read on »