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SEC charges nine for advertising ‘hypothetical performance’Subscriber Access OnlySEC charges nine for advertising ‘hypothetical performance’
Friday, September 15, 2023
Weeks after announcing its first action against a company for violating the agency’s new marketing rule, the Securities and Exchange Commission released details about nine more organizations that elicited similar charges of using hypothetical performance metrics in advertisements.
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FDIC: Banking industry ‘resilient’ in second quarter
Friday, September 15, 2023
Despite three failed bank acquisitions, the Federal Deposit Insurance Corp.’s second-quarter banking profile included some high notes. There were improvements in loan balances and community bank net income compared to the previous quarter and one year prior, based on financial data collected from 4,645 federally insured commercial banks and savings institutions.
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Mortgage credit availability ticked up in August
Friday, September 15, 2023
Mortgage lenders saw an increase in credit availability in August, according to the Mortgage Credit Availability Index, a report in which the Mortgage Bankers Association provides analysis of data compiled using ICE Mortgage Technology.
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Court rules against CFPB in UDAAP lawsuitSubscriber Access OnlyCourt rules against CFPB in UDAAP lawsuit
Tuesday, September 12, 2023
The District Court for the Eastern District of Texas ruled in favor of the banking industry in a lawsuit challenging the legality of the Consumer Financial Protection Bureau’s updates to its unfair, deceptive, or abusive acts or practices examination manual.
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Lengthy CFPB discrimination case ends with $6 million settlementSubscriber Access OnlyLengthy CFPB discrimination case ends with $6 million settlement
Tuesday, September 12, 2023
Five years after being named the defendant in a class-action discrimination lawsuit, the Consumer Financial Protection Bureau recently agreed to a proposed $6 million settlement with 85 employees who claim the bureau showed preferential treatment toward white and male employees to the detriment of their coworkers who are minorities and/or women. 
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SEC action highlights merits of self-reportingSubscriber Access OnlySEC action highlights merits of self-reporting
Tuesday, September 12, 2023
The Securities and Exchange Commission recently issued an enforcement action against Stanley Black & Decker involving inaccurate proxy disclosures in which the company underreported certain compensation paid to high-level executives. 
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CFPB releases 2024 HMDA Filing Instructions Guide
Tuesday, September 12, 2023
The 2024 Filing Instructions Guide for Home Mortgage Disclosure Act (HMDA) can be found via the websites for the Consumer Financial Protection Bureau and the Federal Financial Institutions Examination Council. The bureau released its Supplemental Guide for Quarterly Filers for 2024 with deadlines for financial institutions tasked with filing HMDA data on a quarterly basis. 
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Examining Bitcoin ATMs with the Kansas City Fed
Tuesday, September 12, 2023
The topic of cryptocurrency has become increasingly mainstream, so much so that Bitcoin ATMs now can be found just about anywhere. The Federal Reserve Bank of Kansas City recently published an article detailing findings from its research on this relatively new and largely unexamined industry. 
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FDIC to launch Banker Engagement Site
Tuesday, September 12, 2023
The Federal Deposit Insurance Corp. (FDIC) will launch a new Banker Engagement Site through FDIC connect to provide a secure portal through which financial institutions may exchange documents, information and communications for consumer compliance and Community Reinvestment Act examinations. 
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CFPB sues nonbank lender for illegal loan-churningSubscriber Access OnlyCFPB sues nonbank lender for illegal loan-churning
Friday, September 8, 2023
The Consumer Financial Protection Bureau recently sued a nonbank, high-cost installment lender and several of its subsidiaries for unlawful loan-churning practices, often targeting older Americans and single-parent wage earners with low or fixed annual incomes. 
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SEC orders first settlement for marketing rule violationSubscriber Access OnlySEC orders first settlement for marketing rule violation
Friday, September 8, 2023
In the agency’s first enforcement action involving its “marketing rule” pertaining to cryptocurrencies, the Securities and Exchange Commission ordered a fintech investment advisory firm to pay a $1 million settlement for allegedly misleading investors about performance metrics.
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Fed orders Kansas bank to address operational deficienciesSubscriber Access OnlyFed orders Kansas bank to address operational deficiencies
Friday, September 8, 2023
The Federal Reserve Board issued a cease-and-desist order against a Kansas-based bank and its subsidiary, citing numerous operational deficiencies discovered during an examination in October 2022. The order directs the bank’s board of directors to submit plans to improve in several areas of concern. 
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Dodd Frank Update October 2023

Cover Story:

Section 1071 data collection rule blocked by federal judge in Texas


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