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Results 1 - 10 of 585 |
Posted Date: Friday, July 14, 2023
The Consumer Financial Protection Bureau (CFPB) ordered Bank of America to pay $100 million to consumers for “double-dipping” on fees for customers with insufficient funds, for withholding credit card rewards from customers and for opening phony accounts.
Bank of America also must pay $150 million in penalties to the CFPB and the Office of the Comptroller of the Currency. Read on »
Posted Date: Friday, July 7, 2023
The Federal Reserve Board of Governors, the Federal Deposit Insurance Corp., the National Credit Union Administration, and the Office of the Comptroller of the Currency released their finalized policy updates on commercial real estate loan accommodations and workouts.
Read on for more details. Read on »
Posted Date: Wednesday, July 5, 2023
In remarks from Acting Comptroller of the Currency Michael Hsu to the American Bankers Association’s Risk and Compliance Conference, Hsu warned the unpredictability of artificial intelligence (AI) could pose significant risks to financial systems. Hsu further cautioned that banks must manage risks when adopting technologies such as digital assets and AI.
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Posted Date: Monday, June 12, 2023
Five federal regulatory agencies issued a request for public comment on proposed guidance addressing reconsiderations of value for residential real estate transactions.
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Posted Date: Tuesday, June 6, 2023
The Consumer Financial Protection Bureau, the Office of the Comptroller of the Currency, the Federal Reserve Board, Federal Deposit Insurance Corp., National Credit Union Administration, and the Federal Housing Finance Agency, issued a joint notice of proposed rulemaking related to automated valuation models (AVMs).
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Posted Date: Tuesday, May 23, 2023
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.
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Posted Date: Tuesday, April 11, 2023
The Federal Financial Institutions Examination Council named Acting Comptroller of the Currency Michael Hsu as its chair.
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Posted Date: Monday, March 20, 2023
The U.S. Court of Appeals for the Ninth Circuit affirmed the decision of a California district court to abstain from enjoining a state action brought by the Riverside County, Calif., district attorney (DA) against national bank Credit One. Credit One claimed the DA unlawfully exercised the National Bank Act and its associated regulations’ “visitorial powers.” The courts disagreed.
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Posted Date: Tuesday, March 14, 2023
Sen. Sherrod Brown (D-Ohio), chair of the Senate Committee on Banking, Housing, and Urban Affairs, sent a letter to Acting Comptroller Michael Hsu asking the Office of the Comptroller of the Currency to apply greater scrutiny to banks that are closing branches in low- and moderate-income areas.
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Posted Date: Wednesday, March 8, 2023
The Federal Reserve, Federal Deposit Insurance Corp., and the Office of the Comptroller of the Currency issued a joint warning about the risks of using and holding crypto assets. The International Monetary Fund also issued a new paper encouraging member countries to not move too quickly in matters of law and policy surrounding crypto assets.
Read on for more details. Read on »
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