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CFPB Sues Horizon Card Services and CEO Robert Kane for Illegally Baiting, Gouging, and Trapping Families in High-Fee Credit Cards
September 15, 2024 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today sued Horizon Card Services and its CEO Robert Kane for tricking consumers into signing up for its expensive membership credit card. Horizon’s credit card, which could come with almost $300 in annual fees on a card with a $500 credit limit, could only be used to…
Agencies extend comment period on request for information on bank-fintech arrangements
September 15, 2024 / Source: FRB
The federal bank regulatory agencies announced today that they will extend until October 30, 2024, the comment period on a request for information on bank-fintech arrangements involving banking products and services. The agencies are seeking input on the nature and implications of bank-fintech arrangements and effective risk management practices. Extending the comment period will allow…
U.S. Department of the Treasury Issues Proposed Rules Supporting Expanded Tribal General Welfare for Tribal Communities
September 15, 2024 / Source: Treasury
WASHINGTON – Today, the U.S. Department of the Treasury (Treasury) and the Internal Revenue Service (IRS) issued a Notice of Proposed Rulemaking (NPRM) to implement section 139E of the Internal Revenue Code, created by the Tribal General Welfare Exclusion Act of 2014 (Act). The Act enables Tribal governments to provide non-taxable assistance and benefits to Tribal members…
OCC Issues Enforcement Action Against Wells Fargo Bank
September 12, 2024 / Source: OCC
WASHINGTON—The Office of the Comptroller of the Currency (OCC) today entered into a Formal Agreement with Wells Fargo Bank, N.A. The Formal Agreement identifies deficiencies relating to the bank’s financial crimes risk management practices and anti-money laundering internal controls in several areas including suspicious activity and currency transaction reporting, customer due diligence, and the bank’s…
CFPB Bans Navient from Federal Student Loan Servicing and Orders the Company to Pay $120 Million for Wide-Ranging Student Lending Failures
September 12, 2024 / Source: CFPB
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) filed a proposed order against the student loan servicer Navient for its years of failures and lawbreaking. If entered by the court, the proposed order would permanently ban the company from servicing federal Direct Loans and would forbid the company from directly servicing or acquiring most loans under the Federal Family…
U.S. Department of the Treasury Highlights the Benefits of Public-Private Partnerships for Main Street and Underserved Rural and Urban Communities
September 12, 2024 / Source: Treasury
WASHINGTON – The Economic Opportunity Coalition (EOC), launched by Vice President Kamala Harris in July 2022, is a group of more than two dozen companies that have committed to making investments in small business underserved communities to address economic disparities and jumpstart local economic activity. To date, the EOC has announced $1 billion of deposits with Community…
U.S. Department of the Treasury Releases Proposed Rules for Corporate Alternative Minimum Tax to Address Significant Corporate Tax Avoidance By Companies with $1 Billion Or More In Annual Profit
September 12, 2024 / Source: Treasury
WASHINGTON – Today the U.S. Department of the Treasury (Treasury) and Internal Revenue Service (IRS) issued a Notice of Proposed Rulemaking (NPRM) to increase tax fairness and address significant corporate tax avoidance by some of the largest and most profitable U.S. corporations by implementing the Inflation Reduction Act’s Corporate Alternative Minimum Tax (CAMT). CAMT is a key…
Treasury Sanctions Cambodian Tycoon and Businesses Linked to Human Trafficking and Forced Labor in Furtherance of Cyber and Virtual Currency Scams
September 12, 2024 / Source: Treasury
WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is sanctioning Cambodian businessman Ly Yong Phat (Ly), his conglomerate L.Y.P. Group Co., LTD (L.Y.P. Group), and O‑Smach Resort for their role in serious human rights abuse related to the treatment of trafficked workers subjected to forced labor in online scam centers. OFAC is also designating…
CFPB Orders TD Bank to Pay $28 Million for Breakdowns that Illegally Tarnished Consumer Credit Reports
September 11, 2024 / Source: CFPB
WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) ordered TD Bank to pay $7.76 million to tens of thousands of victims of the bank’s illegal actions. For years, the bank repeatedly shared inaccurate, negative information about its customers to consumer reporting companies. The information included systemic errors about credit card delinquencies and bankruptcies. In…
HUD Updates Regulations to Lower Housing Costs and Build Safe and Affordable Manufactured Homes
September 11, 2024 / Source: HUD
WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) announced today the most extensive update to the Manufactured Home Construction and Safety Standards in more than three decades, including 90 new or updated standards to increase innovation and production of homes with features that are sought-after by consumers, such as open floor plans and accessibility enhancements,…
Treasury Targets Oil and LPG Smuggling Network That Generates Millions in Revenue for Hizballah
September 11, 2024 / Source: Treasury
WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is sanctioning three individuals, five companies, and two vessels that are involved in smuggling oil and liquified petroleum gas (LPG) to generate revenue for Hizballah. The network, comprised of Lebanese businessmen and companies and overseen by a senior leader of…
HUD Announces More Than $6 Million to Revitalize Communities with Distressed HUD-Assisted Housing
September 10, 2024 / Source: HUD
WASHINGTON – Today, the U.S. Department of Housing and Urban Development (HUD) announced $6.5 million in Choice Neighborhoods Planning Grants for 13 communities in 11 states across America to redevelop severely distressed public housing or HUD-assisted housing, improve outcomes for residents, and bring new amenities to high-poverty neighborhoods. Each selected community, including the first-ever Tribal Nation…
U.S. Department of the Treasury Awards $4 Million to Nevada to Help Small Businesses in Key Sectors of the Economy Grow and Hire
September 10, 2024 / Source: Treasury
WASHINGTON – Today, the U.S. Department of the Treasury announced that the Nevada Governor’s Office of Economic Development has been awarded more than $4 million to help small businesses in key sectors of the economy grow and hire through the State Small Business Credit Initiative (SSBCI) Investing in America Small Business Opportunity Program (SBOP). Part…
Treasury Targets Key Funding Source of Deadly Fentanyl- Trafficking Cartel CJNG
September 10, 2024 / Source: Treasury
WASHINGTON — Today, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned nine Mexican nationals and 26 Mexico-based entities linked to a fuel theft network that generates tens of millions of dollars benefiting the Cartel Jalisco Nueva Generacion (CJNG), a violent Mexico-based drug trafficking organization responsible for a significant proportion of fentanyl…
FinCEN Issues In-Depth Analysis of Check Fraud Related to Mail Theft
September 9, 2024 / Source: FinCEN
WASHINGTON—Today, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a Financial Trend Analysis (FTA) on mail theft-related check fraud incidents based on Bank Secrecy Act (BSA) data filed in the six months following FinCEN’s issuance of its 2023 alert on this same topic. During the review period, FinCEN received 15,417 BSA reports from 841…
Prepared Remarks of CFPB Director Rohit Chopra at the National Housing Conference
September 9, 2024 / Source: CFPB
Interest rates are a major driver of decision-making in our economy. In board rooms and at kitchen tables, many are wondering how much today’s high interest rates will fall. For families, interest rates are often what makes or breaks the math on their mortgage. Today, I want to discuss mortgage refinancing, and whether falling interest…
FDIC-Insured Institutions Reported Net Income of $71.5 Billion
September 9, 2024 / Source: FDIC
For Release “The banking industry continued to show resilience in the second quarter. Net income increased and asset quality metrics remained generally favorable. However, the banking industry still faces significant downside risks from uncertainty in the economic outlook, market interest rates, and geopolitical events. In addition, weakness in certain loan portfolios, particularly office properties, credit cards, and multifamily…
CFPB Report Highlights Consumer Protection Issues in Medical and Rental Debt Collection
September 5, 2024 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) today issued its annual report on debt collection, which highlights aggressive and illegal practices in the collection of medical debt and rental debt. The report discusses how problems with real estate companies’ “revenue management software” can result in improperly inflated rental debt amounts. The report also focuses on…
FTC Provides Annual Letter Summarizing Debt Collection Activities
September 5, 2024 / Source: FTC
The Federal Trade Commission has provided the Consumer Financial Protection Bureau (CFPB) with its annual summary of activities to protect consumers in the debt collection arena. The summary is used by CFPB in its annual report to Congress on the activities of both agencies, which share law enforcement responsibility in this area. In the summary, the Commission…
FFIEC Information Technology Examination Handbook: New Development, Acquisition, and Maintenance Booklet
September 5, 2024 / Source: OCC
Summary The Federal Financial Institutions Examination Council (FFIEC) issued the “Development, Acquisition, and Maintenance” booklet, which is part of the FFIEC Information Technology Examination Handbook. The booklet replaces the “Development and Acquisition” booklet issued in April 2004. The examination procedures in this booklet help examiners evaluate a financial institution’s controls and risk management processes relative to…
HUD Awards Over $32 Million to Fight Housing Discrimination
September 5, 2024 / Source: HUD
WASHINGTON – Today, the U.S. Department of Housing and Urban Development (HUD) awarded $31.7 million from its FY 2024 budget to support 75 fair housing organizations across the nation through the Fair Housing Initiatives Program (FHIP). These funds are being directed to second- and third-year multi-year grantees of the Private Enforcement Initiative (PEI) to continue their ongoing…
Sunset of FFIEC Cybersecurity Assessment Tool
September 5, 2024 / Source: FDIC
Summary: The Federal Financial Institutions Examination Council (FFIEC) issued a statement to communicate the August 31, 2025, sunset of the FFIEC Cybersecurity Assessment Tool (CAT). The FFIEC will discuss new and updated government and industry resources during a banker webinar this Fall. Statement of Applicability: The contents of, and material referenced in, this FIL apply…
U.S. Department of the Treasury Releases New Report Highlighting $3.5 Billion in Clean Energy Investments in Low-Income Communities
September 4, 2024 / Source: Treasury
WASHINGTON – Today, the U.S. Department of the Treasury released a report with new data on the success of the 2023 program year of the Inflation Reduction Act’s Low-Income Communities Bonus Credit Program. The report demonstrates how the program is lowering American families’ energy costs as part of the Biden-Harris Administration’s economic agenda. About $3.5 billion in investments in…
OCC Hosts Minority Depository Institutions Advisory Committee Meeting September 24
September 4, 2024 / Source: OCC
WASHINGTON—The Office of the Comptroller of the Currency (OCC) today announced it will host a public meeting of the Minority Depository Institutions Advisory Committee (MDIAC) on Tuesday, September 24, 2024. The meeting, which will be hosted in person and virtually, is open to the public and will begin at 8:30 a.m. Eastern Daylight Time (EDT)….
Federal Reserve Board issues enforcement actions with First Interstate Bank and United Texas Bank
September 4, 2024 / Source: FRB
The Federal Reserve Board on Wednesday announced the execution of the enforcement actions listed below: First Interstate Bank, Billings, MontanaFlood insurance violations, civil money penalty, dated August 28, 2024 United Texas Bank, Dallas, TexasCease and Desist Order dated August 29, 2024 Additional enforcement actions can be searched for here. For media inquiries, please email [email protected] or call 202-452-2955.