OCC Issues Cease and Desist Order Against MUFG Bank, Ltd., for Violating the Bank Secrecy Act The Office of the Comptroller of the Currency (OCC) today announced a cease and desist order against the New York (Primary), Chicago, and Los Angeles federal branches of MUFG Bank, Ltd., Tokyo, Japan, for violating the Bank Secrecy Act (BSA) and its underlying regulations.
MUFG ordered to improve anti-money-laundering compliance The OCC said that branches in New York, Los Angeles and Chicago will be required to take certain corrective actions, but it did not hit the Japanese-owned bank with any financial penalties.
USAA's penalty; GSE reform gets harder; Citizens' buy: Top stories of the week OCC orders USAA to improve risk management; White House's mixed signals complicate housing finance reform debate; Rhode Island bank snaps up dealmaking boutique; and more from this week's most-read stories.
FDIC Makes Public January Enforcement Actions For Immediate Release February 22, 2019 Press Release Media Contact:Greg Hernandez(202) 898-6984ghernandez@fdic.gov FDIC Makes Public January Enforcement Actions; No Administrative Hearings Scheduled for March 2019 The Federal Deposit Insurance Corporation (FDIC) today released a list of orders of administrative enforcement actions taken against banks and individuals in January. There are no admi...
What community banks like so much about Northern Va. Bankers are eager to expand there through M&A, de novos or other means, encouraged by strong employment and disruption created by recent consolidation.
FDIC Encourages Consumers to Set Financial Goals and Learn More about Options for Saving For Immediate Release February 22, 2019 Press Release Media Contact:Greg Hernandez(202) 898-6984ghernandez@fdic.gov FDIC Encourages Consumers to Set Financial Goals and Learn More about Options for Saving America Saves Week is February 25 - March 2, 2019 The Federal Deposit Insurance Corporation (FDIC) encourages consumers to use America Saves Week as an opportunity to evaluate their short- and l...
FDIC-Insured Institutions Report Net Income of $59.1 Billion in Fourth Quarter 2018 For Immediate Release February 21, 2019 Press Release Media Contact:Julianne Fisher Breitbeil(202) 898-6895jbreitbeil@fdic.gov FDIC-Insured Institutions Report Net Income of $59.1 Billion in Fourth Quarter 2018 Net Income Rises $33.8 Billion Over Fourth Quarter 2017 Higher Net Operating Revenue and Lower Income Tax Expenses Lift Net Income Community Banks Net Income Increases $2.7 Billion from a ...
Community activists oppose Square's ILC bid More than three dozen organizations are asking the FDIC to reject Squares pending application to become an industrial loan company, according to a letter filed Tuesday.
Why Kraninger's CFPB is mandating fewer consumer refunds The agency has required restitution in just one of six settlements under its new director, raising questions about whether the pattern will continue.
OCC Enforcement Actions and Terminations for February 2019 The Office of the Comptroller of the Currency (OCC) today released new enforcement actions taken against national banks, federal savings associations, and individuals currently and formerly affiliated with national banks and federal savings associations.
OCC Enforcement Actions and Terminations for February 2019 The Office of the Comptroller of the Currency (OCC) today released new enforcement actions taken against national banks, federal savings associations, and individuals currently and formerly affiliated with national banks and federal savings associations.
OCC Hosts Compliance and Operational Risk Workshops in Milwaukee The Office of the Comptroller of the Currency (OCC) will host two workshops in Milwaukee, Wisconsin, at the Hilton Garden Inn Milwaukee Downtown, March 26 and 27, for directors of national community banks and federal savings associations supervised by the OCC.
OCC Hosts Compliance and Operational Risk Workshops in Milwaukee The Office of the Comptroller of the Currency (OCC) will host two workshops in Milwaukee, Wisconsin, at the Hilton Garden Inn Milwaukee Downtown, March 26 and 27, for directors of national community banks and federal savings associations supervised by the OCC.
USAA ordered to improve risk management, information security The enforcement action from the OCC comes on the heels of a CFPB consent order that said USAA reopened customers' accounts without consent and neglected stop-payment requests.
HomeStreet acquiesces to activist investor, will sell mortgage unit HomeStreet Bank will attempt to sell its stand-alone mortgage business and portfolio of servicing rights, a move that comes amid growing pressure from an activist investor to exit home lending and concerns about declining demand and regulatory challenges.
BankThink Will FDIC keep protecting failed banks uninsured deposits? Since the collapse of IndyMac in 2008, the agency has frequently helped to shield depositors over the $250,000 insurance limit from losses. But its a policy that was never formalized, and it remains to be seen whether the agencys new head, Jelena McWilliams, will follow it.
Bankshot Return of the barbell? How BB&T-SunTrust threatens banking's middle tier The biggest merger in years is reviving the idea that the industry is headed for a barbell-like shakeout, with very large banks on one end, community banks on the other and very few in between.
Comptroller of the Currency Supports CFPB Proposed Rule on Short-Term Small-Dollar Lending Comptroller of the Currency Joseph Otting today issued a statement in support of Director Kathy Kraninger and the Consumer Financial Protection Bureau's proposed rule rescinding requirements that lenders make certain underwriting determinations before issuing short-term small-dollar loans.
Comptroller of the Currency Supports CFPB Proposed Rule on Short-Term Small-Dollar Lending Comptroller of the Currency Joseph Otting today issued a statement in support of Director Kathy Kraninger and the Consumer Financial Protection Bureau's proposed rule rescinding requirements that lenders make certain underwriting determinations before issuing short-term small-dollar loans.
State AGs assail CFPB plan to build fintech sandbox The bureau wants to further remove the threat of legal liability for firms that test products benefiting consumers, but the attorneys general say the agency cannot provide immunity from state law.