Links in “Agencies”
- California Targets 14 (and Counting) Marketplace Lenders
California Department of Business Oversight has launched an inquiry into the business practices of 14 companies, including PayPal and Square. The list is expected to grow. "Folks shouldn't assume that this group of 14 is going to be the entire universe of lending that end up being part of this inquiry." [12/15/15]
- Raising the Alarm About Increasing Use of Fintech Among Terrorists
Terrorists and other criminals are increasingly turning to internet-based technology to raise and launder money for illicit activities. While regulation often lags behind technology, growing awareness of these trends suggests heightened regulatory scrutiny. [12/14/15]
- U.S., China Sign Deal on AML Framework
FinCEN signs a memorandum of understanding with its counterpart in China. The arrangement provides a mechanism for sharing information on money laundering and terrorist financing. [12/14/15]
- OCC Seeks to Remove Bank President
OCC seeks to remove the president of American Bank (Rockville, Maryland) for artificially inflating prices to avoid recognizing losses. [12/14/15]
- CFPB Employee Survey: Believers in the Mission
The CFPB released the results of its 2015 employee survey. Among the findings is that 82.5% of respondents find their work gives them a feeling of personal accomplishment. [12/14/15]
- Comment Period Open on Holder Rule
Comment period is open on the Preservation of Consumers' Claims and Defenses rule (also known as the "Holder Rule"). [12/14/15]
- DOJ’s Swiss Banking Sweep Nets Two More
The Department of Justice announced that two more Swiss Banks (Cornèr Banca SA and Bank Coop AG) have reached resolutions under the departmentâs Swiss Bank Program and will pay combined penalties of $8.3 million. [12/11/15]
- Money Laundering Schemes involving Saigon National Bank Lead to Arrests and Indictments
Federal authorities announced a series of arrests and indictments involving racketeering for a series of money laundering schemes that revolved around the former head of Saigon National Bank, based in Westminster, California. [12/11/15]
- NCUA Hits Morgan Stanley for $225 Million
The NCUA reached a settlement with Morgan Stanley for $225 million to resolve claims arising from losses related to corporate credit unionsâ purchases of faulty residential mortgage-backed securities. The action continues a series of settlements with various financial/securities firms with additional pursued actions still pending. [12/11/15]
- Underwriting Eases For Third Consecutive Year
The OCC Annual Survey of Credit Underwriting Practices identified easing of underwriting standards at banks. This is the third consecutive year the OCC has identified this trend. [12/10/15]
