Links in “Fines, Penalties, Suits, and Settlements”
- Years and Acquisition Don’t Shed Discrimination Issues
Capital One, which acquired Chevy Chase Bank in 2009, will pay $3 million to settle charges that the bank systematically charged minority borrowers higher mortgage rates from 2006 to 2009. [10/3]
- CFPB Denies Tribal Payday Lenders’ Claims That They Are Not Subject to CFPB’s Authority
Petition of three tribal payday lenders to set aside civil investigative demands denied. [10/1]
- NY Payday Loan Settlement: Restitution and Penalties Are Least of Problems
While restitution and penalties for five companies total just over $300K, one debt-buying company prohibited from collecting on $3.2 million in payday loans. [10/1]
- Poll Results: Are JPM Fines a Witch Hunt Or Is It Getting Off Easy?
Informal poll results of American Banker readers may surprise you. [9/30]
- FTC Files on Payday Lending and Indian Tribe Settlement
Amicus brief filed and other charges focus on UDAAP issues and impact of settlement requirements through Indian Tribes when actions of consumers are via internet and not on tribal lands. [9/27]
- FDCPA: $11 in Accrued Interest Triggers Class Action Lawsuit
Consumer alleges violation of Fair Debt Collection Practices Act because agency failed to properly inform her about interest accruing on her defaulted Victoria's Secret account (a follow-up letter stated an increase of $11 in the balance due); class action lawsuit filed in U.S. District Court. [9/25]
- U.S. Case Alleging Reckless Lending Takes a Hit
Judge dismisses some claims in lawsuit against Wells Fargo because they were filed too late or because HUD was aware of misconduct at the time. [9/25]
- FinCEN Flexes CMPs
$4.1 million CMP against now defunct Saddle River Valley Bank notes slew of weaknesses in BSA/AML monitoring activities associated with casas de cambio activities. [9/24]
- NCUA Sues 13 International Banks
In its continuing effort to recover losses from U.S Central and other corporate credit unions, NCUA announced it is suing 13 international banks for antitrust activities. NCUA contends that the banksâ manipulation of the Libor rate caused millions in losses to the credit union industry. [9/24]
- Crime Really Doesnât Pay
In fact, it may end up costing you a million dollars. Donna Harabin, a former executive with Telco FCU in Elmira, New York, has pled guilty to bank fraud and faces a potential prison term of 30 years and a $1 million dollar fine. Harbin changed due dates and posted false payments in order to mask the credit unionâs 75% delinquency rate. [9/24]
