Links in “Fines, Penalties, Suits, and Settlements”

Corporate culture study: Industry observers wonder if JP Morgan Chase, which has until now withstood huge fines and penalties as a cost of doing business, can continue its pace of earnings in light of emerging regulatory woes and increasingly impatient regulators. [8/13]

Appeals court finds that homeowners who were denied a modification under the Home Affordable Modification Program (HAMP), even after completing a trial period plan, have legal standing to sue their lender, Wells Fargo. (See also this article.) [8/12]

U.S. attorney's take on Russian who scanned credit card agreement, modified terms to his favor, then got the bank to sign it, and had it hold up in court (so far): kids, don't try this at home. [8/12]

Russian doesn't like credit card offer a bank sends him, scans the contract and alters it to terms of his liking, and sends it back. The bank signs it and sends him a card, but not so surprisingly is not keen on honoring his terms. The plot thickens... [8/9]

We thought when we finally got the rule changed regarding ATM fee notices that the ATM class action lawsuits would go away. Not so. The latest trend involves claims against ATM operators whose ATMs don’t meet the ADA requirements for braille keyboards or voice guidance. [8/8]

A U.S. District Court dismissed a case brought originally by a Texas bank and the Competitive Enterprise Institute that claimed the CFPB did not have the authority to regulate the financial services industry; the suit, which was later joined by 11 other states, challenged the constitutionality of the Dodd-Frank Act that created the CFPB. The plaintiffs plan to appeal. For a bank lawyer's take on the case, see State National of Big Spring Springs a Leak. [8/7]

Federal judge dismisses a Texas community bank's case, arguing the institution has no legal ability to challenge the 2010 financial reform law; judge says bank, which has an asset size well below CFPB's purview of $10 billion in assets, could not prove financial injury resulting from Dodd-Frank. [8/5]

Julie Miller’s problems began in 2009 when she was denied credit based on an unfavorable Equifax credit report that contained numerous errors, including an incorrect social security number and birthdate along with derogatory credit that did not belong to her; after eight unsuccessful attempts to dispute the incorrect information, she filed suit. [7/30]

Following First California Bank's $600K penalty in May, the bank's Cornerstone Marketing affiliate was ordered to pay a $25K fine over violations related to reloadable cards the bank offered; [7/29]

Consumers are sorry to the tune of $14.3 billion in “gray” charges according to a recent survey. CFPB looking into “gray” charges, charges that occur when a free subscription (i.e.magazines. Amazon, etc.) period ends and the company automatically begins charging the full subscription rate, which the consumers may not realize before racking up charges they may not be able to afford.