Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
Inside Washington (09/25/2012)
  • WASHINGTON (9/26/12)--In the two enforcement actions it has issued, the Consumer Financial Protection Bureau (CFPB) has indicated it will pursue significant monetary penalties, a departure from previous actions (American Banker Sept. 25). Discover Financial Services late last week agreed to repay $200 million to cardholders who purchased card protection products by telephone from December 2007 to August 2011 (News Now Sept. 25). Discover also agreed to pay another combined $14 million in civil monetary penalties to the Federal Deposit Insurance Corp. and the CFPB. The Discover agreement follows a separate agreement between Capital One Financial and regulators, in which Capital One agreed to pay about $200 million in refunds. The bureau says wants to make it more expensive to break the law than to abide by it, CFPB Enforcement Director Kent Markus said on a conference call with reporters Monday …
  • WASHINGTON (9/26/12)--The Federal Deposit Insurance Corp. (FDIC) has revised its classification system for its bank examinations effective on or after Oct. 1. The change is intended to better communicate to institutions the severity of their violations and to provide more consistency in the classification of violations cited in "Reports of Examination." Under the new system, violations will be assigned to one of three levels, based primarily on the impact to consumers. Level 3 denotes a high-severity violation, one that could result in restitution to consumers in excess of $10,000 and pattern and practice violations of anti-discrimination laws. Level 2 are medium-severity violations and include violations resulting in potential restitution to consumers in an amount below the Level 3 threshold and other systemic or recurring violations. Low-severity violations, or Level 1, are those adequately addressed during the examination and that do not indicate weakness in the compliance management system and will not be included in the "Report of Examination." The FDIC communicated its new system to financial institutions in a Financial Institutions Letter (FIL-41-2012) …


RSS print
News Now LiveWire
NCUA re-schedules start of tomorrow's closed meeting to 9 a.m. ET. Open meeting still at 10 a.m. ET.
13 hours ago
.@lisamurkowski @SenatorEnzi @SenJohnBarrasso are latest to weigh in on NCUA risk-based capital proposal. See #NewsNow tomorrow for more
13 hours ago
Now up on News Now: Fed stays course on taper, interest rates http://t.co/6DntsW58vA
15 hours ago
Positive performance indicators and the potential for rising interest rates in @TheNCUA 's latest economic update. http://t.co/yptPbIGvnU
18 hours ago
The @CFPB has launched a nationwide effort to provide financial education. http://t.co/sF3FXHpv3k
19 hours ago