On June 4, the Federal Reserve announced an order assessing civil penalties against a state bank in connection with violations of Regulation H, which implements the National Flood Insurance Act. The bank consented to pay a $7,500 civil penalty to the National Flood Insurance Program.
On May 12, the Board of Governors of the Federal Reserve System announced the execution of a settlement in an enforcement action against a state member bank concerning alleged violation of Section 102(f) of the National Flood Insurance Act (NFIA). The settlment noted that where a pattern of practice of…
On April 28, 2015, the Consumer Financial Protection Bureau announced a consent decree with a national bank regarding improper overdraft fees in violation of Regulation E, the implementing regulation of the Electronic Fund Transfer Act (“EFTA”). When a consumer does not have sufficient funds to cover a purchase or withdrawal,…
On March 12, 2015, the Justice Department announced a settlement with a regional bank over allegations that the bank violated FIRREA by permitting an intermediary third-party payment processor to process fraudulent payments through the bank. The payment processor opened an account at the bank for the purpose of processing electronic…
On February 24, 2015, a national bank disclosed in an SEC filing that the Department of Justice (“DOJ”), Department of the Treasury, U.S. Attorney’s Office for the District of New Jersey, and New York district attorney’s office issued subpoenas to the bank in early 2015 related to the bank’s subprime…