A custodial bank settled CFPB charges for (i) applying for lines of credit and opening deposit accounts on behalf of customers without their consent, (ii) obtaining consumer reports with personal information without justification, and (iii) pressuring employees into selling products to customers to meet predetermined sales goals.
News & Insights
The CFPB proposed amendments to Truth in Lending regulations that address issues concerning the discontinuation of LIBOR as an index for variable-rate consumer credit products.
The FDIC proposed a rule change that would reduce the impact of deposit insurance assessments on insured depository institutions participating in the Small Business Administration's Paycheck Protection Program and certain Federal Reserve Board lending facilities.
The CFPB issued its semi-annual report to Congress. The report highlighted significant financial product and service issues consumers faced between April 1, 2019 and September 30, 2019.
The FDIC outlined key credit and market risks that could affect FDIC-insured institutions, the FDIC's deposit insurance fund and community banks.