Credit union regulator issues employment ban against Carmel man
Jose Prado-Valero of Carmel pleaded guilty to financial institution fraud in April and is serving a federal prison term.
Banking Regulations
Articles
Federal regulators fine Citigroup $136M for failing to fix internal control issues
The Federal Reserve and the Office of the Comptroller of the Currency said Citigroup had failed to meet its obligations stemming from a 2020 consent order related to the bank’s risk and control issues.
Loyalty points are crypto’s new bait
The fledgling points programs already have their detractors, with many users bemoaning a lack of transparency—most haven’t explained how their points can be used—while experts warn they may pose regulatory risks of their own.
Overdraft fees could drop to as low as $3 under new White House proposal
The proposed change by the Consumer Financial Protection Bureau would potentially eliminate billions of dollars in fee revenue for the nation’s biggest banks.
BofA hit with $250M in fines, penalties, refunds for fees, fake accounts
Bank of America must reimburse customers more than $100 million and pay $150 million in fines for “double-dipping” on overdraft fees, withholding reward bonuses on credit cards and opening accounts without customer consent.
Banking upheaval presents opportunity
The failures of both Silicon Valley Bank and Signature Bank earlier this month mean venture investors and startups in Indiana and elsewhere are rethinking how and where they bank.
Crypto firms acted like banks, then collapsed like dominoes
Last week, Genesis filed Chapter 11, joining Voyager Digital, Celsius and BlockFi on the list of companies that have either filed for bankruptcy protection or gone out of business.
Wells Fargo to pay $3.7B over consumer law violations
It’s the largest fine to date against any bank by the Consumer Financial Protection Bureau and the largest fine against Wells, which has spent years trying to rehabilitate itself after a series of scandals tied to its sales practices.
Cryptocurrency bank with Hoosier connections draws banking regulators’ scrutiny
San Francisco-based Anchorage Digital Bank, which announced in January its plans to open an Indiana office, is the subject of a consent order issued by federal banking regulators. But both the regulators and Anchorage say the bank is working to come into compliance with Bank Secrecy Act and anti-money-laundering regulations.
California-based crypto startup to open central Indiana office
Anchorage Digital, founded in 2017, plans to open a physical office in the Indianapolis area and hire another 10 people here by year’s end.
Are cryptocurrencies on the verge of going mainstream?
The Office of the Comptroller of the Currency, which regulates federally chartered U.S. banks, has recently given banks the go-ahead to engage in certain types of cryptocurrency transactions.
Fed approves rules loosening Dodd-Frank bank restrictions
The Fed on Thursday approved a set of rule changes that implement legislation passed by Congress last year to loosen restrictions, particularly for smaller community banks, imposed by the Dodd-Frank Act passed in 2010.
Lawmakers move to dismantle key post-crisis bank rules
The House voted 258-159 to approve legislation rolling back the Dodd-Frank law, notching a legislative win for President Donald Trump, who made gutting the landmark law a campaign promise.
House advances ‘hillbilly venture capital’ bill pushed by payday loan industry
House Bill 1319, which would allow the short-term loan industry to offer high-interest consumer loans, is opposed by veteran groups, religious institutions and consumer advocates.
Senate GOP moves to repeal consumer banking rule
Vice President Mike Pence cast the final vote to break a 50-50 tie. The banking industry had been lobbying hard to roll back the regulation from the Consumer Financial Protection Bureau.
Trump takes first steps to scale back financial regulations
The president will direct the Treasury secretary to review the 2010 Dodd-Frank financial oversight law, which reshaped banking rules after the 2008-09 financial crisis.
Payday loan rules could stop ‘debt trap’ in Indiana, advocates say
Proposed new federal rules aim to make sure borrowers of short-term, high-interest payday loans have the ability to repay them.
Forecast for 2016: Strategist says slow economic growth ahead
If the U.S. economy were a compact car, it would be running on just three of four cylinders. That was the central message of a Fifth Third Bank expert at IBJ's 2016 Economic Forecast on Wednesday.
Indiana banks cash in on overdraft fees as low rates linger
Now we know exactly how much of a fortune—or not—that larger, Indiana-based banks are generating from those ill-timed debit and ATM transactions.
Supreme Court takes up housing bias case
The justices agreed Thursday to take up a case that challenges the theory that certain housing or lending practices can illegally harm minority groups, even when there is no proof of intent to discriminate.