May bank directors and officers be held jointly and severally liable for negligence in a tort action challenging their decision making process?...more
Despite the existence of a prior acts exclusion in an insurance policy, the officers and directors of a failed bank were entitled to coverage for a lawsuit brought by the Federal Deposit Insurance Corporation (FDIC), the U.S....more
A state-chartered bank based in Missouri must pay $5 million pursuant to a Consent Order with the Board of Governors of the Federal Reserve System resulting from charges of deceptive marketing practices....more
A federal jury in Georgia awarded almost $5 million to the Federal Deposit Insurance Corporation (FDIC) in one of the few suits against the directors of a failed bank that made it all the way to trial.
What happened...more
The federal bank regulatory agencies adopted revisions to the interagency guidance on the Community Reinvestment Act, focusing on alternative systems for delivering retail banking services, innovative or flexible lending...more
8/29/2016
/ Banks ,
Community Development ,
Community Reinvestment Act ,
FDIC ,
Federal Bank Regulatory Agencies ,
Federal Reserve ,
Innovation ,
Interagency Guidance ,
Lenders ,
OCC ,
Retail Banks
Why it matters -
In a coordinated effort, the U.S. government identified another “poster child” to demonstrate its continued vigilance and earnestness in pursuing lax BSA/AML procedures and oversight and violations of...more
7/8/2015
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Banks ,
BSA/AML ,
Civil Monetary Penalty ,
Compliance ,
Department of Justice (DOJ) ,
Enforcement ,
Enforcement Actions ,
FDIC ,
FinCEN
CFPB Fines Bank $7.5M for Overdraft Violations, With $49M More in Redress -
Why it matters:
In its first action targeting overdraft fees, the Consumer Financial Protection Bureau (CFPB) fined Regions Bank $7.5...more
Why it matters -
To encourage communication of problems and expediency of correction, the Office of the Comptroller of the Currency (OCC) updated its policy on “Matters Requiring Attention,” or MRAs, in a newly...more
Almost all cases brought by the FDIC in the last few years against former directors and officers of failed banks have been resolved by negotiated settlements. However, in a recent decision, a federal court judge in North...more
Risk management continues to be at the top of regulatory agendas, and the OCC has taken the opportunity to offer its heightened risk guidelines for large financial institutions of more than $50 million in average consolidated...more
In the context of Federal Deposit Insurance Corporation (FDIC) litigation against the former directors and officers of a failed bank, the Georgia Supreme Court has upheld the validity of the business judgment rule in the...more
Light ’em Up: FinCEN’s Cautionary Guidance About Banks Working With Marijuana Companies -
The Financial Crimes Enforcement Network’s new guidance on how to work with marijuana-related businesses is unlikely to make it...more
Bit by Bit(coin), Virtual Currency Inches Toward Regulation -
Has the time come to regulate virtual currency? At a recent hearing held by the New York Department of Financial Services, the answer appeared to be “yes.”...more
Swipe Fee Settlement Yields More Litigation -
Although the parties reached a $7.25 billion class action settlement of the antitrust suit brought by merchants against Visa and MasterCard over swipe fees, the case is far...more
2/11/2014
/ American Express ,
Antitrust Litigation ,
Banks ,
Class Action ,
Deposit Advances ,
FDIC ,
Fees ,
MasterCard ,
Prepaid Payment Products ,
Toys R Us ,
Visa Inc ,
Visas
Swipe Fee Settlement Yields More Litigation -
Although the parties reached a $7.25 billion class action settlement of the antitrust suit brought by merchants against Visa and MasterCard over swipe fees, the case is far...more
1/31/2014
/ Antitrust Litigation ,
Banks ,
Business Judgment Rule ,
Class Action ,
Deposit Advances ,
Directors ,
FDIC ,
Fees ,
MasterCard ,
Merchant Fees ,
Payday Loans ,
Settlement ,
Visa Inc
With the bulk of the banking industry’s credit problems resolved or at least more manageable than in the recent past, the regulators appear to be on a new warpath. Over the last year, they have sent strong signals to the...more
What Many Foreign Banks and Community Banks Have in Common -
Strange as it may seem, community banks and the U.S. operations of foreign banks are often treated similarly; their interests are usually legislative and...more