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Top Story Lending Related

09/09/2016

Consumer credit grows

The Federal Reserve Board's July 2016 G.19 consumer credit report shows that consumer credit increased at a seasonally adjusted annual rate of 5-3/4 percent. Revolving credit increased at an annual rate of 3-1/2 percent, while nonrevolving credit increased at an annual rate of 6-3/4 percent.

09/09/2016

Regulators issue banking report to Congress and FSOC

The Federal Reserve Board, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency have jointly announced the release of a report to the Congress and the Financial Stability Oversight Council (FSOC) on the activities and investments that banking entities may engage in under applicable law. Each agency prepared the section of the report relative to the banking entities that it supervises. Each of the three sections includes a discussion of permissible activities, risk mitigation, legal limitations, and specific recommendations as required by the Dodd-Frank Act.

09/09/2016

Incentive program costs Wells Fargo $185 M in CMPs

Wells Fargo Bank, N.A., will pay civil money penalties totaling $185 million and make about $2.5 million in restitution payments for failing to monitor and control a cross-selling incentive program. The CFPB, OCC and the Office of the Los Angeles (California) City Attorney announced on Thursday that they have imposed monetary penalties of $100 million, $35 million and $50 million, respectively, on the bank. The bank encouraged sales of new accounts and services in a program that established sales goals and bonus incentives, and a widespread employee practice developed that boosted sales figures by opening deposit and credit card accounts without customer authorization. The bank determined that as many as two million accounts were opened that may not have been authorized, and stated that about 5,300 employees involved in the scheme have been fired "over the last few years."

The CFPB found the bank's actions to be unfair and abusive under the Consumer Financial Protection Act of 2010. The OCC found the actions to be unsafe and unsound practices. The City of Los Angeles settled a 2015 suit brought against the bank alleging violations of California's Unfair Competition Law.

For more on this story, see "Wells Fargo sales incentives lead to $185M in CMPs," in our Penalties pages.

09/08/2016

Bureau assistance for ITT Tech student loan participants

Information has been posted on the CFPB Blog for students enrolled at ITT Tech concerning their ability to discharge student loans due to the bankruptcy and closing of the college.

09/08/2016

FTC bans debt collectors and issues $4.4M CMP

The Federal Trade Commission has announced that two groups of debt collectors will be banned from the collection business under settlements with the regulator, and one of them will pay more than $4.4 million civil money penalty (CMP) to resolve charges that they conned people into paying debts they did not owe. A stipulated order resolves FTC charges brought in November 2015 against the businesses. See our January 8, 2016, Top Story, "Operation Collection Protection shuts down abusive collectors," for the details. The court had halted the operation, frozen the defendants’ assets, and appointed a receiver to control the business pending litigation.

09/08/2016

Beige Book updated

The Federal Reserve Board has posted the September 7 issue of the Beige Book, summarizing comments on current economic conditions by Reserve District received from business and other contacts outside the Federal Reserve System through August 29.

09/07/2016

CU lending increases to $823.4 billion

The NCUA has announced that, based on call report data, the total lending in the 2016 second quarter at federally insured credit unions increased to $823.4 billion, a 10.5 percent increase from 2015.

09/07/2016

Gruenberg to give keynote at Bank Research Conference

The FDIC has announced it will co-sponsor with the Journal for Financial Services Research the 16th Annual Bank Research Conference September 8–9, 2016. The conference features a presentation of papers and keynote addresses by Chairman Martin J. Gruenberg and Professor Douglas Diamond of the University of Chicago's Booth School of Business. The conference will feature seven sessions during the two days on topics ranging from liquidity and capital regulation to central bank asset purchases and the effect on bank credit formation. In addition, 19 papers that were selected from 565 submissions will be presented.

09/06/2016

FDIC CRA evaluations posted

The FDIC has posted its September list of banks whose Community Reinvestment Act (CRA) evaluation ratings have recently become public. Three of the listed banks received ratings of "Outstanding." The remaining 57 institutions received ratings of "Satisfactory."

09/06/2016

FDIC advisory on Louisiana flood relief

The FDIC has issued FIL-59-2016, which encourages depository institutions to consider all reasonable and prudent steps to assist customers in communities affected by recent storms and flooding in Louisiana.

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