- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Jeff Dale2023-07-26T18:40:00
American Express National Bank agreed to pay a $15 million penalty levied by the Treasury Department’s Office of the Comptroller of the Currency (OCC) for alleged oversight failings regarding a third-party affiliate and its efforts to retain small business customers.
American Express (Amex) failed to ensure it had appropriate call monitoring controls and mechanisms to document and track customer complaints in connection to its unnamed third-party affiliate, the OCC said in a press release Tuesday.
The third-party affiliate was responsible for retaining small business customers. Between 2015 and 2017, Amex had inadequate oversight of the affiliate, the OCC alleged in its consent order, including poor governance, inadequate call monitoring, documentation processes, and handling of customer complaints.
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2025-01-21T14:49:00Z By Aaron Nicodemus
American Express will pay approximately $230 million in fines and penalties to settle allegations that it deceptively marketed credit card and wire transfer products, and also misrepresented the tax benefits of two payroll wire transfer products.
2023-07-11T18:01:00Z By Jeff Dale
Bank of America agreed to pay approximately $230 million to settle charges levied by the Consumer Financial Protection Bureau and Office of the Comptroller of the Currency over alleged junk fees, withheld credit card rewards, and the opening of fake accounts.
2023-06-15T18:55:00Z By Jeff Dale
The Office of the Comptroller of the Currency announced a $15 million civil penalty against MUFG Union Bank for “deceptive practices” caused by alleged weaknesses in execution of internal controls and procedures.
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The U.S. Consumer Financial Protection Bureau continues to unravel amid pressure from Trump administration officials to shutter the agency. Not only has the agency informed its employees that it will no longer be a watchdog for the financial services industry, it has also laid off employees despite court orders blocking ...
2025-04-15T07:30:00Z By Aaron Nicodemus
The Consumer Financial Protection Bureau dropped yet another consumer protection lawsuit against a bank or fintech provider since Donald Trump was sworn in as president in January. This time, it was with Comerica Bank.
2025-04-11T08:00:00Z By Adrianne Appel
Block Inc., maker of the popular Cash App, has been hit with a $40 million fine by New York for its alleged failure to report suspicious activity. The move marks the latest in a string of recent state and federal enforcement actions against the company.
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