- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2023-12-19T20:45:00
U.S. Bank agreed to pay nearly $36 million total in separate settlements with the Consumer Financial Protection Bureau (CFPB) and the Treasury Department’s Office of the Comptroller of the Currency (OCC) for allegedly impeding consumers’ access to their unemployment benefits during the Covid-19 pandemic.
Both agencies announced fines of $15 million against U.S. Bank on Tuesday, while the CFPB ordered the bank to pay an additional $5.7 million in redress.
From August 2020 through at least March 2021, U.S. Bank had “deficient processes for permitting consumers to regain access to their unemployment benefits in a reasonable timeframe following account freezes,” according to the OCC’s press release.
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Ohio-based Fifth Third Bank will pay $20 million in penalties to the Consumer Financial Protection Bureau for allegedly opening fake bank accounts and wrongfully repossessing customers’ vehicles.
The Office of the Comptroller of the Currency reached agreements with Lemont National Bank and Comerica Bank & Trust over concerns related to risk governance practices.
The Supreme Court rejected a claim that the Consumer Financial Protection Bureau’s funding mechanism is unconstitutional, removing a legal challenge that had the potential to overturn all the agency’s regulations and enforcement actions.
A bank examiner and senior manager at the Federal Reserve Bank of Richmond pled guilty to insider trading after allegedly misappropriating confidential information on seven banks to make profitable trades.
New York-based investment firm Drexel Hamilton will pay more than $1.1 million in penalties, with four current and former employees paying fines as well over committing hundreds of violations of rules regarding the sale of municipal bonds.
A publicly traded cryptocurrency mining company will pay $10 million and completely change its business model to one with “lower corruption risk” as part of a settlement over violations of the Foreign Corrupt Practices Act (FCPA), two regulators announced.
