Banking and Finance Law Daily
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FHFA Inspector General reports on Enterprises’ monitoring of third-party cloud service providers
The white paper examines the monitoring procedures used by Fannie Mae and Freddie Mac.
Forfeiture was mandatory, even where money laundering caused no harm to bank
Where a defendant is convicted of money laundering, forfeiture is mandatory even where the scheme caused no harm to the bank because the money was repaid with interest.
Lender to pay $38M for deceiving consumers about short-term loan costs
An ALJ recommended that a lender and its CEO pay restitution of $38 million and $12.5 million in civil penalties, affirming CFPB allegations that they deceived consumers about the costs of short-term...
FCRA claims against bank for failing to reinvestigate, correct credit report rejected
As a furnisher of information, the bank’s FCRA duty of investigation is triggered only after it receives a notice of a dispute from a consumer reporting agency.
Fed, OCC obtain $80m against Capital One over data breach
The Fed and OCC announced consent orders including an $80m penalty with Capital One over the data breach announced by the bank in 2019.