Regions Bank to Refund $141M for Illegal Overdraft Fees
The Consumer Financial Protection Bureau found that between 2018 and 2021, Regions was charging overdraft fees on some ATM withdrawals as well as some debit card purchases. read more >
by Associated Press -
As ‘Buy Now, Pay Later’ Plans Grow, So Do Delinquencies
Another concern among advisers and consumer advocates, as well as Washington lawmakers and regulators, is the ease with which consumers can layer on these installment loans. read more >
Banks Slowly Reconsider Overdraft Fees, Amid Public Pressure
Through the first nine months of this year, overdraft revenue totaled $6.13 billion. read more >
by Associated Press -
Nationstar Settles with Regulators in Arkansas, Elsewhere Over Mortgage Practices
Nationstar Mortgage of Dallas will pay refunds and other redress approaching $90 million, including redress of $517,292 to 490 consumers in Arkansas, the state Securities Department says. read more >
Federal Regulator Clamps Down on Payday Lending Industry
A federal regulator announced new restrictions Thursday on the payday lending industry, a move that is likely to face resistance in Congress. read more >
by Associated Press -
Public Shaming Likely But GOP Wary of New Laws After Equifax
Prospects are good for a public shaming in the Equifax data breach, but it's unlikely Congress will institute sweeping new regulations after hackers accessed the personal information of an estimated 143 million Americans. read more >
by Associated Press -
Hill, McHenry: CHOICE Act Will Help Community Banks, Fintech Startups
The priorities of two congressmen supporting the Financial CHOICE Act are to offer community banks on “off ramp” from Dodd-Frank regulations, better define systemically important banks and bring accountability as well as transparency to the Consumer Financial Protection Bureau. read more >
Investigations Of Dallas Firm Hit Bank Deal
Government scrutiny of Harbor Portfolio Advisors of Dallas has contributed more baggage to weigh down a would-be sale of Arkansas’ smallest bank. read more >
by George Waldon -
Wells Fargo’s Other Victims (Gwen Moritz Editor’s Note)
Customers of Wells Fargo whose personal information was used to create accounts they didn’t want, need or request were also victims. Those unauthorized accounts could reflect negatively on the unsuspecting customer’s credit score, and that could cost them far more for far longer. read more >
by Gwen Moritz -
Big Arkansas Banks Gear Up For $10B Threshold
Not long ago, crossing the $10 billion-asset threshold for a bank was merely a big round-number achievement. Now, however, banks surpassing $10 billion in assets face additional costs, fee restrictions and new layers of regulatory oversight. read more >
by George Waldon -
Big Changes Coming to Closing Process (Patrick W. Curry Commentary)
On Aug. 1, the way lenders, real estate agents and title companies work together will change completely. If you’re not prepared for the upcoming changes, you’ll run the risk of delayed closings, lost trust with customers or other challenges brought by new federal regulations. read more >
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Mortgage Rule Puts Banks On Notice (Erin Brogdon Commentary)
The law that just keeps on giving, the Dodd-Frank Wall Street Reform & Consumer Protection Act, created the Consumer Financial Protection Bureau to draft and implement regulations on banks. read more >
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Obama Warns GOP Not to Undo Wall Street Regulations
President Barack Obama is warning congressional Republicans not to undo financial regulations he signed two years ago, taking specific note of the work of a consumer agency created by the new law. read more >
by Associated Press -