National Credit Union Administration Chairman Todd M. Harper released the following statement today on the U.S. Department of Justice’s settlement with Citadel Federal Credit Union to resolve lending discrimination allegations. Citadel is a $6 billion financial institution in Southeastern Pennsylvania.
The latest edition of the Consumer Financial Protection Bureau’s (CFPB) Supervisory Highlights focuses on issues within the auto-finance market, emphasizing efforts to address deceptive practices, improper repossessions, and violations of consumer protection laws. Auto loans are crucial for millions of American families, with debt in this sector reaching $1.616 trillion as of mid-2024, second only to mortgage debt. The CFPB’s report examines auto-finance companies’ practices and their impact on consumers, revealing significant issues that affect their financial well-being.
The Office of the Comptroller of the Currency (OCC) today announced a cease and desist order and a $450 million civil money penalty against TD Bank, N.A. and TD Bank USA, N.A. (bank), for deficiencies in the bank’s Bank Secrecy Act (BSA) and anti-money laundering (AML) compliance program. Today’s action also imposes a restriction on the growth of the bank and a measure designed to ensure that the bank invests sufficient resources to remediate its BSA/AML deficiencies in a timely manner.
TD Bank’s American unit is reportedly set to plead guilty to anti-money laundering failures. The Toronto-based bank is expected to pay a roughly $3 billion penalty and agree to limits on its growth in the U.S. as part of the plea deal, the Wall Street Journal (WSJ) reported late Wednesday (Oct. 9).
A California federal court has denied class certification where questions existed about the use of the plaintiff’s phone number for business. Christopher Payne filed a putative class action against Sieva Networks, alleging that the company sent unsolicited telemarketing text messages to consumers whose residential phone numbers are registered on the National Do Not Call (DNC) Registry.
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