A $14,000 fine for violations of flood insurance requirements has been levied against a West Virginia bank by the Federal Reserve. Clear Mountain Bank of Bruceton Mills, W. Va., (assets: $581 million) was assessed the […]
A $735.7 million “distribution” will be paid to federally insured credit unions, likely during the second half of the year, the result of a dividend from the federal insurance fund that insures savings in the […]
“De-risking” – or the action of banks dropping accounts from “money services business” (MSBs) and other funds-transfer or remittances groups – is blocking or eliminating financial services to “entire classes of legally operating businesses,” a […]
Penalties of $275 million, and a forfeiture of $528 million, were imposed on one of the nation’s largest banking companies after federal banking and law enforcement agencies determined it was in violation of federal anti-money […]
Legislation on title fee calculations in mortgage lending, and clarifying that bank and credit union loan rates remain valid whether sold or reassigned to a third party, was adopted by the House Wednesday in two […]
Issuing its fourth “request for information” in as many weeks for “evidence” of how it is doing its job, the federal consumer protection bureau signaled that up to eight more RFIs will be issued in […]
A national data security standard and strong notification requirements when a data breach occurs were two top recommendations of most of the financial institution and data security experts testifying before a House subcommittee Wednesday. However, […]
An enforcement action has been terminated against Cornerstone Bancshares, Inc., of Overland Park, Kansas, the Federal Reserve said Tuesday. The action was first imposed in 2010. Under the consent agreement signed in 2010 by the […]
A former employee of an Alabama bank has been prohibited from working at a financial institution after embezzling money from bank customers for personal gain, the Federal Reserve said Tuesday. Eric Scott Darty, formerly of […]
Saying that the Federal Reserve will remain alert to any developing risks to financial stability, the agency’s new board chairman said Tuesday that the central bank would preserve regulatory changes made in the wake of […]
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