Weekly Industry News - Financial Services, Insurance & Reinsurance

Financial Services , Insurance & Reinsurance – the latest on CFPB’s announcement, the Federal Court allows FDIC D&O suit and more.

CFPB Announces First Enforcement Action Against Payday Lender by BuckleySandler LLP Published on jdsupra.com

On November 20, the CFPB announced the resolution of an enforcement action against one of the largest payday lenders in the country. The consent order alleges that the lender and an online lending subsidiary made hundreds of payday loans to active duty military members or dependents in violation of the Military Lending Act, and that call center training deficiencies have allowed additional loans to be originated to spouses of active-duty members… [ Read More ]

Federal Court Allows FDIC D&O Suit Involving Business Judgment Rule To Proceed by BuckleySandler LLP Published on jdsupra.com

On November 14, the U.S. District Court for the Southern District of West Virginia denied motions to dismiss filed by former officers and directors of a failed federal thrift who allegedly contributed to the bank’s collapse by failing to exercise due diligence and monitor the bank’s relationship with a third party mortgage loan originator… [ Read More ]

CFPB’s New Regulations Will Affect Local Banks and Small Servicers by Dylan Howard Published on jdsupra.com

While the new regulations implemented by the Consumer Financial Protection Bureau (CFBP) are designed to apply primarily to big banks and loan servicers, the regulatory environment for small and community banks will also be transformed. Since many of these new rules are currently set to go into effect on January 10, 2014, and revisions are still being issued, small and community banks around the country should already be studying them and establishing policies and procedures for immediate compliance… [ Read More ]