In a tentative win for the CFPB, a federal judge in Texas ruled on August 26, 2024, that the agency did not exceed its authority when it issued its final Section 1071 small business lending rule. The court also rejected other Administrative Procedure Act (APA) challenges to the rule. However, the court did not issue a final judgment, as it still has to rule on the motion of certain intervenors to amend their complaint to add a claim focused on the legality of the CFPB being funded by the Federal Reserve Board, when since September, 2022, the combined earnings of the Federal Reserve System has been negative. That is contrary to the language of the Dodd-Frank Act.
New York Department of Financial Services (“DFS”) Superintendent Adrienne A. Harris announced today that Nordea Bank Abp (“Nordea” or the “Bank”) has agreed to pay $35 million in penalties as part of a Consent Order entered into with the New York State Department of Financial Services (the “Department”) for significant compliance failures with respect to Bank Secrecy Act/Anti-Money Laundering (“BSA/AML”) requirements and the Bank’s failure to conduct proper due diligence of its correspondent bank partners.
Acting Comptroller of the Currency Michael J. Hsu today issued the following statement in support of his vote on a Federal Deposit Insurance Corporation (FDIC) resolution to support a safe, fair and inclusive workplace for all FDIC employees.
The Federal Trade Commission and the Department of Justice Antitrust Division (DOJ), together with the Department of Labor (DOL) and National Labor Relations Board (NLRB), signed a new agreement that will enhance ability of the FTC and DOJ to investigate the impact of mergers and acquisitions on labor markets.
Consumers’ financial health is worse in states where sports betting is legal, new research says. For instance, automobile loan delinquencies increased after U.S. sports gambling was legalized, according to a recent paper by researchers from the University of California, Los Angeles and the University of Southern California.
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