Santander – Regulatory Report

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[ October 19, 2020 ] Bureau’s HMDA reference chart shows required data points for 2021 collection; Filing Instructions Guide available CFPB
[ October 19, 2020 ] FinCEN sets $60 million fine against convertible virtual currency exchanger over BSA violations Other
[ October 19, 2020 ] Florida bank – third to fail this year – closed for long-time capital, assets issues (not pandemic-related) FDIC
[ October 19, 2020 ] Clarida underscores MDI focus in Fed’s CRA proposal The Fed
[ October 19, 2020 ] Share of ‘unbanked’ households dropped in 2019, report states, as nearly 95% hold accounts FDIC

BCFP says Santander to pay $9.29 million to gap insurance purchasers, $2.5 million penalty

November 20, 2018 0

A company that sold a gap insurance product as an add-on to its auto loan products will pay restitution and a civil money penalty over deceptive practices in its product marketing and misrepresentation of the […]

Bureau’s HMDA reference chart shows required data points for 2021 collection; Filing Instructions Guide available

October 19, 2020 0

A reference chart that breaks down and describes, one by one, the data points required to be collected and reported by lenders in 2021 under the Home Mortgage Disclosure Act (HMDA), and provides filing instructions for each, has been published [...]
FinCEN sets $60 million fine against convertible virtual currency exchanger over BSA violations

October 19, 2020 0

A $60 million civil money penalty was assessed against the founder, administrator, and primary operator of Helix and Coin Ninja – convertible virtual currency “mixers” or “tumblers” – by the Financial Crimes Enforcement Network (FinCEN) over alleged violations of the [...]
Florida bank – third to fail this year – closed for long-time capital, assets issues (not pandemic-related)

October 19, 2020 0

Longstanding capital and asset quality issues going back more than 10 years were the underlying reasons for a Florida bank becoming the third to fail so far in 2020, the federal insurer of bank deposits said in closing the institution [...]
Clarida underscores MDI focus in Fed’s CRA proposal

October 19, 2020 0

The advance notice of proposed rulemaking intended to modernize the Federal Reserve’s Community Reinvestment Act (CRA) rules will also make provisions focused on minority depository institutions (MDIs) more prominent and clear, the Fed’s vice chair said in a speech Monday [...]
Share of ‘unbanked’ households dropped in 2019, report states, as nearly 95% hold accounts

October 19, 2020 0

Most households in the U.S. held at least one credit union or bank account in 2019, as the number of “unbanked” households dropped from two years earlier, the federal insurer of bank deposits said Monday. In its “How America Banks: [...]
In spite of Trump’s order, credit union regulator presses ahead with ‘reinforced’ financial inclusion work

October 19, 2020 0

Seemingly defying an order from the president to stop certain types of diversity training, and getting in line with business groups outwardly opposing that dictum, the chairman of the federal credit regulator’s board said Monday he “reinforced” his commitment to [...]