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$22 Million Penalty for Redlining

The Consumer Financial Protection Bureau (CFPB) and the Department of Justice (DOJ) ordered Trident Mortgage Company to pay over $22 million for violating the Equal Credit Opportunity Act (Regulation B). It was determined that the company intentional...
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Due Diligence on Independent ATM Operators

On June 22, 2022, the Financial Crimes Enforcement Network (FinCEN) issued a statement clarifying how to conduct customer due diligence on independent ATM owners and operators. FinCEN felt the statement was necessary because some independent ATM owne...
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CFPB’s Approach to Regulations

On June 17, 2022, the Consumer Financial Protection Bureau (CFPB) released a blog post about the CFPB’s transition of intending to issue less complicated rules and more guidance. The CFPB notes regulators have historically issued complicated and ta...
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CFPB Issues Report on Credit Card Late Fees

In March 2022, the Consumer Financial Protection Bureau (CFPB) issued a 17-page report on the consumer impact from credit card late fees and financial institutions’ reliance on them. In 2019, the average late payment charge by major credit card...
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CFPB Sues TransUnion and Top Executive

On April 12, 2022, the Consumer Financial Protection Bureau (CFPB) filed a lawsuit against TransUnion, two of its subsidiaries, as well as longtime executive John Danaher for continuing to violate a previous enforcement order and committing new types...
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