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Wells Fargo Hit with 500 Million Penalty, Ordered to Pay Restitution to Customers

April 20 — The Office of the Comptroller of the Currency assessed a $500 million civil money penalty against Wells Fargo Bank, N.A., and ordered the bank to make restitution to customers harmed by its unsafe or unsound practices. The bank must also develop and implement an effective enterprise-wide compliance risk management program.

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OCC Sees Heightened Risks in Competitive Environment

By Madeleine G. Kvalheim

On Jan. 18, the Office of the Comptroller of the Currency released its semiannual report on risks plaguing the federal banking system during the fall of 2017. The report highlights the OCC’s ongoing concerns for federal banks as they affect consumers and the integrity of the banking system in relation to compliance mandates. The report acknowledges the fierce competition in the banking sector as institutions face continuing pressure to efficiently lend money in a fast-paced environment where consumers demand rapid technological advancements. And this is all in the face of similarly complex and ever-changing regulations. These factors create a plethora of risks and insurmountable exposure for the federal banks under the purview of the OCC.

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Some Pressure on Credit Unions?

A U.S. senator asks NCUA chairman embarrassing questions.

By Bill Poquette, Editor-in-Chief

Bankers were disappointed that the Tax Cuts and Jobs Act of 2017 passed in late December last year failed to address credit union taxation. Yet, there may have been some comfort in an encouraging confluence of events over the next 60 days.

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Treasury Memo Issues Recommendations for Community Reinvestment Act

April 4 — The U.S. Department of Treasury has issued a memorandum for the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation regarding the Community Reinvestment Act — Findings and Recommendations.

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As Graham, CFPB Seek to Roll Back Payday Lending Rule, Democrats Mount Resistance

March 29 — Last week, Senator Lindsey Graham, R-S.C., introduced legislation that would overturn the Consumer Financial Protection Bureau’s payday lending rule. Recent reports have indicated that the CFPB, under Director Mick Mulvaney, will also be internally reconsidering the rule. Democratic leaders, however, are pushing back against potential loosening of the rule, calling payday lending practices “predatory” and “designed to exploit the financial hardships facing millions of hardworking families.”

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