Last Friday, the FDIC released its list of administrative enforcement actions against bankers and individuals in May of this year. The release outlined four enforcement actions consisting of two orders of prohibition, one consent and personal consent order, and one order to pay a civil money penalty. Interestingly, the civil money penalty was ordered against an individual officer of the bank. The enforcement action orders Brenda Faye Barnes, of FNB Bank, now known as Cadence […]
Tag: Civil Monetary Penalty
REMITTANCE TRANSFER RULE CONSENT ORDER
On August 27, 2019 the Consumer Financial Protection Bureau (CFPB) announced a settlement with Maxitransfers Corporation (Maxi), a company that serves consumers looking to send money overseas. This is the CFPB’s first enforcement action based on violations of the Remittance Transfer Rule, which implements the Electronic Fund Transfer Act (EFTA). Maxi provides remittance transfer services from more than 1,600 third-party locations in the U.S., such as grocery stores and pharmacies, to over 19,500 payment locations […]
NCUA CIVIL PENALTY INFLATION ADJUSTMENTS
On January 15, 2018 the National Credit Union Administration (NCUA) published a notice that sets the annual adjustments to the maximum amount of each civil penalty applicable to Credit Unions within the NCUA’s jurisdiction. The adjustments, required by the Federal Civil Penalties Inflation Adjustment Act of 1990, serve to maintain the deterrent effect of civil penalties and to promote compliance with the law. The NCUA Civil Monetary Penalty Amount Table is available at: https://mycomplianceresource.com/ncua-civil-penalty-inflation-adjustments/ A […]
BOARD CIVIL PENALTY INFLATION ADJUSTMENTS
On January 10, 2018 the Board of Governors of the Federal Reserve System (Board) published a notice that sets the annual adjustments to the maximum amount of each civil penalty applicable to financial institutions within the Board’s jurisdiction. The adjustments, required by the Federal Civil Penalties Inflation Adjustment Act of 1990, serve to maintain the deterrent effect of civil penalties and to promote compliance with the law. The Board’s Civil Monetary Penalty Amount Table is […]
CFPB CIVIL PENALTY INFLATION ADJUSTMENTS
On January 12, 2018 the Consumer Financial Protection Bureau (CFPB) published a final rule that sets the annual adjustments to the maximum amount of each civil penalty within the CFPB’s jurisdiction. The adjustments, required by the Federal Civil Penalties Inflation Adjustment Act of 1990, serve to maintain the deterrent effect of civil penalties and to promote compliance with the law. The CFPB Civil Monetary Penalty Amount Table is available at: https://mycomplianceresource.com/cfpb-civil-monetary-penalty-amounts/ A copy of the […]