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Inside Washington (09/25/2012)
  • WASHINGTON (9/26/12)--In the two enforcement actions it has issued, the Consumer Financial Protection Bureau (CFPB) has indicated it will pursue significant monetary penalties, a departure from previous actions (American Banker Sept. 25). Discover Financial Services late last week agreed to repay $200 million to cardholders who purchased card protection products by telephone from December 2007 to August 2011 (News Now Sept. 25). Discover also agreed to pay another combined $14 million in civil monetary penalties to the Federal Deposit Insurance Corp. and the CFPB. The Discover agreement follows a separate agreement between Capital One Financial and regulators, in which Capital One agreed to pay about $200 million in refunds. The bureau says wants to make it more expensive to break the law than to abide by it, CFPB Enforcement Director Kent Markus said on a conference call with reporters Monday …
  • WASHINGTON (9/26/12)--The Federal Deposit Insurance Corp. (FDIC) has revised its classification system for its bank examinations effective on or after Oct. 1. The change is intended to better communicate to institutions the severity of their violations and to provide more consistency in the classification of violations cited in "Reports of Examination." Under the new system, violations will be assigned to one of three levels, based primarily on the impact to consumers. Level 3 denotes a high-severity violation, one that could result in restitution to consumers in excess of $10,000 and pattern and practice violations of anti-discrimination laws. Level 2 are medium-severity violations and include violations resulting in potential restitution to consumers in an amount below the Level 3 threshold and other systemic or recurring violations. Low-severity violations, or Level 1, are those adequately addressed during the examination and that do not indicate weakness in the compliance management system and will not be included in the "Report of Examination." The FDIC communicated its new system to financial institutions in a Financial Institutions Letter (FIL-41-2012) …


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