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Court rules in favor of Bank in account takeover case
Unlike the PATCO ruling, a district court in Missouri has ruled in favor of the bank in an account takeover case brought by one of its commercial customers. This case was very similar to the PATCO case with one important exception, which I’ll discuss shortly. But it also raises some interesting questions that could impact…
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Implementing the CFPB-required Compliance Management System (Part 2)
CFPB compliance examinations have only just started and the agency has already identified deficiencies in some institutions: “The CFPB has found one or more situations in which an effective CMS was lacking across the financial institution’s entire consumer financial portfolio, or in which the financial institution failed to adopt and follow comprehensive internal policies and…
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CFPB Examinations To Require “Compliance Management Systems” (Part 1)
We have known for some time that CFPB examinations are coming, and late last year the CFPB released their Supervision and late last year…Read the rest of the article
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FDIC Files Record Number of Lawsuits in 2012 – 2015 UPDATE
UPDATE 2: We in fact did see a significant decrease in O&D lawsuits in the past few years: [pullquote]“The FDIC will not bring civil suits against directors and officers who fulfill their responsibilities, including the duties of loyalty and care, and who make reasonable business judgments on a fully informed basis and after proper…
