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"It may be time to break up Citi," she said in the letter. ... progress on consent orders imposed by the Federal Reserve and the OCC in 2020. ... a decade-old enforcement action it filed against ...
In 2020, the Office of the Comptroller of the Currency and the Federal Reserve fined Citi $400 million for some risk and data failures. Last year in July, regulators fined Citi $136 million for ...
The U.S. central bank has issued an enforcement action against Evolve Bank & Trust for failing to comply with anti-money-laundering, risk management, and consumer compliance programs.
In June 2024, the Federal Reserve Board issued an enforcement action against the bank for deficiencies in their anti–money laundering, risk management, and consumer compliance programs. [15] [16] Also, in June 2024, Evolve announced it was the victim of a data breach by the cybercrime group LockBit.
Operation Choke Point was an initiative of the United States Department of Justice beginning in 2013 [1] which investigated banks in the United States and the business they did with firearm dealers, payday lenders, and other companies that, while operating legally, were said to be at a high risk for fraud and money laundering.
Dodd-Frank required the Federal Reserve to write rules for swipe fees on debit card purchases. [18] Richard Durbin , the senator from Illinois who was the main proponent of those rules, has called the proposed settlement on credit card swipe fees, "gives Visa and MasterCard free rein to carry on their anti-competitive swipe-fee system with no ...
The Federal Reserve and Federal Deposit Insurance Corporation determined that there was a "shortcoming" in the plans submitted in 2023 by JPMorgan Chase , Bank of America , Goldman Sachs , and ...
The Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA), is a United States federal law enacted in the wake of the savings and loan crisis of the 1980s. It established the Resolution Trust Corporation to close hundreds of insolvent thrifts and provided funds to pay out insurance to their depositors.