Category Archives: Banking

California AG Sues Over Chase Credit Card Collection Activity

Attorney General Kamala D. Harris yesterday filed an enforcement action against JPMorgan Chase & Co. (Chase) alleging that the bank engaged in fraudulent and unlawful debt-collection practices against tens of thousands of Californians. The suit alleges that Chase engaged in widespread, illegal robo-signing, among other unlawful practices, to commit debt-collection abuses against approximately 100,000 California [...]

Former Bank President and Real Estate Developer to Buy Soap on a Rope

The Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) and United States Attorney for the Eastern District of Louisiana Dana J. Boente today announced that Reginald R. Harper, age 59, a resident of Hammond, Louisiana, the former president and chief executive officer of First Community Bank of Hammond, Louisiana, and [...]

JPMorgan Chase Gets Slapped for Derivatives Trading Activity

The Office of the Comptroller of the Currency (OCC) announced today the issuance of a cease and desist order, by consent, against JPMorgan Chase, N.A., for unsafe and unsound practices and violations of law or regulation related to derivatives trading activities conducted on behalf of the bank by the Chief Investment Office (CIO). The OCC [...]

Chase Minimum Payment Class Action Lawsuit Moves Closer to Paying Out

A kind reader and tipster (send in your tips here) let me know that the class action suit against Chase bank for raising minimum monthly payments is proceeding to paying out soon. The suit was brought in 2009 on behalf of consumers that had engaged in balance transfers to Chase Bank under the impression the [...]

Bank of America Offers Sweet Balance Transfer Deal in Time for Christmas

You would not believe the number of credit offers I review and see. But this one caught my attention as usually interesting. I have no idea how many people have access to this offer but if you are a Bank of America card holder it might be worth calling customer service and seeing if you [...]

Bank Founded in 1472 Launches Dual Sided Credit/Debit Card. Freaky!

Belgium bank Banca Monte Paschi Belgio is launching a split personality credit card and debit card. It’s kind of weird but very cool. The PaschiCombo card on one side has a chip and PIN Maestro debit card on it. The card also has a button on it that users can press when they want to [...]

Target Sells RedCard Credit Card Biz to TD Bank But Will Keep Servicing

You know that Target card you have in your wallet. Not the debit card, but the credit card. Well Target has sold their book of customers and accounts to Toronto Dominion Bank (TD Bank) for a reported $6 billon. The price tag is equal to the entire amount of the amount due on the cards. [...]

Doubts Spread About Independent Foreclosure Reviews

by Paul Kiel ProPublica The idea behind the Independent Foreclosure Review seems simple. During the peak of the foreclosure crisis, the banks broke laws and made errors that hurt homeowners. In response, the government mandated they compensate the victims. But there is growing evidence some banks are playing a major role in identifying the victims [...]

OCC Banking Enforcement Actions 8-27-2012 to 10-1-2012

Cease and Desist Orders District Of Columbia 2012-214 Independence Federal Savings Bank, Washington 8/27/2012 Montana 2012-215 Bank of The Rockies, National Association, White Sulphur Springs 8/30/2012 Utah 2012-212 American Express Bank, FSB, Salt Lake City 10/1/2012 Civil Money Penalty Orders Arkansas 2012-216 Marvin Sutterfield, Ozark Heritage Bank, National Association, Mountain View 8/10/2012 Utah 2012-213 American [...]

ProPublica Raises Concerns Over Bank of America’s Foreclosure Review Process

by Paul Kiel ProPublica Late last year, the country’s bank regulators launched a massive program to evaluate millions of foreclosure cases and compensate homeowners who fell victim to the banks’ flawed or illegal practices. Regulators dubbed it the “Independent Foreclosure Review” to emphasize that the banks would not be making key decisions about loans they [...]

Bank Enforcement Actions – 9-21-2012

Bank Cease and Desist Orders Alabama 2012-182 Southfirst Bank, Sylacauga 8/15/2012 Florida 2012-183 Home Federal Bank of Hollywood, Hallandale Beach 7/27/2012 2012-184 Atlantic Coast Bank, Jacksonville 8/10/2012 Illinois 2012-185 United Trust Bank, Palos Heights 8/15/2012 Kentucky 2012-186 The Farmers National Bank of Cynthiana, Cynthiana 8/22/2012 Civil Money Penalty Orders Texas 2012-187 Milton Yang, Golden Bank, [...]

Capital One Spanked by OCC Over Servicemembers Civil Relief Act Violations

The Office of the Comptroller of the Currency (OCC) today announced enforcement actions against Capital One, N.A., and Capital One Bank (USA), N.A., for violations and compliance deficiencies related to the Servicemembers Civil Relief Act (SCRA). The SCRA provides servicemembers relief from certain obligations and temporarily suspends judicial and administrative proceedings and transactions involving civil [...]

Chase Bank Settles for Millions in Jacked Up Minimum Payment Case

JPMorgan has agreed to pay $100 million to dispose of a suit filed alleging that Chase Bank jacked up the minimum payments due on credit cards, improperly. The $100 million settlement is 45 percent of the $220 million in alleged up-front transactional fees that consumers paid for the promotional balance transfer loans. The suit alleges [...]

CFPB First Public Enforcement Action Against Capital One for Payment Protection and Credit Monitoring

The Consumer Financial Protection Bureau (CFPB) announced its first public enforcement action with an order requiring Capital One Bank (U.S.A.), N.A. to refund approximately $140 million to two million customers and pay an additional $25 million penalty. This action results from a CFPB examination that identified deceptive marketing tactics used by Capital One’s vendors to [...]

US Bank Stops Bitch Slapping Ohio Unemployed With Overdraft Charge

Those in Ohio who are receiving unemployment benefits will be getting a bit of a reasonable break come July 18, reports Policy matters Ohio. Seems that until now, the Reliacard prepaid debit cards that are issued by US Bank to deposit benefits on would hit the unemployed with a $17 overdraft charge. But you’ve got [...]