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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 … Read more

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 … Read more

Identity Theft Fraud Victims, Here’s Everything You Ever Need to Know to Fix the Mess

If you are the victim of identity theft the last thing you want to worry about is what to do next. Thanks to the kind folks at the FTC here is a comprehensive guide on what to do if you discover you are a victim of identity theft. This step-by-step guide will make it extremely … Read more

Mortgage Company CFO Sentenced to 60 Months in Prison

Delton de Armas, a former chief financial officer (CFO) of Taylor, Bean & Whitaker Mortgage Corp. (TBW), was sentenced today to 60 months in prison for his role in a more than $2.9 billion fraud scheme that contributed to the failure of TBW. De Armas was sentenced June 15, 2012 by U.S. District Judge Leonie … Read more

Former Bank President Sentenced to 6 Years in Club Fed

The Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) and United States Attorney for the Middle District of Florida Robert E. O’Neill today announced that United States District Judge Charlene Edwards Honeywell yesterday sentenced Jerry J. Williams (52, Fort Worth, Texas), former President, Chief Executive Officer, and Chairman of the … Read more

FDIC Takes Over Security Bank, North Lauderdale, Florida

The Office of the Comptroller of the Currency (OCC) today appointed the Federal Deposit Insurance Corporation (FDIC) as receiver for Security Bank National Association, North Lauderdale, Florida. As of March 31, 2012, the bank had approximately $101 million of total assets. The OCC acted after finding that the bank had experienced substantial dissipation of assets … Read more

Can My Credit Union Repossess My Car If I’m Late On Another Loan? – Colette

“Dear Steve, I have a personal loan ( which is 3 months past due) and an auto loan , which is current, with the same credit union. Thay are now saying that the personal (signature) loan is cross-collateralized, and the want to repossess the car. I don’t remember agreeing to cross-collateralization – the loan was … Read more

Overdraft Fees On The Rise Warns Cambridge Credit Counseling

From the kind folks over at Cambridge Credit Counseling comes this warning and advice about overdraft fees. “At one time or another, you may have had the misfortune of over-drafting your bank account. An overdraft occurs when you make a purchase or ATM transaction but don’t have enough money in your bank account to cover … Read more

Bank President Pleads Guilty to Bank Fraud

WASHINGTON, DC – The Office of the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) and United States Attorney for the Eastern District of Louisiana Jim Letten today announced that Reginald R. Harper, age 58, of Hammond, Louisiana, the former president and chief executive officer of First Community Bank of Hammond, La., pleaded … Read more

OCC Appoints Receiver for Fort Lee Federal Savings Bank

The Office of the Comptroller of the Currency (OCC) yesterday appointed the Federal Deposit Insurance Corporation (FDIC) as receiver for Fort Lee Federal Savings Bank, Fort Lee, New Jersey, a federal savings association. As of December 31, 2011, the institution had approximately $51.9 million in total assets. The OCC acted after finding that the institution … Read more