August 11, 2022

New posts on the Compliance Blog detail recent CFPB enforcement actions

ComplianceAs credit unions work to meet the needs of more than 131 million Americans, NAFCU's award-winning regulatory compliance team continues to keep credit unions informed with new posts on the Compliance Blog, published every Monday and Wednesday.

Here's a roundup of what's new this week:

Another Large Bank Fined Millions for Sham Accounts: Senior Regulatory Compliance Counsel Nick St. John details a CFPB consent order with U.S. Bank that alleges the bank “issued credit cards and lines of credit and opened deposit accounts for certain consumers without their knowledge and consent and without required applications and disclosures.” St. John outlines what this means for credit unions and how this further exemplifies the credit union difference.

CFPB and DOJ Lead a Multi-Prong Attack on Trident Mortgage’s Alleged Redlining: Regulatory Compliance Counsel Keith Schostag covers a CFPB and Department of Justice complaint and consent order filed against Trident Mortgage Company for violations of the Fair Housing Act, Equal Credit Opportunity Act, Regulation B, and the Consumer Financial Protection Act. Schostag recommends credit unions review the press release to help determine whether there are any areas that the credit union may need to work on.

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