The department engaged in a multi-year investigation with Mexico and China. The Department of Justice (DOJ) recently announced a 10-count indictment against 24 members of the Mexican Sinaloa…
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Circuit Court Rules CFPB Credit Card Fee Lawsuit to Remain in Texas
The appellate court reverses the district judge’s motion to transfer. The New Orleans-based 5th Circuit Court of Appeals ruled this week that a lawsuit filed by banking groups…
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Justice Department Authorizes Distributions to Victims of Crypto Mismanagement
Binance violated the Bank Secrecy Act. The Department of Justice (DOJ) authorized an additional $940 million to be distributed to victims of financial mismanagement caused by the cryptocurrency…
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CFPB Director Urges Congress to Safeguard Consumer Data
Certain financial institutions have reportedly developed media relations for individually targeted marketing. Director Rohit Chopra of the Consumer Financial Protection Bureau (CFPB) has urged legislators to protect consumers…
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Treasury Places Additional Russian Sanctions
Over 300 individuals and entities related to the Russian military industry were targeted ahead of the G7 summit. Secretary of the Treasury Janet Yellen announced over 300 sanctions…
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Treasury Department Requests Public Comment on Financial AI Policies
The agency seeks to increase understanding of current AI use within financial services. The Department of the Treasury recently released a request for information and insight on the…
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President to Promote Loans for Ukraine War Effort at G7
Up to $50 billion in loans could be provided from the interest on frozen Russian assets. President Biden is expected to propose a plan to the Group of…
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VA Calls on Mortgage Services to Extend Veteran Foreclosure Moratorium
Issues guidance to extend VA-guaranteed loans to December 31. The Department of Veterans Affairs (VA) issued a guidance to mortgage servicers advising them to extend the foreclosure moratorium…
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White House Says FDIC Chair Will Step Down
The announcement comes after the Senate Banking Committee chair urged the president to select a new leader. The White House announced that President Joe Biden will be naming…
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FDIC Chair Appears Before House Committee
He accepted responsibility for the agency’s culture, which was revealed in a report. Federal Deposit Insurance Corporation (FDIC) Chair Martin Gruenberg testified before the House Financial Services Committee…
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