The Federal Reserve Board (“FRB”) voted to approve “individual large bank capital requirements.” The capital requirements were determined after the completion of stress tests, “which provide a risk-sensitive and forward-looking assessment of capital needs.” As described in an FRB press release, the announced capital requirements are comprised of several components, including a (i) 4.5 percent minimum capital requirement for each bank, (ii) stress capital buffer of at least 2.5 percent, and (iii) capital surcharge of at least […]

A bank settled CFPB charges for enrolling customers in an overdraft-protection service using improper sales practices. According to the CFPB, the bank’s failures included “failing to obtain consumers’ affirmative consent” to enroll in the service and the subsequent charging of overdraft fees.

In a CFPB Consent Order, the Bureau stated that the institution did not present new customers with written disclosures concerning the service prior to enrollment, in violation of CFPB Rule 1005.17 (“Requirements for overdraft services”), and that […]