Commercial State Bank, a $676 million bank in Andrews, Texas, has been issued a Consent Cease and Desist Order by the Federal Reserve Bank of Dallas and the Texas Department of Banking for significant deficiencies in the bank’s risk management and compliance with Bank Secrecy Act/anti-money laundering (BSA/AML) applicable laws, rules, and regulations. The bank was directed [...]
In May 2018, the Department of Justice (DOJ) reached a settlement with KleinBank regarding a Redlining-related lawsuit filed by the DOJ against the bank in January 2017. In the lawsuit, the DOJ alleged the bank “engaged in unlawful redlining of majority-minority neighborhoods in the Minneapolis-St. Paul metropolitan area” from 2010 through 2015. The DOJ found [...]
On December 21, 2018, the Consumer Financial Protection Bureau (CFPB) announced its final policy guidance regarding the public disclosure of loan-level HMDA data collected under the 2015 HMDA rule. The guidance is effective for HMDA data that will be published by the CFPB in 2019 for 2018 reportable mortgage activity. The CFPB will disclose most [...]
