1. GE Capital will pay $169 million to about 108,000 Hispanic borrowers to settle perhaps the largest credit card discrimination suit in history. The company will pay an additional $56 million to resolve accusations that it tricked customers into buying products they didn’t intend to buy, and it will pay a $3.5 million civil penalty..

1. A recent survey of financial institutions indicated that a majority plan to ramp up commercial lending this year. Very few institutions anticipated a decline in business lending as they see improving balance sheets among private companies applying for loans. Many banks forget that several consumer regulations (such as Reg. B; flood insurance; BSA/AML; FCRA.

1. Staff members from the Consumer Financial Protection Bureau (CFPB) recently responded to question from American Bankers’ Association members regarding mortgage compliance. Some of the key points during this interchange include the following items: *Creditors may use lender and seller credits to reduce the amounts that are calculated into the points and fees test. A.

1. On Tuesday, April 9th, the Office of the Comptroller of the Currency (OCC) assessed a $25 million penalty against Bank of America, N.A., and its credit card subsidiary FIA Card Services, N.A., and ordered restitution totaling approximately $459.5 million to 1.9 million consumer accounts. The OCC is coordinating its action with the Consumer Financial.

1. CFPB is developing new disclosures that they are proposing to be used on the packaging of prepaid cards in place of disclosures that present different information, potentially making it difficult to do side-by-side comparisons and determine fee information. The bureau has created two model labels that it has been testing on participants. The bureau.