Financials archive- Page 2 of 2

Capital One/Discover Financial: DOJ Staff Finds Deal Would Be Anticompetitive in Subprime Sector

DOJ staff has determined that Capital One’s (COF) proposed $35.3 billion acquisition of Discover Financial (DFS) would harm competition in the subprime sector, sources familiar with the matter...

Mar 17, 2025 Read Now >

Labor Thursday: Labor Task Force at FTC Shows Focus on Worker Harm Continues Post-Biden; NLRB Incapacitation Could Open Door to State Labor Boards; Meador Promises Noncompete Enforcement; California Lawsuit Adds to Litigation Wave Against Globe Life

Labor Thursday is a weekly overview of competition and labor market issues and includes our analysis of the timing and priorities of the key agencies overseeing enforcement and rulemaking, including the Federal Trade Commission, Justice Department, and National Labor Relations Board. This...

Feb 27, 2025 Read Now >

Oscar Health: Forthcoming Rulemaking on ACA Could Create Risk by Reducing Marketplace Enrollment

A proposed rule from the Trump administration targeting the individual health insurance exchange under the Affordable Care Act (ACA) could significantly impact companies that depend on ACA Marketplace enrollees, including health tech and insurance company Oscar Health, the sixth-largest...

Feb 20, 2025 Read Now >

Bancorp: Sale of $82 Million in REBL Loans Raises Questions About How Much Risk Company Retained

On the last day of the year, Bancorp Bank, a subsidiary of The Bancorp (TBBK), closed on the sale of an $82 million Real Estate Bridge Loan (REBL) portfolio, collateralized by apartment buildings, the company disclosed in a recent SEC...

Feb 12, 2025 Read Now >

Oscar Health Accused of Misusing No Surprises Act to Delay Payments, Underpaying CA Health Systems

Oscar Health (OSCR), a health insurance technology company and the fifth largest insurer in the public health exchange market, faces several lawsuits accusing it of underpaying health providers or even failing to pay for medically necessary services, including emergency...

Feb 12, 2025 Read Now >

Capital One/Discover Financial: New York, California AGs Lead State Group Considering Suit to Block Deal

A multi-state coalition including New York and California is considering an antitrust suit to block Capital One’s (COF) proposed $35.3 billion acquisition of Discover Financial (DFS), sources familiar with the matter said. Enforcers at both the federal and state levels are wrapping up...

Feb 12, 2025 Read Now >

Bancorp: Property With $14.1 Million Loan Transferred to Newly Created Entity with Ties to Original Borrower

Bancorp Inc. (TBBK) recently transferred a $14.1 million loan originally issued in 2022 to finance The Dylan, a multifamily property in Fort Worth, Texas, to a newly created entity with ties to the original borrower, according to transaction documents signed by a person associated with...

Jan 30, 2025 Read Now >

Antitrust Agenda: Caffarra Conference Thursday; Analysis of Staffers from the Texas AG Joining National Economic Council; BlackRock Case’s Antitrust Policy Implications; Recap of Ferguson’s First Week as FTC Chair

Christina Caffarra’s conference “The Perfect Storm: A Time of Truth for Europe” is this Thursday, January 30. Cristina Caffarra’s annual must-attend conference on competition, trade, and industrial policy takes place this Thursday in-person in Brussels and livestreamed. Caffarra...

Jan 27, 2025 Read Now >

Capital One/Discover Financial: Acquirer Shortchanges Rescue Fund, FDIC Finds; OCC Backs Bank

Capital One is shortchanging a bank rescue fund meant to protect taxpayers from having to pay for a future Wall Street bailout, officials at the Federal Deposit Insurance Corporation have found, according to sources familiar with the...

Jan 24, 2025 Read Now >

The Bancorp Inc: Lender’s Handling of Loans to Troubled Real Estate Investment Firm Raises Questions About Diligence and Controls

A lawsuit filed last week by Bancorp Bank involving nearly $10 million in real estate bridge loans (REBL) for multifamily residential properties tied to a beleaguered investment company spotlights a history of questionable diligence in the bank’s handling of the...

Jan 23, 2025 Read Now >

Capital One/Discover Financial: New York AG May Confront Legal Headwinds With Suit to Block Deal if Federal Officials Approve It

New York Attorney General Letitia James would encounter legal barriers if she decides to sue to block Capital One’s (COF) proposed $35.3 billion acquisition of Discover Financial (DFS), according to industry and consumer advocate...

Jan 15, 2025 Read Now >

Money-Laundering Ring Opened Phony Accounts with Wells Fargo, Bank of America, Chase, Crypto Platform

Colombian drug gang members opened bogus accounts at Wells Fargo, JPMorgan Chase, Bank of America and crypto-currency firms Coinbase and Binance to launder millions of dollars, according to court...

Nov 07, 2024 Read Now >

Financials Friday: Banks Hope Delay on Debit Card Rule Signals Fed Wavering; Trump Advisor Proposes Appointing ‘Shadow’ Fed Chair to Undercut Powell; TD Bank Pays $3 Billion and Caps Assets to Settle Money Laundering Charges; Real Estate Broker Warns of ‘Catastrophic’ Litigation if Industry Abandons Mandatory MLS Listings

It’s been nearly a year since the Federal Reserve proposed lowering the costs of debit card swipe fees and big banks hope the delay might mean the proposal is in trouble. The Fed capped swipe fees at 21 cents plus a small fraction of the transaction amount back in 2011. For more than a...

Oct 11, 2024 Read Now >

Brookfield: Post-Acquisition Dividends and Restructuring Removed $3.8 Billion From Retirement Security Insurer; Assets Moved Out of the Direct Reach of Policyholders and Regulator

Stockholder dividend-taking and a rapid growth in American National Insurance Company’s annuity business leaves policyholders’ retirement security at risk, a Capitol Forum investigation has...

Oct 10, 2024 Read Now >

The Bancorp Inc: Company Downgraded $87 Million in Real Estate Bridge Loans Last Quarter; After 2019 and 2022 Enforcement Actions, Recent Bancorp Transactions Could Raise Red Flags at SEC

The Bancorp, Inc. (TBBK) quietly downgraded $87 million in real estate bridge loans (REBL) last quarter and may be extending concessions to more of these loans than disclosed, according to a Capitol Forum review of Bancorp’s filings and earnings call...

Aug 23, 2024 Read Now >

T-Mobile/Metronet: German-Owned Company’s Pattern of Telecom Acquisitions Will Likely Concern CFIUS, Experts Say

Telecommunications giant T-Mobile US’s (TMUS) ambitious 50/50 joint venture with private equity giant Kohlberg Kravis Roberts (KKR) to acquire U.S. fiber Internet provider Metronet raises concerns that could lead to an extended U.S. national security review, experts...

Aug 16, 2024 Read Now >

Financials Friday: Bank of America Faces Fed Scrutiny for Alleged Anti-Money Laundering Failings; Texas Judge Stymied in Moving Lawsuit Against CFPB Rule; Mortgage Lenders Sue Equifax in Monopoly Case; Regulator Launches Inquiry into Junk Fees; Visa, Mastercard Reach Settlement in Antitrust Class Action

Financials Friday: Bank of America Faces Fed Scrutiny for Alleged Anti-Money Laundering Failings; Texas Judge Stymied in Moving Lawsuit Against CFPB Rule; Mortgage Lenders Sue Equifax in Monopoly Case; Regulator Launches Inquiry into Junk Fees; Visa, Mastercard Reach Settlement in...

May 31, 2024 Read Now >

Financials Friday: BNPL Industry Has Mixed Response to New CFPB Regulation; Lawsuits Loom Over Fed’s New Debit Interchange Fee Cap; Synapse Collapse, Frozen Fintech Accounts Mark ‘Watershed’ Moment for BAAS; FDIC Chairman to Step Down; OCC Issues Enforcement Action Against Comerica Bank & Trust

Buy now, pay later industry issues mixed responses to new CFPB regulation. The buy now, pay later (BNPL) industry is issuing responses ranging from outright criticism to muted support for a new interpretive rule by the Consumer Financial Protection Bureau (CFPB) that will regulate these...

May 24, 2024 Read Now >

Financials Friday: Supreme Court Upholds CFPB Funding Structure—Cases Against Credit Acceptance Corp, MoneyLion in Focus; Future Uncertain for Bank Capital Overhaul Before Election; Title Insurance Mobilizes to Oppose White House on Fees

Supreme Court upholds CFPB funding structure—cases against Credit Acceptance Corp, MoneyLion in focus. The Supreme Court ruled Thursday that the funding structure of the Consumer Financial Protection Bureau (CFPB) is constitutional, delivering a win for the Biden administration’s...

May 17, 2024 Read Now >

MoneyLion: Dark Patterns in the MoneyLion Mobile App Appear to Steer Customers Into Tipping and Paying Fees That are Critical to Company’s Growth

MoneyLion (ML), a nonbank financial technology company that offers payday advances, appears to deploy manipulative design techniques in the company’s mobile app to steer consumers into paying optional fees and tips that may not be in their best interest, a Capitol Forum investigation...

May 10, 2024 Read Now >

MoneyLion: Former Company Employees Describe Culture of Weak Fraud Controls

MoneyLion (ML), a nonbank financial technology company, did not prioritize fraud control and compliance with banking laws and regulations, according to five former MoneyLion employees who spoke with The Capitol...

Apr 29, 2024 Read Now >

Financials Antitrust Weekly: Huntington Bank Investigated on Possible Redlining; Congress Focuses on Mandatory Arbitration and Service Member Rights, Consumer Legislation Advances; OCC Discloses Enforcement Actions

Huntington Bank subject of OCC redlining probe. Huntington Bancshares (HBAN) is under investigation by the Office of the Comptroller of the Currency (OCC) for possible fair housing “redlining”...

Apr 19, 2024 Read Now >

Antitrust Financials Friday: Realtors Hope DOJ Won’t Intervene in Settlement; House Financial Services to Mark Up EWA Bill; Republicans Challenge CFPB Credit Card Late Fee Rule; Chamber of Commerce v. CFPB

Focus on DOJ in NAR broker fee litigation. All eyes in the real estate industry are on the DOJ and whether it will bless or object to the massive National Association of Realtors (NAR) settlement that would permanently reshape broker compensation. DOJ is now freer to intervene in the...

Apr 12, 2024 Read Now >

Globe Life: Unfair Labor Practice Charge Filed Against Subsidiary American Income Life; Worker Alleges AIL Forced Ineffectual Union Membership on Independent Contractors

A sales agent at insurance giant Globe Life (GL) subsidiary American Income Life Insurance Company (AIL) filed an unfair labor practice charge with the National Labor Relations Board (NLRB) today, alleging AIL retaliated against the worker for discussing their pay and working conditions,...

Apr 04, 2024 Read Now >

Capital One/Discover: Merger Application Ignores Biggest Competition Risks, Antitrust Advocates Say

Capital One’s (COF) application laying out its $35.3 billion plan to buy Discover Financial (DFS) overlooks some of the risks that Biden administration regulators are most likely to scrutinize, antitrust advocates...

Mar 28, 2024 Read Now >

Globe Life: Agency Salespeople Are Likely Misclassified; Arbitration Provisions Obstruct Employees’ Access to Courts

Thousands of salespeople at agencies under American Income Life Insurance Company (AIL), a subsidiary of insurance giant Globe Life, Inc. (GL), are likely misclassified as independent contractors—denying them minimum wage, overtime, and a host of other benefits—employment law experts...

Mar 26, 2024 Read Now >

Capital One/Discover: Deal to Test OCC’s Growth Restrictions on Banks with Multiple Enforcement Actions

Capital One’s (COF) plan to acquire Discover Financial (DFS) will test whether a key regulator is committed to its policy to restrict banks that have faced multiple disciplinary actions from expanding, in light of large penalties levied against Capital One in recent...

Mar 06, 2024 Read Now >

TD Bank/First Horizon: Buyer Knew It Faced a Serious Money-Laundering Probe Months Before Deal Collapsed

Executives at Toronto-Dominion Bank (TD) knew of a DOJ anti-money laundering investigation more than six months before the company publicly disclosed the probe, which ended up scuttling their proposed $13.4 billion buyout of First Horizon Bank (FHN) last year, sources familiar with the...

Jan 08, 2024 Read Now >

PNC CEO Demchak Eyes KeyBank, Comerica, Others For Possible Purchase, Seeks DOJ Input

PNC Financial Services Group (PNC) CEO Bill Demchak is considering a possible acquisition of KeyBank (KEY) or Comerica (CMA), among others, balancing the drive to grow his company with an awareness of heightened government antitrust concerns over the financial sector’s consolidation,...

Dec 04, 2023 Read Now >

Citigroup: DOJ Investigating Possible Race Discrimination in Mortgage Lending

The Department of Justice is looking at whether Citigroup (C) discriminated against Black and Hispanic homebuyers in recent years, at a time when the nation’s third-largest bank was struggling to satisfy federal banking rules, according to sources familiar with the matter. A national...

Jul 21, 2023 Read Now >

Prospects Brighten for Broadcom/VMware, ICE/Black Knight, L3Harris/Aerojet Following Recent Developments

The prospects for Broadcom’s (AVGO) proposed VMware (VMW) buyout, Intercontinental Exchange’s (ICE) attempted Black Knight (BKI) purchase and L3Harris Technologies’ (LHX) bid for Aerojet Rocketdyne have distinctly improved due to a series of recent, unrelated developments, according...

Jul 20, 2023 Read Now >

FirstEnergy Expected to be Removed from MSCI ESG Indexes at Next Rebalancing

On August 31, the Deka Group expects its ESG ETFs to drop FirstEnergy (FE) following an index rebalancing by MSCI (MSCI), according to a statement made to The Capitol Forum by a Deka spokesperson. The Capitol Forum first reported in June that FirstEnergy would be dropped from numerous...

Jul 18, 2023 Read Now >

At least 18 Indexes Likely to Drop FirstEnergy at Next Redetermination as ESG Concerns Snowball

Index providers S&P Global (SPGI), MSCI (MSCI) and the London Stock Exchange Group’s (LSE) FTSE Russell are likely poised to remove FirstEnergy (FE) from at least 18 of their ESG indices after their next quarterly redetermination, according to a Capitol Forum investigation. Over a...

Jun 21, 2023 Read Now >

FleetCor: As Parties Await Terms of Court Order on Scope of Injunctive Relief Problematic Billing and Fee Practices Appear to Persist

Despite publicly professing a desire to cooperate with the FTC and revise certain billing practices, FleetCor Technologies’ (FLT) problematic billing and fee practices appear to continue, according to The Capitol Forum’s ongoing investigation into the company. At issue are the...

Jun 02, 2023 Read Now >

TD Bank/First Horizon: CEO Met With Top Bank Examiner Days After Deal Delay Announced, Document Shows

Days after the head of Toronto-Dominion Bank (TD) declared he was “fully committed” to his company’s proposed acquisition of First Horizon Bank (FHN), he met with senior officials of one U.S. regulator that will decide whether the $13.4 billion deal goes ahead, according to an...

May 04, 2023 Read Now >

CFPB March Complaint Data: Total Monthly Complaints Hit 12 Month High as Bureau’s Policy Statement on Abusive Acts or Practices Appears to Signal Paradigm Shift, Prioritizing Fair Dealing Over Consumer Sovereignty

Total monthly complaints submitted by consumers to the CFPB rose to 112,600 in March 2023, reflecting an approximately 30% increase from February and the highest total number of complaints over the past twelve-month period, as measured by The Capitol Forum. The categories with the largest...

Apr 20, 2023 Read Now >

As Private Equity Firms Work to Access 401(k) Market, Plaintiff Lawyers Gear Up to Sue

Seeing a green light from the Department of Labor, private equity firms are developing new investment products they hope will achieve their longtime goal of accessing the lucrative $7 trillion 401(k) market, industry experts tell The Capitol Forum. Private equity funds have historically...

Apr 10, 2023 Read Now >

TD Bank/First Horizon: DOJ Probe Holds Up Regulators’ Decisions On Deal

U.S. financial regulators’ decisions on TD Bank’s (TD) proposed $13.4 billion acquisition of First Horizon Bank (FHN) are being held up by issues raised in a DOJ investigation, a source familiar with the matter said. It’s unclear what the focus of the DOJ investigation is and how...

Mar 29, 2023 Read Now >

The Antitrust Agenda: What UBS Buying Credit Suisse Means for Bank Merger Reviews; Timing of Draft Merger Guidelines

UBS’s takeover of Credit Suisse, announced yesterday, is clearly at odds with the Biden administration’s whole-of-government approach to enforcing competition policy. The merger combines a formerly top 10 bank with its Swiss rival – an outcome that would have been unthinkable from a...

Mar 21, 2023 Read Now >

FleetCor: Company and FTC Unable to Come to Agreement on Injunctive Relief Order; Judge Asks Parties to Answer Questions Ahead of Potentially Issuing Order

After initially trying to get the Federal Trade Commission and FleetCor (FLT) to reach an amicable decision on the scope of an order for permanent injunction and other relief, federal district court judge Amy Totenberg may be forced to issue an order, as the parties appear to remain far...

Feb 22, 2023 Read Now >

Flagstar Bancorp/New York Community Bancorp: When FDIC Rebuffed Merger Bid, Banks Restructured Deal So OCC Would Review It

Federal Deposit Insurance Corporation (FDIC) staff members were so concerned about fair lending failings at Flagstar Bancorp (FBC) that they told executives at New York Community Bancorp (NYCB) that they wouldn’t support their proposed $2.6 billion acquisition of the company, according...

Oct 18, 2022 Read Now >

CFPB September Complaint Data: Credit Acceptance Sees 8% Month-Over-Month Increase in Complaints, Some Complaints Allege Potential Violations of SCRA; ENOVA Sees a Number of Complaints and Recent California Decision Could Negatively Affect Business

The information contained in this report is compiled from the CFPB’s publicly available complaint data. The agency uses complaint information to monitor risk in financial markets, assess risk at companies, and prioritize agency action. The Capitol Forum’s compilation of the data also...

Oct 13, 2022 Read Now >

JPMorgan Chase Avoided Public Punishment From CFPB Under Trump After Discovery of Alleged Fake Accounts

JPMorgan Chase Bank (JPM) avoided public sanctions during the Trump administration for allegedly creating fake accounts when the Consumer Financial Protection Bureau (CFPB) opted to quietly close the matter instead, according to sources familiar with the matter, adding yet another major...

Aug 10, 2022 Read Now >

FirstCash: California Regulator Takes Action Against Four Technologies for Operating Without License; Levitin Opines that California Retail Installment Sales Agreements Resemble Direct Loans and Loans are Unconscionable

American First Finance, a point-of-sale consumer finance and rent-to-own company recently acquired by payday lender FirstCash (FCFS), operates in California without a nonbank lending license because the company has determined its retail sales installment agreements do not constitute a...

Aug 08, 2022 Read Now >

Illumina/Grail: EC Probe Set to Resume With New Remedy Offer On Table

The European Commission is set to resume its in-depth probe of Illumina’s (ILMN) takeover of cancer-detection test maker Grail in short order, with the Brussels-based regulator expected to seek third-party feedback on a revised set of concessions offered by Illumina, The Capitol Forum...

Jul 19, 2022 Read Now >

TD Bank/First Horizon: Trump CFPB Opted Not to Punish TD Auto Finance Subsidiary Following Years-long Investigation

The Consumer Financial Protection Bureau (CFPB) during the Trump administration decided not to punish TD Auto Finance, a subsidiary of TD Bank (TD), following a years-long investigation into TD Auto Finance, according to an agency document and sources familiar with the matter. The CFPB...

Jul 08, 2022 Read Now >

FirstCash: Financing Practices of American First Finance Subsidiary Could Draw Scrutiny from Democratic Majority FTC, Expanded Ongoing State AG Investigation

The financing practices of American First Finance (AFF), a subsidiary of pawn shop operator FirstCash, Inc. (FCFS), could draw the scrutiny of the Federal Trade Commission and state attorneys general, according to an investigation by The Capitol Forum. AFF specializes in point-of-sale...

Jun 01, 2022 Read Now >

TD Bank/First Horizon: Faulty Accounts Didn’t Draw Fines From Trump Officials; Workers Say Suspect Practices Persist As Deal Approvals Sought

Despite finding TD Bank (TD) wrongly pressured customers into opening accounts and using banking services they didn’t want, a leading bank regulator during the Trump administration opted to give the company a private reprimand rather than a fine for the abuses, according to sources...

May 04, 2022 Read Now >

Upstart: Seemingly Important Upstart Accounting Change Made Public via KBRA Pre-sale Securitization Report; Expert Says Accounting Change Likely to Be Mentioned in Upcoming 10-Q

Upstart amended loan modification program in April. According to a new KBRA pre-sale report on Upstart’s (UPST) structured pass through trust series 2022-2a, “In April 2022, Upstart amended its CRB and FinWise loan modification policies. Under the new policy, borrowers that have...

Apr 27, 2022 Read Now >

Blue Ridge/FVCBankcorp: U.S. Regulators Investigate Blue Ridge for Lending Abuses, Casting Shadow Over Proposed Tie-up

Federal bank regulators are examining whether Blue Ridge Bank (BRBS) discriminated against minorities in its mortgage lending business, in an investigation that could stall or even upend the bank’s proposed merger with FVCBankcorp (FVCB), sources familiar with the probe said. Blue...

Jan 13, 2022 Read Now >

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