Legal Blog

Compensation and Compliance Matters: Three Regulators Are Scarier than One

In the latest example of exemplary coordination between other federal agencies and various states, the Consumer Financial Protection Bureau, the Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency ordered Citizens Bank last week to pay penalties of over $20 million, and restitution of approximately $11 million, in connection with its imprecise crediting of deposits. Lenders must understand that not only does the CFPB synchronize enforcement with other agencies at the federal and state levels, in many cases the bureau also lurks somewhat behind the scenes, getting directly involved only in later stages of the investigations. Click here to read the entire article on National Mortgage News.  | 240.507.1740 Ari Karen is an experienced litigator and speaker who has focused his practice in representing financial institutions in both government investigations and litigation before state and federal trial and appellate courts nationwide. Mr. Karen’s practice is diverse, representing clients on matters concerning banking regulations, Dodd Frank financial reform laws, contractual disputes, employment and labor statutes, wage-hour class actions, employment discrimination and fair lending matters, whistleblower complaints and non-competition claims, among others. You can also connect with Offit Kurman via FacebookTwitterGoogle+YouTube, and LinkedIn.