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FDIC OIG says lax lending, poor risk management led to Iowa bank failure

American Banker

The FDIC Office of Inspector General attributed the downfall of Citizens Bank in November 2023 to lax lending practices and risk mismanagement by the Lange family, causing a $14.8 million loss to the regulator's Deposit Insurance Fund. The OIG saw no grounds for a more extensive review.

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Regulator blocks Iowa credit union's purchase of Nebraska bank

American Banker

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36 State Attorneys General settle with CarMax over non-disclosure of open safety recalls

CFPB Monitor

CarMax has 180 days to implement these practices, and has agreed to compliance monitoring for a period of five years. Additionally, CarMax is prohibited from directly or indirectly stating in marketing, advertising, or during sale (including vehicle labeling) that a vehicle is “safe” or has been repaired for “safety issues.” .

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First, Walk In My Shoes

Independent Banker

It’s yet another fiasco of meddlesome overregulation that could have been avoided, says Becky Miller, vice president and compliance officer for the $90 million-asset Farmers Trust and Savings Bank in Williamsburg, Iowa. By Tim Cook. Consumer mortgage disclosures that once took 10 minutes for Miller to complete now take several hours.

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Wells Fargo’s New Alleged Scandal? Failing To Refund Owed Insurance Payments

PYMNTS

In nine states — Alabama, Colorado, Indiana, Iowa, Maryland, Massachusetts, Oklahoma, Oregon and South Carolina — the law requires customers get their refund. Should borrowers pay back their loans early, they are entitled to a refund on their GAP insurance because they paid for a longer term than they used.

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CFPB announces new appointments to advisory groups

CFPB Monitor

Ballard, Vice President and Director, First Iowa State Bank, Albia, IA. Cal Ratcliff, Senior Vice President, Chief Compliance Officer, Bank of North Carolina, High Point, NC. Ricardo Ledezma, Corporate Compliance Assurance Manager, San Antonio Federal Credit Union, San Antonio, TX. Community Bank Advisory Council Members.

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Washington Watch

Independent Banker

The bankers serving on the council are these: Angela Beilke , vice president, mortgage department at American Bank & Trust in Davenport, Iowa; Michael Gallagher , senior vice president, risk management director at Enterprise Bank & Trust Co. Advocacy & Policy Regulation / Compliance Washington Watch' in Lowell, Mass.;