BNA INSIGHTS: Bank Enforcement 2015: Activity Remains Stable as CFPB and DOJ Continue to Play a Big Role

In 2015, the number of formal enforcement actions brought by federal banking agencies was about the same as the previous two years. Federal banking agencies issued 638 formal enforcement actions in 2015, but particularly notable was the increasing frequency of the CFPB’s enforcement actions, with that agency bringing 50 percent more enforcement actions in 2015 than in 2014. In addition, the Department of Justice (DOJ) has continued to pursue its recent role as quasi bank enforcement authority.

Our experience and analysis of recent cases and agency policies suggest trends in enforcement over the next few years which focus on efforts to: (i) address purported unfair and deceptive practices in an ever-expanding field of vision of consumer financial services; (ii) regulate the safety and soundness of digital currencies; (iii) prosecute big ticket items involving multiple large institutions; (iv) bring cases that include multiple federal and state authorities; (v) hold individuals accountable and increase criminal prosecutions; (vi) come down hard on cybersecurity concerns focusing on institutional readiness; (vii) reinforce Dodd-Frank requirements related to capital, risk management and Volcker compliance; and (viii) continue to increase the size of civil money penalties (CMPs).

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