On September 24, 2015, the Consumer Financial Protection Bureau (“CFPB”) and the Department of Justice (“DOJ”) announced a joint action against New Jersey-based Hudson City Savings Bank for discriminatory redlining practices that denied residents of majority-Black-and-Hispanic neighborhoods fair access to mortgage loans. The agencies allege that the bank took steps to avoid, and thereby discourage,
regulators
Four Banks Agree On Messaging Platform Requirements
By Carolee Hoover on
In October 2014, 15 financial institutions created a cloud-based financial messaging platform, known as Symphony Communications Services LLC, to allow for secure communications between them. Regulators, including the New York Department of Financial Services, became concerned that Symphony’s encryption and privacy settings would prevent investigators from catching improper trading activities. However, on September 14, 2015…