NC COBS News & Research

NC Commissioner of Banks on Financial Institution Emergency Preparedness

The North Carolina Commissioner of Banks issued a release on March 18, 2020, expressing confidence in the preparedness of state-chartered financial institutions for emergencies like the COVID-19 pandemic. The release noted that banks are required to have business continuity plans, which are routinely reviewed by regulators.

NC Regulators Settle with Mortgage Originators Over SAFE Act Education

The North Carolina Office of the Commissioner of Banks, along with 41 other states, settled with 441 mortgage loan originators for falsely claiming completion of SAFE Act continuing education. The originators will surrender licenses for three months and pay a $1,000 fine per state.

State Regulators Settle with ACI Payments for Unauthorized Transactions

North Carolina and 43 other state financial agencies settled with ACI Payments, Inc. for erroneously initiating $2.3 billion in electronic transactions from Mr. Cooper customer accounts. The settlement includes $10 million in fines from state regulators and an additional $10 million from state attorneys general.

North Carolina Orders Sigue Corp. to Cease Money Transmission Activities

The North Carolina Office of the Commissioner of Banks has ordered Sigue Corp. to cease money transmission activities within the state due to its declining financial condition. This action, coordinated with 39 other states, Puerto Rico, and the District of Columbia, aims to protect consumers who have outstanding money orders and transmissions.