Links in “Fines, Penalties, Suits, and Settlements”
- CFPB Takes Down Two of the Nationâs Largest Banks
JPMorgan Chase and Wells Fargo will both be paying fines ($35.7 million total) for illegal mortgage kickbacks. This should ââ¦serve as a warning for those in the mortgage marketâ according to Cordray. [1/23/15]
- Big Banks to Pay Huge Fines for Kickback Schemes
There is nothing new about the RESPA Section 8 prohibition against the payment of kickbacks for referrals of mortgage settlement services. However, if you factor in greed, you have the reason why these violations continue to occur. JPMorgan Chase and Wells Fargo will now be paying $35.7 million in penalties for a kickback scheme under which a title company paid loan officers cash and provided free marketing services in exchange for referrals. [1/23/15]
- Iâm Late, Iâm Late, for a Very Important Date!
Thirty-one credit unions will pay penalties for filing late third quarter call reports with the majority of those credit unions being under $10 million assets. [1/23/15]
- Call Report Late Filers Agree to Pay Fines
31 credit unions agreed to pay civil money penalties ranging from $138 to $1,878 for not filing their 3rd quarter 5300 Call Reports by the filing deadline. NCUA Chair Debbie Matz noted that the number of late filers continues to decline and she is hopeful that the agency will soon have 100% compliance. [1/23/15]
- FTC: I’ll Call Your Debt Collection Threat and Raise You a Filed Complaint
The FTC didn't blink on illegal debt collection practices as it charged Texas-based Commercial Recovery Systems, Inc. of illegally threatening consumers with legal action and wage garnishment. The company also had their representatives falsely claim or imply that they were lawyers or judicial employees. [1/22/15]
- Payday Lenders Pony Up Big in FTC Settlement
Two online payday lenders have agreed to pay a record $21 million to settle charges that they engaged in deceptive practices. The FTC said the companies claimed a $300 loan would cost $390 to repay, but actually charged $975 for repayment. [1/19/15]
- Online Payday Lending Companies Pay Big
The two payday lending companies which were first taken to court in April of 2012 have been sentenced to pay $21 million. âIt should be self-evident that payday lenders may not describe their loans as having a certain cost and then turn around and charge consumers substantially more.â [1/19/15]
- Consumers’ Hero Becoming Institutions’ Bully?
More and more financial institutions are faced with allegations and inquiries from the CFPB of unfair practices. While a case can be made for quietly settling such allegations outside of court, some feel it may be time to push back. [1/16/15]
- NCUA Steps Up, Agrees to Pay $50K
After the recent data mishap involving a lost thumb drive, the NCUA Board has approved payment of costs associated with the Palm Springs FCU data breach (up to $50,000). The NCUA is also taking additional steps to continually improve training and procedures to avoid such scenarios in the future. [1/16/15]
- Supreme Court Denies Banksâ Appeal in NCUA MBS Suit
NCUA racked up another win when the Supreme Court denied an appeal by several banks of a lawsuit brought by NCUA for damages for risky mortgage-backed securities the banks sold to two corporate credit unions. The banks had argued that NCUA had waited too long to file suit. [1/14/15]
