Links in “Fines, Penalties, Suits, and Settlements”

US Bank learned the hard way that discrimination against Native Americans in lending doesn’t pay. In fact, it resulted in paying $11,490 as part of a settlement. [9/16/14]

Delta Prime Refinance will settle for a whopping $500,000 in order to settle FTC charges regarding deceptively advertising mortgage refinancing as “free”, among other things. [9/15/14]

Rohit Chopra, assistant director at the CFPB and the agency's student loan ombudsman chastised the industry for lack of data, lack of transparency, failure to provide adequate loan modifications, and faulty servicer payment processing. [9/15/14]

HSBC is the latest of 18 financial firms targeted by the Federal Housing Finance Agency for selling faulty mortgages to the agency before the financial crisis. Settlement amount? $550 million. [9/15/14]

The IRS has released guidance and draft forms for employers to use to comply with the Patient Protection and Affordable Care Act. Employers with more than 1oo employees must offer insurance by January 1, 2015 or face a fine of $2,000 per employee. Employers with 50 through 99 employees have until January 2016 to comply and employers with less than 50 employees are exempt from the insurance mandate. [9/2/14]

FinCEN has imposed a civil money penalty against a money services business, BPI Inc. The MSB began receiving citations in 2005, but did not adequately address examiners' findings of deficiencies in its AML system including: internal controls, independent testing, training, and suspicious activity reporting. FinCEN's director Jennifer Calvery explains that the civil money penalty "highlights that money services businesses cannot ignore their anti-money laundering responsibilities, or their examiners." [8/29/14]

Seventy-five credit unions face potential civil money penalties for missing the filing deadline for their 2^nd quarter 5300 Call Reports. Four of the late filers were also late filers on their 1^st quarter report. NCUA will consider mitigating circumstances that could warrant a waiver of the fee and notify credit unions in September of the amount of individual penalties. [8/26/14]

Federal Housing Finance Agency settles with Goldman Sachs in which the New York-based company agrees to buy back for $3.15 billion faulty mortgage securities now worth $1.95 billion, resulting in a net penalty of $1.2 billion. [8/26/14]

CFPB hits Global Client Solutions, a large payment processor, for $7 million for illegally collecting upfront fees from consumers for debt settlement companies. [8/26/14]

Bank of America's $16.65 billion settlement does not equal a check for that amount. Here's how it breaks down. [8/25/14]