Links in “Fines, Penalties, Suits, and Settlements”
- NCUA Gives Five Prohibition Orders
Recently, the NCUA has handed out orders prohibiting five individuals from involving themselves in the affairs and business of any federally insured financial institution. [5/1]
- Nuclear Winter? A Look at the Possible Outcomes If the DOJ Brings Criminal Charges Against Global Banks
If the global banks got off easy with their multi-billion dollar settlements, will the Department of Justice bring criminal charges, and if so, would such charges spook bank customers and investors, causing far-reaching consequences? [5/1]
- FDIC Releases March Enforcement Actions
The FDIC issued a total of 40 orders including four consent orders, six removal and prohibition orders, two CMPs, one PCA and 14 terminating consent orders and C&Ds. [4/28]
- OCC Seeks Increase in Fees for $40 Billion+ Banks
The Office of the Comptroller of the Currency published a notice of proposal for increasing assessments on national banks and federal savings associations with total assets over $40 billion. The proposed 14.5% increase would take affect 9/30/2014. [4/28]
- BSA Violations Cost MSB $10K in Fines
Failing to register as a money services business was just one of the Bank Secrecy Act violations that led to a $10,000 civil money penalty for a Florida company. [4/28]
- 88-year-old Bank Sues Regulators for Closure
Columbian Bank & Trust Co., based in Topeka, Kansas, is suing state bank regulators alleging that they didn't conduct an appropriate investigation prior to declaring the bank insolvent. [4/24]
- NY Questioning Servicer’s Possible “Self-Dealing”
New York's regulator questions Ocwen Financial about potential self-dealing with a distressed property manager, 26% of which is owned or controlled by Ocwen's executive chairman. [4/22]
- OCC Releases Enforcement Action Updates
Includes 5 cease and desist orders issued including 2 restitution orders (Bank of America/FIA), 4 CMPs, a formal action and termination actions for C&Ds, and formal actions for 16 banks. [4/21]
- Former Vermont CEO Sentenced
Debra Kinney, former CEO of Border Lodge Credit Union in Derby, Vermont, has been sentenced to three years in prison for embezzling $630,000 from 33 members. Kinney admitted writing checks against members accounts to herself and family members. [4/17]
- BofA Taps $50B Fund for Another $1B
Bank of America settles faulty mortgages claim with Financial Guaranty Insurance Co. for $950 million. The bank has set aside $50 billion to resolve such disputes with regulators and investors. [4/17]
