Links in “Fines, Penalties, Suits, and Settlements”
- Could Be Worse: A Look Inside Citi’s Anti-Money-Laundering Headaches
Citigroup discloses it has received a subpoena from federal prosecutors and the FDIC related to anti-money-laundering compliance involving a banking affiliate. This account looks back at some of the history of Citi's problems stemming in part from improvements gone awry. [3/4]
- Sometimes Even Friends in High Places Canât Help You
At least, thatâs what a teller from the former Taupa Lithuanian Credit Union in Cleveland discovered. Michael Ruksenas has been sentenced to 17 months in federal prison after pleading guilty to embezzling more than $480,000 despite ten reference letters, including one from his dad, the former chairman of the board of the failed credit union. [3/3]
- DOJ and CFPB Subpoena PNC
PNC Financial Services Group says the subpoena regards the return rate for its payment-processor clients to determine whether PNC may have facilitated fraud committed by third-parties against consumers. [3/3]
- NCUA Prohibition Orders Released for February
Details on four orders against former CU employees were released by the NCUA for personnel involvement in various charges associated with theft, embezzlement, and larceny. [3/3]
- CFPB Goes After For-Profit Education Company
CFPB drops the hammer on ITT Educational Services over alleged predatory lending practices, accusing the for-profit educator of violations on the ban against unfair, deceptive or abusive practices by strong-arming students into high-interest loans, among other allegations. [3/3]
- Expect Fed Board to be More Hands-on with Big Enforcement Actions
Fed Board Chair Janet Yellen says the board will ramp up its participation in major bank enforcement policy decisions. Over the past 10 years, the Fed board voted only 11 out of about 1,000 enforcement actions. [2/28]
- NCUA Received Over $1 Billion in JPMorgan Settlement
Congressman Darrell Issa from California confirmed yesterday that NCUA received over $1 billion from its settlement with JPMorgan to recover corporate credit union losses. Another big winner was the law firm that represented the agency that received almost $350 million as its contingency payment. [2/26]
- Self-Reported RESPA Violations Results in Softened Penalties?
Connecticut mortgage lender self-reported potential RESPA violations and reaches a $83,000 settlement with CFPB. [2/25]
- 1st Alliance Pays for Fee-Splitting
The $83,000 CMP for illegal splitting of real estate settlement fees may have been much larger, but for First Alliance internal identification, reporting to the Bureau, admitting liability and informing on others involved. [2/25]
- Latest OCC Enforcement Orders Released
Trends in Cease and Desists (C&Ds) show improvement, with only one newly issued compared to six terminations of such enforcement orders. [2/24]
