Links in “Fines, Penalties, Suits, and Settlements”
- JPM’s AML and SAR Failures with Madoff Accounts Lead to $1.7 Billion Settlement
Failure to maintain an effective Anti-Money Laundering program and failure to file a Suspicious Activity Report played a role in facilitating Bernard Madoff's ponzi scheme, resulting in a $1.7 billion settlement between JPMorgan Chase and the government. [1/8]
- Madoff (and Regulators) Strike JPMC for $461 Million in Fines
FinCEN and OCC combine for $461 million in fines of JPMorgan Chase for willfully violating BSA by failing to report suspicious transactions arising out of Bernard L. Madoffâs decades-long, multi-billion dollar fraudulent investment scheme. Financial institutions could benefit from a consideration of the key weaknesses cited by regulators. [1/8]
- Industry Group Takes Swipe at Credit Card Swipe Fees Settlement
National Retail Federation says the settlement, reached last month between nine retailers and Visa and MasterCard, was rejected by the vast majority of 8,000 retailers, and that the group of nine does not represent the industry as a whole. NRF has filed an appeal. [1/6]
- FHFA’s Settlement Haul from 2013: $8 Billion
Federal Housing Finance Agency, conservator of Fannie Mae and Freddie Mac, recovered nearly $8 billion in settlements with six institutions last year. Agency says it's not done yet. [1/6]
- Fair Lending Settlements: 5 Messages Telegraphed by Regulators
Regulatory focus on fair lending is escalating, as evidenced by 3 year-end settlements. Here are highlights from these settlements along with the 5 key industry messages that the regulators are telegraphing to lenders. [1/2]
- Happy New Year: Wells Fargo Settlement Brings Fannie’s Total Haul to $14 Billion
Wells Fargo pays $591 million to resolve repurchase demands on loans sold to the government-backed firm before Jan. 1, 2009. [12/31]
- Amex Hit with $76M Penalty for Deceptive Practices
American Express settles allegations that it used to deceptive marketing and unfair billing practices in selling credit card add-on products to its customers. $59.5 million will go to restitution to customers and $16.2 million will to go three separate penalties to the CFPB, the FDIC and the OCC. [12/26]
- Lumps of Coal: Regulators on a Roll with Large Money Judgments
Recap of recent regulatory actions against Ally Bank for illegal discrimination in purchasing loans from dealers, and Ocwen Financial for its illegal practices in addressing delinquent mortgage loans. [12/24]
- ‘Tis the Season: CFPB & DOJ File Discrimination Complaint
CFPB and DOJ file $35 million joint complaint against National City Bank (through successor PNC Bank) for seven-year span (2002 to 2008) of charging higher prices on mortgage loans to African-American and Hispanic borrowers than similarly creditworthy white borrowers. [12/24]
- Ally Settles for $98 Million for Auto Lending Discrimination
DOJ and the CFPB bring the hammer down, announcing the largest auto loan discrimination settlement in history against Detroit-based Ally Bank for engaging in nationwide pattern or practice of racial discrimination involving overages. Action comes on the heels of the CFPB bulletin informing indirect auto lenders they would be on the hook for any intentional or disparate impact on minorities. See also this coverage. [12/23]
