Links in “Fines, Penalties, Suits, and Settlements”
- Tentative Settlement in Supreme Court Disparate Impact Case
Second chance for court to weigh in on the validity of "disparate impact" claims appears to likewise disappear with reports of tentative settlement reached in Mt. Holly case. [11/1]
- Ally Settles Mortgage Claims for $170 Million
Deal with the Federal Housing Finance Agency and FDIC require pending litigation against the bank to be dismissed. [10/31]
- Massive Size of Settlements May Push Banks to Increase Litigation Reserves
JPMorgan's $4 billion settlement sets a high bar for other banks still in the Federal Housing Finance Agency's crosshairs. [10/31]
- Hearing Looks at Need for Protection from Patent Trolls
Members of the House Judiciary Committee heard testimony yesterday about a credit union that was served with a demand letter for patent infringement for technology it was using with features on its online banking service. Other credit unions have had similar and very costly experiences. [10/30]
- CFPB to Continue Plan to Target Individuals
CFPB has named individuals as defendants in two RESPA-enforcement matters; report that Cordray is wanting to send a signal that individuals are at risk when they do "bad things under the umbrella of a company." [10/30]
- Tack on Another $5.1 Billion to JPM Settlements
JPMorgan Chase to pay $4 billion to Federal Housing Finance Agency and $1.1 billion to Fannie Mae and Freddie Mac to resolve mortgage-purchase issues. [10/28]
- Deceptive Interest Rate Practices Net Mortgage Lender $3 Million Fine from NY
New York state fines mortgage company $3 million for a number of violations, including charging borrowers upfront fees to reduce their interest rates, then failing to deliver the promised discounts. [10/24]
- Court Sides with CFPB Against Morgan Drexen
D.C. federal district court dismissed Morgan Drexen's lawsuit challenging the constitutionality of CFPB's structure, charging that it violated separation of powers; court tells Morgan Drexen it can raise its constitutionality claim as a defense in its California case against the CFPB. [10/22]
- The Hidden Cost to the Government of the JPMorgan Settlement
While the anticipated $13 billion settlement with JPMorgan may sound like a windfall for the government, it may come at the cost of one of the most valuable tools the government has to avert future financial crises: encouraging healthy banks to purchase ailing ones. [10/22]
- OCC Takes Enforcement Actions Against 3 Banks for AML Problems
$480 million Los Angeles bank ordered to strengthen defenses against money laundering and financial crime activities; TD Bank in Delaware was hits with a $37.5 million civil money penalty for failing to report suspicious activity; and a now-defunct bank in New Jersey was ordered to pay a $4 million civil money penalty for failing to properly monitor its relationship with currency exchange houses. [10/21]
