Links in “Fines, Penalties, Suits, and Settlements”
- Record $13B JPM Settlement Reportedly in the Works
Sources say JPMorgan Chase and the Department of Justice are close to finalizing a record $13 billion settlement deal for various matters, including misrepresenting the quality of loans underlying its bonds. [10/21]
- Big 5 Servicers Report They Have Satisfied National Mortgage Settlement Requirements
Bank of America, Citi, Chase, Wells Fargo and Ally Financial report they have fulfilled their consumer relief obligations outlined in the National Mortgage Settlement. Review team monitoring the effort has yet to confirm. [10/18]
- Coming to Grips with Rising HMDA Expectations
Along with its announcement of two large fines for submitting incorrect HMDA data, CFPB spells out what it expects of institutions to ensure accurate submissions. [10/17]
- Holy Love Ministry Suit Against NCUA Dismissed
Holy Love Ministry in Ohio had sued NCUA claiming it was owed an additional $250,000 in share insurance coverage as a result of the liquidation of St. Paul Croatian FCU. More than 20 people have been indicted or imprisoned for fraud as a result of the largest fraud case in credit union history. The church has filed a second suit for $1.5 million for compensatory damages. [10/17]
- Fines Are Only the Beginning of the Tab of Regulatory Expenses for JP Morgan
The huge penalties are only the tip of the iceberg for JPMorgan, which takes a $7.2 billion charge for legal expenses. [10/15]
- Overdraft Practices Lands Kentucky Institution in Hot Water
$3.6-billion Community Trust Bancorp discloses the Fed Reserve is preparing to fine it for unfair and deceptive methods of assessing overdraft fees. [10/14]
- Consent Orders with Fines to Correct HMDA Submissions
CFPB fines two financial institutions $450K for HMDA reporting violations. [10/11]
- CFPB Issues Fines, Warning and Guidance on HMDA Reporting Violations
Payment of fines for two reporters is only first key point of CFPB press release. More significant for FIs may be a HMDA Bulletin that is basis of warning by CFPB for HMDA reporters to implement an effective HMDA compliance management system that includes training, testing and reporting of validation efforts. [10/10]
- Whistleblower Alleges HSBC Continues to Flout AML Rules
Despite big fines, HSBC continues to violate anti-money laundering rules, alleges whistleblower, who asks federal authorities to open a new investigation. [10/7]
- CFPB: Collect That, Meracord!
CFPB goes after a leading debt collection payment processor, Meracord, for its alleged part of collect millions of dollars in illegal upfront fees from consumers. Total fine: $1.38 million. [10/4]
