Links in “Fines, Penalties, Suits, and Settlements”
- Judge Approves $1.9B Money Laundering Agreement
Judge approves agreement between HSBC, Europe's largest bank, and U.S.; HSBC has agreed not to contest criminal charges of failing to maintain an effective antiâmoney-laundering program, failing to conduct due diligence, and violating the Trading with the Enemy Act and the International Emergency Economic Powers Act. [7/3]
- CFPB $6.5 Million Fine Against US Bank for Deceptive Auto Program Aimed at Servicemembers
Critical lessons for all auto lenders to avoid enforcement penalties, supervisory citations and regulatory enforcement. Important lessons. Expands key UDAAP-Type Principles. [6/28]
- U.S. Bank to Reimburse 50,000 Servicemembers
Vendor risk: $6.5 million settlement on charges that U.S. Bancorp and its vendor failed to tell borrowers about a monthly processing fee and about a bi-weekly payment schedule that created a lag between the timing of deductions and credits to their accounts resulting in late fees. [6/28]
- Quite UnSettling
New study shows large banks violating $25 Billion national mortgage settlement. [6/20]
- FHFA Targets Bank’s Force-Place Insurance Commissions
Deems commissions to banks as potential litigation and reputation risks. [6/18]
- Come to Zions, But Beware?
Zions Bank responds to allegations of failing to see warning signs. Reputation Risk in Play. [6/14]
- Heat Turning up on Banks That Turn Blind Eye to Fraudulent Withdrawals
Banks suspected of FIRREA violations in which they profit handsomely by collecting fees while turning a blind eye toward warnings of potential fraud and, in some instances, enabling dubious merchants to prey on consumers. [6/14]
- FDIC Zaps for UDAAP
California Bank & CC Provider offering reloadable Mastercard fail to deliver to consumers and reap combined $1.9 million UDAAP Fine. [5/31]
- Fall Out Begins from $6B Money Laundering Case
Proposed rule, impacting about 5,000 banks, seeks to cut off Liberty Reserve from the U.S. banking system. [5/29]
- Three Big Consent Orders Provide CUs Valuable Lessons Against Deceptive Practices
What CUs can learn from three enforcement actions that required refunds of $425 million to 5.75 million consumers and assessed penalties of $101.5 million. [5/23]
