Superintendent Maria T. Vullo announced that the New York Department of Financial Services (DFS) fined Nationstar Mortgage LLC $5 million stemming from the company’s failure to develop effective, scalable controls that could keep pace with its rapid growth.
As a result of DFS examinations, Nationstar already has made restitution of $7 million to New York borrowers and will donate $5 million in residential real property or first-lien mortgages to one or more non-profit organizations to assist in the rehabilitation of vacant and abandoned properties.
Read on for details of the infractions found by DFS examiners.
The Federal Reserve Board announced that it is seeking to permanently bar Peter Little, the former head of the foreign exchange (FX) spot desk at Barclays Bank PLC in New York, from employment in the banking industry and to impose a $487,500 fine on him.
The enforcement proceedings follow the Fed’s actions prohibiting former Barclays FX traders Christopher Ashton and Michael Weston from employment in the banking industry, as well as the May 2015 enforcement action against Barclays for unsafe and unsound practices in its FX market practices.
Read on for more about the latest enforcement from the Fed.
Citibank has been handed a $70 million civil money penalty by the Office of the Comptroller of the Currency (OCC) for failing to comply with a 2012 consent order concerning deficiencies with Bank Secrecy Act (BSA) and anti-money laundering (AML) compliance.
Citi consented to the order, issued Dec. 27, 2017, and announced Jan. 4.
Citi neither admitted to nor denied the charges from the OCC. Read on for more about the office’s enforcement action.
Citing a failure to properly disclose an affiliated business arrangement to consumers over a three-year period, the Consumer Financial Protection Bureau (CFPB) handed down an enforcement action to one of the largest independent title agents in the country.
The action comes with a $1.25 million penalty for consumer redress to what the CFPB estimates is more than 7,000 affected consumers from 2014-2016.
Read on for details about the arrangement the CFPB found at issue, as well as input from RESPRO.
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