Archive

Yesterday, The Office of the Comptroller of the Currency (OCC) issued a cease and desist order against TD Bank, N.A. and TD Bank USA, N.A., and imposed a substantial $450 million civil money penalty due to significant deficiencies in the bank’s compliance with the Bank Secrecy Act (BSA) and anti-money laundering (AML) regulations. In addition to the monetary penalty, the OCC has restricted the bank’s growth and mandated that it allocate resources to rectify its […]

HMDA Enforcement Actions in 2023… The 2018 modifications to HMDA were massive and many financial institutions are still dealing with the challenges of collecting data under the burdensome requirements. These changes continue to prove to be cumbersome and taxing. Program failures continue to plague financial institutions and in 2023, there were three very large enforcement actions for failing to file accurate data. Additionally, due to a lawsuit the CFPB had to rescind the 100 loan […]

2023 does not appear to be Freedom Mortgage Corporation’s year.  Yesterday, they received another enforcement action from the CFPB alleging they provided false information to Federal Regulators.  This follows the August penalty for illegal kickbacks. In August, the CFPB took action against Freedom for violating the most basic requirements of RESPA Section 8.   They were found to be providing illegal incentives to real estate brokers and agents in exchange for mortgage loan referrals. Freedom provided […]

Last Friday, the FDIC released its list of administrative enforcement actions against bankers and individuals in May of this year. The release outlined four enforcement actions consisting of two orders of prohibition, one consent and personal consent order, and one order to pay a civil money penalty. Interestingly, the civil money penalty was ordered against an individual officer of the bank. The enforcement action orders Brenda Faye Barnes, of FNB Bank, now known as Cadence […]