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Home | Daily Dose | Michigan-Based Bank Discussing Settlement With CFPB
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Michigan-Based Bank Discussing Settlement With CFPB

seal-on-moneyFlagstar Bancorp, Inc. announced earlier this week that it has filed a Form 8-K with the U.S. Securities and Exchange Commission (SEC) in order to notify its investors that the bank is currently trying to work out a settlement with the Consumer Financial Protection Bureau (CFPB) regarding alleged violations of consumer financial laws.

The alleged violations on the part of Flagstar Bank date back to 2011. The CFPB has made civil investigative demands regarding the bank's mitigation loss and default service practices, and in response the bank has provided the CFPB with information and documents relating to those practices, the bank said in the filing.

Flagstar said in the filing that while it will "vigorously defend against any enforcement" that the CPFB may bring against the bank, representatives from Flagstar are currently trying to work out a settlement with CFPB officials.

Spokespeople for both Flagstar Bancorp and the CFPB declined to comment beyond what was in the filing.

Based in Troy, Michigan, Flagstar Bancorp reported a net income of $25.5 million for the second quarter of 2014, which computes to an earnings per share price of 33 cents, according to Flagstar's Q2 2014 financial report. The bank's financial gains for Q2 far exceeded analysts' expectations, which were low after after the company experienced a net loss of $78.9 million in the first quarter.

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About Author: Brian Honea

Brian Honea
Brian Honea's writing and editing career spans 12 years across many forms of media. He served as sports editor for two suburban newspaper chains in the DFW area and has freelanced for such publications as the Yahoo! Contributor Network, Dallas Home Improvement magazine, and the Dallas Morning News. He has written four non-fiction sports books, the latest of which, The Life of Coach Chuck Curtis, is scheduled to be published by the TCU Press in Fall 2014. A lifelong Texan, Brian received his master's degree from Amberton University in Garland.

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