Wells Fargo has been ordered by the Consumer Financial Protection Bureau to pay $2 billion in restitution and $1.7 billion in fines. Click through to read the details, as well as the bank’s official statement.
Read More »Barclays Settles RMBS Suit
The British bank Barclays has reached a settlement with U.S. authorities over financial crisis-era transactions involving toxic residential mortgage-backed securities (RMBS) sold between 2005 and 2007. Under the terms of the settlement, Barclay’s agreed to pay $2 billion in civil ...
Read More »Improving FHA Foreclosure Processes
A new brief released by the Urban Institute explores ways to improve Federal Housing Administration (FHA) foreclosure timelines and conveyance processes so as to drive down costs and make things more efficient. The brief is the third in a series ...
Read More »How Much Have Banks Been Fined Since the Crisis?
According to a tally released Tuesday by New York-based investment banking firm Keefe, Bruyette & Woods, banks have been fined $243 billion since the financial crisis in 2008. As reported by Marketwatch, repayment of the fines involves a mixture of ...
Read More »Is the CFPB Meting Out Justice or Inflicting Abuse?
The controversial Bureau, now almost five years old, has handed out more than $5 billion in penalties.
Read More »CFPB and Justice Department Fine Hudson City Bank $27 Million for Redlining
According to the announcement, the bank was allegedly found in direct violation of the Equal Credit Opportunity Act (ECOA), which prohibits creditors from discriminating against applicants in credit transactions on the basis of characteristics such as race, color, and national origin.
Read More »