Home / News / Government / Pennsylvania Banking Department Steps Up Enforcement Actions in Q2
Print This Post Print This Post

Pennsylvania Banking Department Steps Up Enforcement Actions in Q2

The ""Pennsylvania Department of Banking"":http://www.portal.state.pa.us/portal/server.pt/community/banking_home/14319 means business. According to a quarterly report, the department took 26 enforcement actions and suspended three mortgage licenses during the second quarter of this year.

[IMAGE] [COLUMN_BREAK]

""Pennsylvania legislature passed a series of financial reforms in 2008 and 2009 holding the industry to a higher standard, and we want people to know the Pennsylvania Department of Banking is serious about holding our licensees to those standards,"" said Ed Novak, spokesperson for the Department of Banking.

Among the enforcement actions taken, the department issued six cease-and-desist orders against companies engaged in unlicensed loan modification activities, and the department entered consent agreements with 10 mortgage loan companies for violations of the Mortgage Licensing Act and/or unlicensed activity.

In addition, the department issued a cease-and-desist order against an Internet payday lender after receiving complaints from a Pennsylvania consumer who was allegedly charged interest and fees in excess of state law.

A comprehensive list of enforcement actions taken by the Pennsylvania Department of Banking is available ""here."":http://www.portal.state.pa.us/portal/server.pt/community/banking_home/14319

About Author: Brittany Dunn

x

Check Also

Ginnie Mae Further Streamlines Advanced Loan Modifications

On Friday afternoon, Ginnie Mae issued a new memorandum (APM 22-01) stating that they are streamlining its documentation requirements for servicers participating in the ...

Your Daily Dose of DS News

Get the news you need, when you need it. Subscribe to the Daily Dose of DS News to receive each day’s most important default servicing news and market information, absolutely free of charge.