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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.

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""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

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