This topic consolidates everything you need to know to stay informed including prominent industry advocacy movements, current regulatory enforcement actions, and judicial rulings impacting mortgage banking.
FinCEN announced that Capital One, National Association has been assessed a $390,000,000 civil money penalty for engaging in both willful and negligent violations of the Bank Secrecy Act and its implementing regulations.
The CFPB filed a lawsuit against 1st Alliance Lending, LLC and its principals for allegedly engaging in various unlawful mortgage-lending practices, including violation of the Truth in Lending Act (TILA), the Fair Credit Reporting Act (FCRA), the Equal Credit Opportunity Act (ECOA), the Mortgage Acts and Practices—Advertising Rule (MAP Rule), and the Consumer Financial Protection Act of 2010 (CFPA).
Search our Compliance Calendar for current regulatory changes & updates.
OFAC has published the names of additional persons that have been added to the Specially Designated Nationals and Blocked Persons List.
OFAC is adding regulations to implement a July 14, 2020, Hong Kong-related Executive order, which will be further supplemented with a more comprehensive set of regulations to include additional interpretive and definitional guidance, general licenses, and statements of licensing policy; effective January 15, 2021.
OFAC has published the names of additional persons that have been added to the Specially Designated Nationals and Blocked Persons List.
Department of Justice; U.S. Attorney’s Office; Middle District of Florida
A Florida man has been charged with conspiracy to commit wire fraud and 12 counts of wire fraud, was indicted for conspiracy to commit wire fraud and 12 counts of wire fraud for his role in a nationwide mortgage fraud scheme, using his company to provide "mortgage auditing services in exchange for a fee".
"ACES has made my life so much easier from a QC perspective. It's life-changing"
- Kelly Cooper Spencer, QC & Business Intelligence Data Manager at Thrive Mortgage
Mortgage Fraud Blog--Rachel Dollar
A New Jersey family of four has been charged for their roles in a loan rescue scheme perpetrated under four corporate entities, to defraud struggling homeowners in mortgage relief services.
OFAC has published the names of additional persons that have been added to the Specially Designated Nationals and Blocked Persons List.
Mortgage Professional America – Candyd Mendoza
Mortgage Professional America – Candyd Mendoza
The United States Attorney for the Eastern District of New York revealed the US government is going after three New York Men who allegedly bought homes at reduced prices at the expense of a taxpayer-funded program.
Reverse Mortgage Daily-Chris Clow
Ocwen Financial Corporation, the parent company to Liberty Reverse Mortgage and PHH Mortgage Corp, has concluded its court-ordered mediation process with the CFPB; however, mediation has failed to produce a settlement.
Presented by ACES Quality Management's EVP of Compliance, Amanda Phillips, and Ballard Spahr's Reid Herlihy, Richard Andreano, Jr., and Matthew Morr.
Reuters--Ankit Ajmera
The OCC has reportedly terminated a 2015 consent order against Wells Fargo related to an anti-money laundering compliance program after the bank took steps to remedy the problems.
The U.S. Office of Inspector General filed a civil complaint in federal court seeking damages and penalties against three individuals and multiple companies alleged to have engaged in a wide-ranging mortgage fraud scheme to defraud the government.
The CFPB has issued a consent order against Omni Financial of Nevada, Inc. for violating the Military Lending Act (MLA), Electronic Fund Transfer Act (EFTA), and Consumer Financial Protection Act of 2010 (CFPA) in connection with making installment loans.
Ballard Spahr LLP--Alan S. Kaplinsky
The Ninth Circuit Court of Appeals has unanimously ruled that the CID issued to Seila Law was valid and affirmed the district court’s decision granting the CFPB’s petition to enforce the CID.
