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.
Vinson & Elkins--Jennifer Freel and Francis Yang
Helix and Coin Ninja have been penalized for $60 million for not maintaining an effective AML program.
OFAC has published the names of additional persons that have been added to the Specially Designated Nationals and Blocked Persons List.
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.
The CFPB announced a settlement with a non-bank Illinois-based debt collector that specializes in collecting debt on behalf of telecommunications companies and furnishes information to consumer reporting agencies (CRAs) about consumers’ credit, for furnishing information to CRAs that it knew or had reasonable cause to believe was inaccurate and failed to report to CRAs an appropriate date of first delinquency on certain accounts and failing to conduct reasonable investigations of disputes made by consumers.
Mortgage Fraud Blog-Rachel Dollar
A former Maryland bank President & CEO has been sentenced for her role in a conspiracy to commit bank fraud, receipt of a bribe by a bank official, and false statement in bank records, in connection with the straw purchase of a foreclosed home.
The CFPB filed a complaint against California debt-relief businesses for charging illegal advance fees in violation of the Telemarketing Sales Rule (TSR) to student loan borrowers seeking to obtain loan consolidation, loan forgiveness, or income-driven repayment plans for their federal student loans; failing to make required disclosures to certain consumers in violation of the TSR; and using deceptive tactics in violation of the Consumer Financial Protection Act (CFPA) in order to induce consumers to sign up for services.
"ACES has shined a light on our productivity and empowered us to hold our teams accountable."
- Emilee Rada, Director of Lending Operations at Georgia's Own Credit Union
The CFPB granted a No Action Letter to to Bank of America, N.A. regarding certain small-dollar credit products.
The CFPB filed a lawsuit against Driver Loan, LLC, and its Chief Executive Officer, Angelo Jose Sarjeant, for allegedly engaging in deceptive acts or practices in taking deposits from and offering short-term credit to consumers.
Mortgage Fraud Blog – Rachel Dollar
Casey David Crowther, of North Fort Myers, Florida, is charged in a superseding indictment with two counts of bank fraud, two counts of making a false statement to a lending institution, and three counts of monetary transactions.
Mortgage Fraud Blog – Rachel Dollar
Vonita Jones of Philadelphia, Pennsylvania, was sentenced to eight and a half years in prison for real estate fraud by claiming to sell properties to buyers using fraudulent documents and obtaining people's personal information.
"We are already ahead of the game and without having to add additional FTEs."
- Julie Baril, QC Manager at Norcom Mortgage
Ballard Spahr LLP--Christopher J. Willis & Richard J. Andreano, Jr.
Massachusetts federal district court has stayed HUD's 2020 rule revising its 2013 Fair Housing Act disparate impact standards.
Mortgage Professional America--Ryan Smith
Guild Mortgage Company denies there is any merit to the Justice Department's allegations of False Claims Act violations, despite settling for $25 million.
Compliance Alliance
A Rhode Island man has been convicted for his role in falsifying applications to obtain nearly $600k in Paycheck Protection Program (PPP) forgivable loans guaranteed by the Small Business Administration (SBA) under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
Mortgage Fraud Blog-Rachel Dollar
A Pennsylvania man has been sentenced for his participation in schemes that included mail fraud, bank fraud, and loan fraud, defrauding banks out of millions of dollars.
