OCC Terminates Mortgage Servicing-Related Consent Order Against HSBC Bank USA, N.A., Issues $32.5 Million Civil Money Penalty

Categorized | STOP FORECLOSURE FRAUD

OCC Terminates Mortgage Servicing-Related Consent Order Against HSBC Bank USA, N.A., Issues $32.5 Million Civil Money Penalty

OCC Terminates Mortgage Servicing-Related Consent Order Against HSBC Bank USA, N.A., Issues $32.5 Million Civil Money Penalty

NR 2017-5
Contact: Bryan Hubbard
(202) 649-6870

OCC Terminates Mortgage Servicing-Related Consent Order Against HSBC Bank USA, N.A., Issues $32.5 Million Civil Money Penalty

WASHINGTON—The Office of the Comptroller of the Currency (OCC) today terminated its mortgage servicing-related order against HSBC Bank USA, N.A. (HSBC), and assessed a $32.5 million civil money penalty against the bank for previous violations of the order.

The OCC terminated the consent order against the bank after determining that the institution now complies with the order. The OCC originally issued the order in April 2011 and amended the order in February 2013 and June 2015. The termination of the order and amended orders ends business restrictions affecting HSBC that the OCC mandated in June 2015.

The OCC also assessed a $32.5 million civil money penalty against the bank. The OCC found that HSBC failed to correct deficiencies identified in the 2011 consent order in a timely fashion. As a result, the OCC determined the bank violated the 2011 consent order from October 1, 2014, through September 30, 2016. The OCC also found that HSBC failed to file payment change notices that complied with bankruptcy rules, which resulted in approximately $3.5 million in remediation to borrowers.

The bank will pay the assessed penalty to the U.S. Treasury.

Related Links

# # #
© 2010-17 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



Comments

comments

This post was written by:

- who has written 8571 posts on FORECLOSURE FRAUD | by DinSFLA.

CONTROL FRAUD | ‘If you don’t look; you don’t find, Wherever you look; you will find’ -William Black

Contact the author

Leave a Reply

GARY DUBIN LAW OFFICES FORECLOSURE DEFENSE HAWAII and CALIFORNIA
Advertise your business on StopForeclosureFraud.com
Kenneth Eric Trent, www.ForeclosureDestroyer.com

Archives