The Federal Reserve Board on Tuesday announced a $41 million penalty and consent cease and desist order against the U.S. operations of Deutsche Bank AG for anti-money laundering deficiencies.
The actions were taken by the Board to address unsafe and unsound practices at the firm’s domestic banking operations. The Board identified failures by Deutsche Bank’s U.S. banking operations to maintain an effective program to comply with the Bank Secrecy Act and anti-money laundering laws.
Let’s not forget Fannie is probably concealed and pulling all the strings.
There was no teeth, no strength, nor leadership at the helm. No one clever enough to take back control. SIGTARP Neil Barofsky, in his 2012 book BAILOUT writes, “I had no idea that the U.S. government had been captured by the banks.” The DOJ is only as good as the administration that it works under.
Dominos…
Bad news for Wells Fargo…
The city of Philadelphia announced Monday that it is suing Wells Fargo for alleged discriminatory lending practices against minority borrowers.
Philadelphia’s announcement specifically cites the recent Supreme Court decision, which stemmed from a lawsuit brought by city of Miami against Bank of America, Citigroup, and Wells Fargo in 2013.
In its lawsuit, Miami claimed that the banks engaged in predatory lending to minority borrowers in the city, and accused the lenders of “reverse redlining,” which led to a large number of foreclosures, lower property tax collections, and increased cost to the city to deal with the resulting property value loss and blight.
The Supreme Court ruling granted cities the right to sue banks under the Fair Housing Act, but established that the city must prove direct harm to itself caused by the lender’s actions.
Philadelphia is taking that challenge head-on.
According…
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We’ve been in the wrong business, yeah? Geesh!
Today @JakeCorman, @SenatorBrowne & I have sent a letter to @PAAuditorGen requesting a full audit of DNC funds. https://t.co/WQjfj0o3PK
— Senator Joe Scarnati (@senatorscarnati) May 15, 2017
PHILADELPHIA (CBS) — The Host Committee for the Democratic National Convention in Philadelphia has paid out nearly a million dollars to staff members, and local institutions, from leftover money it raised to stage the event.
But, dozens of people who worked in the field elsewhere in the country for Democrats feel shortchanged and are now part of a class action federal lawsuit.
The bonuses ranged from $500 for interns to more than $300,000 for the executive director.
“I think everyone’s reaction is the same. It’s obscene,” says Justin Swidler, a Cherry Hill-based attorney.
Swidler is pursuing a lawsuit on behalf of 40-to-50 “field organizers” all over the country, whom he says were denied overtime compensation.
“One of the arguments that the Democrats…
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Certainly, the Obama administration didn’t see or care about any studies – nor has Congress. It’s about time they stop using the American citizens as their petty cash machine. FREE the GSEs!
Most homeowners could have kept their homes had Obamacare not needed to be funded by the GSEs. Sick, yeah? Sad.
(AFP) A Spanish court is probing seven former executives of HSBC’s private Swiss bank on suspicion of money laundering following an investigation of documents in the “Swissleaks” scandal on bank-supported tax evasion, legal sources said on Thursday.
In an order dated January but not published until now, the National High Court named seven persons under suspicion of “persistent money laundering and criminal association” who in 2006 and 2007 held senior positions at the Swiss subsidiary of HSBC.
They include former chairman of the board Peter Widmer and former CEOs Christopher Meares and Clive Bannister.
The investigation, which began in May 2016, is based on the “Falciani list”, a cache of files listing unreported accounts of customers of the Swiss subsidiary of HSBC which was stolen in 2008 by former employee Herve Falciani.
Oh boy!
Ocwen fought back against Massachusetts’ regulations, asking a court to restrain the state’s cease and desist order because it would “cause significant harm” to its customers in the state.
But, the Division of Banks isn’t the only Massachusetts governmental entity that is now targeting Ocwen.
Recently, Massachusetts Attorney General Maura Healey announced that the state is suing Ocwen for widespread “abusive” mortgage servicing practices.
According to Healey’s office, Massachusetts’ lawsuit claims that Ocwen charged homeowners in the state for “unnecessary and expensive force-placed insurance policies, imposed excessive fees on delinquent borrowers, and failed to properly process escrow and insurance payments.”
Massachusetts’ complaint also claims that Ocwen failed to respond to borrower disputes about their accounts and to correct account errors.
Healey’s office alleges that Ocwen’s “servicing failures” increased Massachusetts’ borrowers’ mortgage and insurance payments, put borrowers at risk via lapses in insurance, and pushed borrowers into delinquency and foreclosure.
According…
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Deadly Clear 