Items Tagged with 'Federal Deposit Insurance Corp'

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ServiceLink fined $65 million for LPS foreclosure deficiencies

Fine related to 2011's industry-wide foreclosure settlement
The ghost of Lender Processing Services came back to haunt ServiceLink and Black Knight Financial Services on Tuesday, as the Federal Reserve, Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corp. announced that they are fining ServiceLink $65 million for the “improper actions” of LPS that contributed to a massive settlement with the government over industry-wide foreclosure misconduct that occurred after the housing crash.
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More Wells Fargo fallout: Feds to look into sales practices at other Wall Street banks

CFPB, OCC, other agencies to conduct reviews of big banks
Federal regulators are preparing to conduct reviews of the nation’s biggest banks, aiming to root out any of the aggressive cross-selling practices that led to Wells Fargo being fined $185 million for more than 5,000 of the bank’s former employees opening more than 2 million fake accounts to get sales bonuses.
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JPMorgan, FDIC, Deutsche Bank near settlement in WaMu mortgage suit

Covers breaches of certain WaMu representations and warranties
JPMorgan Chase’s legal battle with the Federal Deposit Insurance Corp. and Deutsche Bank AG over its acquisition of Washington Mutual’s banking operations is nearing an end. After battling back and forth, the latest update in the bank’s quarterly regulatory filing revealed two key agreements the involved parties finally came to.
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FDIC wins $190M settlement for toxic Countrywide mortgage bonds

Settlement stems from failure of five banks
The ghosts of Countrywide past just struck again, as the Federal Deposit Insurance Corporation announced Thursday that eight major financial institutions will pay $190 million total to settle a series of lawsuits tied to toxic Countrywide mortgage bonds that subsequently led to the failure of five banks during the housing crisis.
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Tennessee's Trust Company Bank becomes second bank failure of 2016

First FDIC-insured bank failure in state since 2013
The Tennessee Department of Financial Institutions closed Memphis-based Trust Company Bank on Friday, and appointed the Federal Deposit Insurance Corporation as receiver. Trust Company Bank becomes the second FDIC-insured bank to close in 2016, and the first in the state since 2013.
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GE Capital mere days from 'exiting' U.S. banking system

Sells online deposit platform to Goldman Sachs
GE Capital, once a big player in housing finance, is now just a handful of days away from exiting the U.S. banking system after the company completed the sale of its online deposit platform to Goldman Sachs. According to GE Capital, that sale positions the company to terminate its FDIC insurance and "extinguish" its final U.S. bank charter.
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Five major banks fail bailout test, would need taxpayer money in crisis

Bank of America, JPMorgan Chase, Wells Fargo, others must improve 'living wills'
Five of the nation’s largest banks are not prepared for a financial crisis and would need taxpayer bailouts, the Board of Governors of the Federal Reserve System and the Board of Directors of the Federal Deposit Insurance Corporation announced Wednesday.
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Massive Chase mortgage bond first to meet FDIC Safe Harbor rule

$1.88 billion deal is one of largest post-crisis RMBS deals
A new mortgage bond from JPMorgan Chase Bank is not only one of the largest RMBS deals since the housing crisis, the $1.88 billion residential mortgage-backed securitization is also the first RMBS deal that qualifies for the Federal Deposit Insurance Corporation’s Safe Harbor rule, which took effect in 2010.
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From HW Magazine

Outsourcing: How to manage your weakest link

Two critical areas with third-party vendors
Unfortunately, as regulators take a harder look at third parties and their shortcomings, it often leads them straight back to the lenders and servicers who are supposed to be managing them. And with the financial penalties for third-party violations so significant, that’s the last thing lenders and servicers need.
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