The City of Philadelphia announced (HousingWire) on May 15, 2017 that it will sue one of the nation’s largest banks, Wells Fargo, for discriminatory lending practices against its minority residents which, in turn, caused harm to the City. This suit will be a major test of a recent ruling by the U.S. Supreme Court (Bank [...]
Can a city, or potentially other governmental entities, sue lenders over their discriminatory lending practices under the Fair Housing Act? On May 1, 2017, the U.S. Supreme Court said “yes,” but with the following conditions: The city must be an “aggrieved person” within the meaning of the Fair Housing Act; The alleged harm must be [...]
In the first suit ever filed against an individual compliance officer in finance, the Financial Crimes Enforcement Network (FinCEN) and the U.S. Attorney's Office for the Southern District of New York has settled claims under the Bank Secrecy Act against Thomas E. Haider, the former Chief Compliance Officer of MoneyGram International, Inc. Mr. Haider has agreed [...]