Monthly Archives: October 2018

OCC Announces $100 Million Penalty Against Capital One Bank for BSA/AML Deficiencies

On October 23, 2018, the Office of the Comptroller of the Currency (OCC) announced $100 million in civil money penalties against Capital One Bank based on deficiencies in the bank’s Bank Secrecy Act/Anti-Money Laundering (BSA/AML) compliance program. The penalties are linked to Capital One’s failure to adequately respond to a 2015 Cease and Desist Order [...]

October 24th, 2018|
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Citigroup Under Scrutiny for Possible Fair Lending Violations

According to an exclusive report published by Reuters, Citigroup Inc. may be penalized for possible Fair Lending violations by the Office of the Comptroller of the Currency (OCC). The regulators' scrutiny is related to Citigroup's "relationship pricing" program that offered discounts on mortgage interest rates to customers based on their deposit and investment balances held [...]

October 16th, 2018|
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HMDA Huddle 10 – Q&As for Tackling the Intricacies of HMDA

Posted: April 1, 2024

Welcome to the second quarter of your 2024 LAR season. With the 2023 submissions complete, HMDA data management demands continue, with quarterly filings that require as much care as the final product. Every quarter, new questions arise, and ADI can help answer some of the questions you may encounter in your preparations. In this issue, […]

HMDA Huddle 9 – Q&As for Tackling the Intricacies of HMDA

Posted: January 5, 2024

Happy New Year, HMDA Huddlers! It’s time to review the past year’s LAR and ensure that you’re ready to submit the cleanest data possible by March 1, 2024. ADI is here to answer some of the tricky questions you may encounter in your preparations. In this issue, we answer questions about information gathering to avoid […]

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Redlining Enforcement Ramp Up: Prepare Now

Posted: October 27, 2023

The U.S. Department of Justice (DOJ) announced recently that through its “Combatting Redlining Initiative,” it has secured more than $107 million in relief for communities nationwide experiencing lending discrimination. Attorney General Merrick Garland declared, “This work is just the beginning – the Justice Department currently has over two dozen active investigations into redlining, spanning neighborhoods […]

News

Patriot Bank Agrees to $1.9M Settlement for Redlining

Posted: January 19, 2024

Patriot Bank, based in Millington, Tennessee, has agreed to enter into a consent order with the U.S. Department of Justice (DOJ) to resolve the federal government’s allegations that the bank avoided providing mortgages to people living in, or seeking to live in, majority Black and Hispanic neighborhoods.  Patriot, a community bank with eight branches, serves […]

CFPB Fines Bank of America $12 Million for HMDA Violations

Posted: November 29, 2023

The Consumer Financial Protection Bureau (CFPB) on Tuesday announced it is ordering Bank of America to pay $12 million in fines for violating federal laws related to mortgage disclosure. In a consent order, the CFPB said that Bank of America routinely submitted inaccurate information about mortgage applicants to the federal government over the past four years.  According […]

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Regulators Issue Final Rule to Modernize the CRA

Posted: October 25, 2023

On October 24th, the Office of the Comptroller of Currency, Federal Reserve Board, and the Federal Deposit Insurance Corporation issued a final rule to strengthen and modernize the Community Reinvestment Act (CRA). This revision to the CRA regulation, the first comprehensive update since 1995, was issued with the following stated goals:  Encourage banks to expand […]

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