The Federal Deposit Insurance Corp. has filed a lawsuit against Bank of America Corp. (NYSE: BAC), claiming the Charlotte-bank owes at least half a billion dollars in unpaid deposit insurance, according to a Bloomberg report.
The U.S. banking regulator sued Bank of America in federal court in Washington on Monday over accusations that the bank “ignored FDIC instructions on how to account for its exposure to counterparties,” Bloomberg and other media outlets reported.
The Office of the Comptroller of the Currency terminated its mortgage servicing-related order against HSBC Bank USA, lifting restrictions placed on the bank over its failure to comply with requirements of the Independent Foreclosure Review. This termination marks the last OCC-regulated mortgage service to have its order terminated.
The OCC originally issued the order in April 2011 and amended it in February 2013, with the most recent amendment in June 2015 forcing business restrictions on HSBC.
The New York of Department of Financial Services could soon have the power to ban individuals from working in the financial services industry for “egregious conduct,” New York Gov. Andrew Cuomo announced Monday.
Cuomo made the announcement as part of his 2017 “State of the State” addresses, in which he laid out a series of policy initiatives and legislative proposals.
Included among those proposals is a new piece of legislation that would grant the NYDFS, the state’s top financial regulator, the ability to banish what Cuomo calls “bad actors” from the financial services industry for “egregious and deceptive behavior.”
In announcing the proposal, Cuomo cited the recent fake account scandal at Wells Fargo as the kind of action that could get a person banned from working in financial services under the new rule.