In the wake of the Consumer Financial Protection Bureau and a growing group of state regulators accusing Ocwen Financial of widespread mortgage servicing issues, several of the big credit ratings agencies announced that each is taking some form of negative action on the nonbank.
Over the last few days, S&P Global Ratings, Moody’s Investors Service, Fitch Ratings, and Morningstar each released updated views of Ocwen, with each agency’s analysts stating that Ocwen’s recent regulatory troubles could have dire long-term consequences.
The Office of the Comptroller of the Currency announced Tuesday that it is ordering U.S. Bank National Association to pay a civil penalty of $15 million for what it calls “bankruptcy filing violations” that occurred between 2009 and 2014.
According to the OCC, an investigation found that between 2009 and 2014, U.S. Bank “engaged in filing practices in bankruptcy courts with respect to proofs of claim, payment change notices, and post-petition fees among others that did not comply with bankruptcy rules and constituted unsafe or unsound banking practices.”
More specifically, text from the OCC’s consent order states:
Between 2009 and 2014, the Bank committed various errors related to bankruptcy filings, including: (a) untimely, not filed, or inaccurately filed Proofs of Claim; (b) payment application inaccuracies resulting in overpayments by debtors or trustees; (c) untimely and/or inaccurate Payment Change Notices; (d) untimely, and/or inaccurate Post-Petition Mortgage Fees, Expenses, and Charges; (e) inaccurate Notices of Final Cure; (f) exposure of confidential customer information in court-filed documents; and (g) inconsistent application of the Bank’s fee waiver practices.
From DNC Fraud lawsuit from Facebook:
– Attorney Jared H. Beck goes over details after court hearing on Tuesday. And more on the hearing for the Plaintiffs:
The Court held a 3.5 hour hearing today on Defendants’ Motion to Dismiss, and asked pointed questions of both sides.
Judge Zloch did not rule from the bench today and will be issuing a written order.