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January 16, 2017 - Inside the CFPB
The Office of the Comptroller of the Currency recently fined HSBC $32.5 million for failure to correct faulty foreclosure practices in a timely manner as per a consent order originally issued back in 2011 to correct practices that harmed borrowers in the wake of the housing markets collapse. The OCC also said the institution failed to file payment change notices (PCN) that complied with bankruptcy rules, which resulted in roughly $3.5 million in borrower remediation for approximately 1,700 mortgage loan accounts. The banks untimely and missed PCN filing practices did not comply with bankruptcy rules, required the bank to undertake operational enhancements to achieve compliance, and were unsafe and unsound practices, according to the consent order. The bank neither admitted ...
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