CFPB Settles Castle & Cooke LO Comp Allegations for $13 Million
November 18, 2013
In a sign of just how serious the CFPB is about steering and loan-compensation issues, the bureau last week pressed Castle & Cooke Mortgage LLC into a settlement involving $9 million in restitution and $4 million in civil penalties to resolve allegations the firm and two of its executives paid illegal bonuses for steering consumers into costlier mortgages. The CFPB alleged that Castle & Cooke, through actions taken by its president, Matthew Pineda, and senior vice-president of capital markets, Buck Hawkins, violated the...