- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
With its largest ever penalty under the Home Mortgage Disclosure Act, the CFPB has ordered Texas-based Nationstar Mortgage to pay a $1.75 million civil penalty.
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Ohio-based Fifth Third Bank will pay $20 million in penalties to the Consumer Financial Protection Bureau for allegedly opening fake bank accounts and wrongfully repossessing customers’ vehicles.
During a panel at Compliance Week’s Financial Crimes and Regulatory Compliance Summit, held June 10-11 in New York, experts discussed nuances in bank-financial technology partnerships, offering best practices for how banks should protect themselves.
Freedom Mortgage Corp. would have to pay a $3.95 million fine and carry out regular auditing and testing of its loan data under a proposed order by the Consumer Financial Protection Bureau.
