GE to pay $1.5B for misrepresentations concerning subprime loans
By 
Jaclyn Jaeger2019-04-15T17:34:00
General Electric will pay a civil penalty of $1.5 billion to resolve claims under the Financial Institutions Reform, Recovery, and Enforcement Act involving subprime residential mortgage loans originated by WMC Mortgage, a GE subsidiary.
Related articles
-
ArticleGE settles SEC accounting probe for $200M
General Electric agreed to pay $200 million to settle charges brought by the Securities and Exchange Commission regarding a series of accounting violations at its power and insurance businesses.
-
Article
GE facing potential SEC action over accounting issues
General Electric revealed in a regulatory filing that it is facing a civil injunctive action from the Securities and Exchange Commission regarding accounting issues tied to its legacy insurance portfolio.
-
ArticleAuditor change: GE dumps KPMG for Deloitte
General Electric announced the appointment of Deloitte as its new independent auditor for fiscal year 2021, ending a relationship with KPMG that dates back to 1909.
More from Regulatory Enforcement
-
ArticleFormer U.S. clothing business CEO faces 25 years for bribery in Honduras
The former CEO of a Georgia clothing business faces 25 years in prison for bribing Honduran officials to win $10 million in uniform contracts in Honduras, after being caught up in a Department of Justice Anticorruption Task Force.
-
News BriefDOJ sues Uber over alleged discrimination against disabled riders
The DOJ sued Uber Thursday, alleging it violated the Americans with Disabilities Act (ADA) by denying people with disabilities equal access to its services.
-
ArticleEU targets crypto, fintech firms in push to tackle money laundering
Europe’s banking regulator warns that weak compliance at fintech, regtech, and crypto firms may let money laundering and terrorist financing risks slip through. The EBA also found EU regulators’ approaches are often inconsistent and unclear.