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OCC FINES CITIBANK FOR FAIR HOUSING ACT VIOLATION

On March 19th, The Office of the Comptroller of the Currency (OCC) levied a $25 million civil money penalty against Citibank for violating the Fair Housing Act.  The violation stems from inconsistent issuing of lender credits through their Relationship Loan Pricing (RLP) program.  The OCC found that there were control weaknesses related to the program that resulted in eligible mortgage loan customers not receiving an interest rate reduction or a credit to their closing costs.  […]

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INCREASED CIVIL MONETARY PENALTIES

The Federal Civil Penalties Inflation Adjustment Act of 1990 (FCPIA Act)requires Federal agencies to adjust, by regulation, the Civil Monetary Penalties (CMPs) within their jurisdiction by a prescribed inflation adjustment at least once every four years. The Federal Reserve Board (FRB) made its last adjustment to its CMPs on October 6, 2008,  On November 16, 2012 the FRB issued a final rule to set forth the newly-adjusted CMPs which will apply to violations that occur […]

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