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In Their Own Words -- McQuade

Posted  12/29/16

-- “When lenders breach their duty of due diligence and make risky loans that go bad, taxpayers pay the bill.”

U.S. Attorney for the Eastern District of Michigan Barbara L. McQuade, commenting on a recent FCA settlement involving the knowing origination and underwriting of FHA-insured mortgage loans that failed to meet applicable requirements. Read more here.

DOJ Catch of the Week -- PNC Bank

Posted  08/19/16
By the C|C Whistleblower Lawyer Team This week's Department of Justice "Catch of the Week" goes to PNC Bank N.A.  On Tuesday, the Pittsburgh-based national banking association agreed to pay $9.5 million to resolve allegations it violated the False Claims Act in connection with the issuance of loans guaranteed by the Small Business Administration (SBA).  See DOJ Press Release. The SBA Act allows banks to...

DOJ Catch Of The Week -- M&T Bank

Posted  05/13/16
By the C|C Whistleblower Lawyer Team This week's Department of Justice "Catch of the Week" goes to Buffalo, New York-based M&T Bank Corp.   Today, the bank agreed to pay $64 million to settle charges it violated the False Claims Act by knowingly originating and underwriting mortgage loans insured by the Department of Housing and Urban Development’s (HUD) Federal Housing Administration (FHA) that did not meet...

The UK’s new whistleblowing regime going live: UK financial institutions required to appoint a “whistleblowers’ champion”

Posted  03/10/16
By Yulia Tosheva On 7 March 2016, the new rule requiring UK deposit-takers (banks, building societies and credit unions), PRA-designated investment firms and insurers to appoint a senior manager as their whistleblowing champion came into force. The whistleblowers’ champion will be responsible for ensuring the integrity, independence and effectiveness of the firm’s policies and procedures on whistleblowing. A...

DOJ Catch of the Week -- Morgan Stanley

Posted  02/12/16
By the C|C Whistleblower Lawyer Team This week's Department of Justice "Catch of the Week" goes to Morgan Stanley.  Yesterday, the company agreed to pay a $2.6 billion penalty "for misleading investors about the subprime mortgage loans underlying the securities it sold" in the period leading up to the financial crisis.  As part of the agreement, Morgan Stanley admitted that it failed to disclose critical...

State Enforcement Spotlight – HSBC

Posted  02/8/16
By the C|C Whistleblower Lawyer Team This State Enforcement Spotlight features HSBC. On Friday, Attorney General Eric Schneiderman announced a $470 million joint state-federal settlement with mortgage lender and servicer HSBC to address mortgage origination, servicing, and foreclosure abuses. The terms will prevent past foreclosure abuses, such as robo-signing, improper documentation and lost paperwork. See NY AG...

New York State Enforcement Spotlight -- Deutsche Bank

Posted  11/6/15
By the C|C Whistleblower Lawyer Team On Wednesday, the New York State Department of Financial Services (NYDFS) announced that Deutsche Bank will pay $258 million for New York Banking Law violations stemming from financial transactions it made on behalf of countries and entities subject to US sanctions.  Specifically, the government found that from at least 1999 through 2006, Deutsche Bank conducted more than...

A Step in the Right Direction for UK Whistleblowers: Financial Services Regulator Requires Whistleblowing Arrangements Be Beefed Up

Posted  10/9/15
By Richard Pike As we announced earlier this week, the UK’s Financial Conduct Authority (FCA) has imposed new rules to promote whistleblowing. This post discusses the new requirements and identifies some shortcomings. Readers outside the UK will need some background to put the new rules in context. The existing whistleblower regime in the UK does not go down the US route of providing financial rewards for...

New Campaign Aimed at Wall Street Whistleblowers

Posted  10/8/15
By Marlene Koury A new whistleblower platform and campaign was launched this week in hopes of encouraging banking and financial sector employees to blow the whistle on unfair practices and corruption.  The campaign -- Whistleblow Wall Street – will include billboards on Wall Street, along with a leaflet campaign in New York, Washington D.C., St. Louis, and Orlando. The campaign aims to connect with anyone...

Wall Street Still Behaving Badly

Posted  05/21/15
By the C|C Whistleblower Lawyer Team In the wake of the Great Financial Crisis, there was both a public and private battle cry of "Never Again!"  Dodd-Frank was passed with its sweeping regulations to keep Wall Street in check, and federal and state enforcers went on regulatory rampage extracting 9 and10-figure settlements from a who's who list of the world's top financial firms.  Not many Wall Street...

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