US Bank and Santander are to pay $10m and $3.4m, respectively, in penalties to settle accusations they failed to fix the deficiencies in their consent orders related to mortgage practices. Restrictions on the banks have also now been lifted, according to the Office of the Comptroller (OCC). Both banks had been among mortgage providers who were accused of faulty foreclosure practices following the 2008 housing crisis. The OCC said it was “pleased” with the settlement but added that there is still work left for regulators to do.
US Bank and Santander are to pay $10m and $3.4m, respectively, in penalties to settle accusations they failed to fix the deficiencies in their consent orders related to mortgage practices. Restrictions on the banks have also now been lifted, according to the Office of the Comptroller (OCC). Both banks had been among mortgage providers who were accused of faulty foreclosure practices following the 2008 housing crisis. The banks said they are pleased the matter has now been resolved.