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CFPB, Other Feds, and State AGs Announce $1 billion Mortgage Servicing Action

The CFPB and attorneys general in 49 states and the District of Columbia filed a proposed federal court order requiring SunTrust Mortgage, Inc. to provide $500 million in loss-mitigation relief to underwater borrowers. The order also requires SunTrust to pay $40 million to approximately 48,000 consumers who lost their homes to foreclosure and $10 million to the federal government.

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Did Debt Buyers Fall Victim to One Corrupt Bank Official? Or Is it More?

The bank official at the center of yesterday’s bribery charges against a debt buyer just happens to be the same executive who late last year pled guilty to accepting bribes from another ARM company. So what’s going on here? Is bribery an unspoken part of the debt collection industry, or did a single corrupt bank officer lure a couple of bad actors into his web?

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Payday Lenders Sue U.S. Government Over “Operation Choke Point”

A payday lending association and its largest member announced Friday a lawsuit against the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency, and the Federal Reserve over the agencies’ Operation Choke Point initiative which focuses on banks’ and payment processors’ affiliation with what the government says are high risk industries.