Two Banks Agree on Fines to End OCC Foreclosure Enforcement
- U.S. Bancorp will pay $10 million, Santander $3.4 million
- Lenders were among several failing to meet earlier accords
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U.S. Bancorp will pay $10 million and Banco Santander SA agreed to turn over $3.4 million to settle Office of the Comptroller of the Currency complaints over missteps in how the banks handled regulators’ orders to fix faulty foreclosure practices.
The fines stem from violations of 2013 accords over mortgage-servicing flaws, the OCC said in a statement Tuesday. The new penalties close out a series of restrictions the companies were placed under in June after they failed to live up to earlier agreements related to loans mishandled after the 2008 financial crisis.