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FinCEN: Accountant and Elder Abuse

We have been keeping track of FinCEN's SAR Activity Review – Trends, Tips & Issues virtually from its inception. In its just issued May 2013 report, FinCEN provides new information regarding two areas of importance: 1)...more

DOJ Files First Criminal Action On CFPB Referral, CFPB Files Parallel Civil Suit

On May 7, the U.S. Attorney for the Southern District of New York announced mail and wire fraud charges against a debt settlement firm, its owner, and three of its employees. ...more

CFPB Criminal Referral

In what he called "a harbinger of an especially potent partnership," Preet Bharara, U.S. Attorney for the Southern District of New York, announced Tuesday the filing of criminal charges against a New York debt settlement firm...more

CFPB announces criminal referral relating to alleged debt-relief scam

At a press conference yesterday in New York City, Director Cordray announced that the CFPB had made a criminal referral to the United States Attorney for the Southern District of New York arising out of the CFPB’s...more

New York Attorney General Eric Schneiderman To Sue Wells Fargo & Bank Of America For Violating National Mortgage Settlement

New York Attorney General Eric Schneiderman To Sue Wells Fargo & Bank Of America For Violating National Mortgage Settlement...more

YOU CAN’T TRUST OUR NATIONAL BANKS MORTGAGE PAPER TRAIL

FRAUD, NOT MISTAKES AND ERRORS, HAVE PERMEATED THE FORECLOSURE PROCESS IN AMERICA

FRAUD, NOT MISTAKES AND ERRORS, HAVE PERMEATED THE FORECLOSURE PROCESS IN AMERICA When judges begin ordering the accounting and financial books and records of the alleged owner of a borrower’s note to be produced, not...more

The Enforcement Powers of the Consumer Financial Protection Bureau

For several months, the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) has implemented a spate of enforcement actions against banks and non-banks. My interest in this article is neither to re-litigate those cases...more

Virtual Currency Under Federal Anti-Money Laundering Laws: FinCEN Provides Guidance

A lot of companies transact in credits that might be called “virtual currency.” Most of these companies probably do not consider themselves financial institutions. Many have never considered the possibility that they need to...more

Loan Originator Compensation: New Rules

On January 24, 2013, as the last of the Final Rules of the Consumer Financial Protection Bureau (CFPB) rolled out, I offered an outline of all of them, entitled "CFPB's Gang of Seven (Final Rules)".* I listed them in...more

Insights Into The Financial Fraud Enforcement Task Force Priorities For 2013

On March 20, 2013, Michael Bresnick, Executive Director of DOJ’s Financial Fraud Enforcement Task Force gave a speech at the Exchequer Club of Washington, DC highlighting recent accomplishments of the Task Force and outlining...more

United States Government Accountability Office GAO Report to Congressional Requesters

GAO Report on Independent Foreclosure Reviews Exposes OCC, Fed’s Plan to Deliberately Minimize Evidence of Borrower Harm

FORECLOSURE REVIEW Lessons Learned Could Enhance Continuing Reviews and Activities under Amended Consent Orders The Government Accountability Office released their second report on the Independent Foreclosure Reviews. At...more

FinCEN Issues Virtual Currency Guidance

The Financial Crimes Enforcement Network (FinCEN) has issued formal guidance to clarify the anti-money laundering obligations of administrators and exchangers of convertible virtual currency. “Virtual” currency, unlike...more

CONGRESS OF THE UNITED STATES- COMMITTEE ON OVERSIGHT & GOVERNMENT REFORM

Senator Elizabeth Warren (D-MA) and Rep. Elijah E. Cummings (D-MD) March 25, 2013 letter to Federal Reserve Chairman Ben Bernanke...

Senator Elizabeth Warren and Representative Elijah Cummings to Meet with Fed and OCC on Foreclosure Abuses Washington, D.C. March 25, 2013 Senator Elizabeth Warren (D-MA) and Rep. Elijah E. Cummings (D-MD) sent a...more

WHISTLEBLOWER: WELLS FARGO FABRICATED AND ALTERED MORTGAGE DOCUMENTS ON A MASS BASIS

Thursday, March 7, 2013 WHISTLEBLOWER: WELLS FARGO FABRICATED AND ALTERED MORTGAGE DOCUMENTS ON A MASS BASIS Over the last two and a half years, Wells Fargo, like most of the major mortgage servicers, claimed that it had a...more

CONGRESS OF THE UNITED STATES- COMMITTEE ON OVERSIGHT & GOVERNMENT REFORM

Reps. Darrell E. Issa and Elijah E. Cummings, joint letter to Federal Reserve Chairman Ben Bernanke and Comptroller of the...

House Oversight Committee Requests Briefing on Potential Independent Foreclosure Review Process Settlement Washington, DC (Jan. 5, 2013) The Chairman and Ranking Member of the House Committee on Oversight and...more

CFPB and Justice Department Agree to Coordinate Fair Lending Enforcement Efforts

The U.S. Department of Justice and the Consumer Financial Protection Bureau have signed an agreement to coordinate fair lending enforcement efforts, including the sharing of information, joint investigations, and referrals...more

The Bureau and DOJ “agree to agree” on fair lending

On December 6, 2012, the CFPB and the Department of Justice (“DOJ”) executed a Memorandum of Understanding (“MOU”) aimed at strengthening their coordination in connection with fair lending investigations....more

STATE OF MICHIGAN ATTORNEY GENERAL BILL SCHUETTE FILES CRIMINAL CHARGES AGAINST FORMER MORTGAGE PROCESSOR PRESIDENT FOR ROLE IN...

STATE OF MICHIGAN ATTORNEY GENERAL BILL SCHUETTE FILES CRIMINAL CHARGES AGAINST FORMER MORTGAGE PROCESSOR PRESIDENT FOR ROLE IN FRAUDULENT...more

THE PEOPLE OF THE STATE OF MICHIGAN vs. LORRAINE OREILLY BROWN

FELONY COMPLAINT AGAINST LORRAINE OREILLY BROWN RE: DOCX & ROBO-SIGNING

Lorraine Brown established and orchestrated a widespread scheme of robo-signing and was associated with an enterprise, to wit DOCX. ...more

CFPB and FTC: Warning Letters - Misleading Advertisements

The Consumer Financial Protection Bureau (CFPB), in coordination with the Federal Trade Commission (FTC), has issued warning letters to twelve mortgage lenders and mortgage brokers advising them to remove or revise misleading...more

United States Department of Justice Press Release Re: Former Executive at Florida-Based Lender Processing Services Inc. Admits...

FOR IMMEDIATE RELEASE http://www.justice.gov/opa/pr/2012/November/12-crm-1400.html Tuesday, November 20, 2012 Former Executive at Florida-Based Lender Processing Services Inc. Admits Role in Mortgage-Related Document...more

CFPB: Compliance Management System

On October 31, 2012, the CFPB issued its first issue of Supervisory Highlights: Fall 2012, a newsletter to the public and the financial services industry about its examination program, including the concerns that it finds...more

FinCEN: SAR Narrative, PowerPoint, and Mortgage Loan Fraud

On September 18, 2012 FinCEN held an Informational Webinar regarding the new FinCEN Suspicious Activity Report (SAR). The corresponding, full PowerPoint presentation of the recorded version of this Webinar is available...more

BARRY FAGAN DEFEATS WELLS FARGO ON JUDICIAL NOTICE Posted By Neil Garfield

Editor's Comment: Following up with the offensive strategy and the concept of attacking every weak point in the pretender lender's strategies, Fagan went after Wells Fargo on the seemingly innocuous motion for the Judge...more

United States of America vs. Bank of America et al

United States of America vs. Bank of America et al Re: Complaint for Mortgage Fraud

Manhattan U.S. Attorney Sues Bank Of America For Over $1 Billion For Multi-Year Mortgage Fraud Against Government Sponsored Entities Fannie Mae And Freddie Mac FOR IMMEDIATE RELEASE Wednesday, October 24, 2012 After...more