The Consumer Financial Protection Bureau and the Maryland Attorney General announced actions against Wells Fargo and JPMorgan Chase for engaging in illegal marketing services with a now-defunct title company, Genuine Title. In addition to the banks, the bureau and Maryland took action against a former Wells Fargo employee and his wife for their involvement. In all, the penalties for the enforcement total more than $35 million.
The Consumer Financial Protection Bureau (CFPB) hit two of the biggest banks in the country with RESPA enforcement actions last week for allegedly allowing loan officers to receive kickbacks. Although they would not admit to or deny the allegations levied against them, both banks are paying the cost.
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