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ARTICLE · 15 FEBRUARY 2023

FDIC Settles With Bank For Repeat RESPA Violations, Doubling Previous Fine

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The FDIC recently announced a consent order with an Oregon regional bank for violations of Section 8 of RESPA, the FTC Act, and the FRCA, resulting in a civil monetary...

United StatesFinance and Banking
Moorari K. Shah
Moorari K. Shah
A.J. Dhaliwal
A.J. Dhaliwal
Colin Davidson
Colin Davidson
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The FDIC recently announced a consent order with an Oregon regional bank for violations of Section 8 of RESPA, the FTC Act, and the FRCA, resulting in a civil monetary penalty totaling $425,000. After conducting its investigation, the FDIC found:

  • violations RESPA by entering into mortgage lead generation arrangement with a real estate website and an online loan marketplace to facilitate and disguise referral payments for its mortgage business;
  • violations of the FTC Act through deceptive and misleading representations related to three of the bank's prescreened credit offerings; and
  • violations of FCRA by acquiring consumer reports of former loan clients (with recent credit inquiries) without a permissible purpose, in an apparent reference to a form of trigger leads.

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