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Posts tagged as “Self-Reporting”

Mortgage Lender Self-Reports Violation to CFPB – Small Penalty Follows

The Consumer Financial Protection Bureau today announced that 1st Alliance Lending, LLC, a mortgage lender, was assessed a civil monetary penalty of $83,000, arising from illegally splitting real estate settlement fees. In Yes, the CFPB is Serious About Self-Reporting!, I commented last August that the bureau is encouraging regulated entities to self-report, even if unsure whether their conduct violates law. Previously, self-reporting by US Bank had led the CFPB to forgo imposing a civil money penalty against that institution. While today’s announcement includes a civil monetary penalty, it is small compared to the tens of millions in penalties imposed by the bureau…