Monthly Archives: January 2017

Western Union To Pay $586M for AML Violations and Consumer Fraud

Western Union, the largest money service business in the world, agreed to a half-billion dollar settlement over charges they failed to protect customers from fraud and permitted their agents to illegally launder money for customers. Western Union will pay a $586 million fine after pleading guilty to charges of willfully failing to run an effective anti-money laundering [...]

January 30th, 2017|

JPMorgan Chase to Pay $55M in Mortgage Discrimination Settlement

JPMorgan Chase announced (USA Today, 1/18/2017) that it has reached an agreement with the U.S. government to pay $55 million to settle allegations that the firm violated Fair Lending laws. According to the lawsuit, the government alleged that, from 2006 through 2009, the bank's wholesale mortgage brokers charged African American and Hispanic borrowers higher interest rates than white, [...]

January 18th, 2017|

DOJ Sues KleinBank for Redlining

The Justice Department filed a lawsuit against KleinBank on January 13th, alleging that KleinBank engaged in unlawful “redlining” of majority-minority neighborhoods in the Minneapolis-St. Paul metropolitan area.  The lawsuit, filed in the U.S. District Court for the District of Minnesota, alleges that from 2010 to at least 2015, the bank structured its residential mortgage lending [...]

January 17th, 2017|