Newsroom

Back to the Newsroom
July 01, 2014

U.S. Bank pays $200M to settle FHA suit

July 2, 2014 – Cincinnati-based U.S. Bank has agreed to pay the government $200 million to settle a suit over its failure to identify and report thousands of deficient loans according to the Federal Housing Administration's requirements.

The bank admitted to certifying mortgage loans for FHA insurance that did not meet the underwriting requirements of the Department of Housing and Urban Development and that it failed to self-report those deficiencies and take the required corrective action. The bank also admitted that this improper certifying caused FHA to suffer "substantial losses," according to Cleveland.com.

These loans were certified between 2006 and 2011.

The suit came about from a joint investigation by HUD, its Office of Inspector General, the Justice Department's Civil Division and the U.S. Attorney's Offices for the Northern District of Ohio and Eastern District of Michigan.

Related Resources

Add to Calendar 2024-04-23 14:00:00 2024-04-23 14:00:00 Monitoring the Latest Litigation Risks Credit unions’ operations pose litigation risks, with more of these cases being filed as class action lawsuits. In this Monitoring the Latest Litigation Risks for Credit Unions webinar, you’ll review some of the specific kinds of lawsuits impacting credit unions and what potential claims could be on the horizon. You’ll also examine some options for mitigating risks. Key Takeaways Review the current lawsuit trends. Understand the potential claims risks Explore options for mitigating risks.   Register Now $295 Members | $395 Nonmembers(Additional $50 for USB)One registration gives your entire team access to the live webinar and on-demand recording until April 23, 2025Go to the Online Training Center to access the webinar after purchase »   Who Should Attend NCCOs NCRMs Compliance and risk titles Education Credits NCRMs will recieve 1.0 CEUs for participating in this webinar NCCOs will recieve 1.0 CEUs for participating in this webinar Web NAFCU digital@nafcu.org America/New_York public

Monitoring the Latest Litigation Risks

Credits: NCCO, NCRM

Webinar

The Bottom Line on Insurance Tracking and Collateral Protection

Strategy

preferred partner
Allied Solutions
Blog Post

Resiliency In Your Incident Response Plan

Cybersecurity

preferred partner
DefenseStorm
Blog Post
Add to Calendar 2024-04-15 09:00:00 2024-04-15 09:00:00 Mergers and Acquisitions: Unifying Two Different Executive Total Compensation and Benefits Programs Listen On: Key Takeaways: [03:50] With the merger of a smaller credit union into a larger one you are really only dealing with integrating staff into the larger credit union. [05:53] When working with a merger of equals we start with a deep dive into the executive compensation and benefits of each organization. [09:09] If your current executive benefits provider doesn’t conduct regular plan evaluations, consider having a plan audit anyway. [13:46] Don’t overpay for these things if you don’t have to. When you have more options available that means the cost is more appropriate.  [17:11] It is in a unified organization’s best interest to do tier timelines where we look at your top executives who are critical to the unified organization’s success today and then slowly add in the next levels.  Web NAFCU digital@nafcu.org America/New_York public

Mergers and Acquisitions: Unifying Two Different Executive Total Compensation and Benefits Programs

Leadership Development

preferred partner
Gallagher
Podcast