Consumer Bureau Action Tracker

Attorney General-MD, CFPB – JPMorgan Chase Bank, N.A.; Attorney General-MD, CFPB – Wells Fargo Bank, N.A.; Attorney General-MD, CFPB v. Wells Fargo Bank, N.A., JPMorgan Chase Bank, N.A., Elaine Oliphant Cohen, Todd Cohen


State

Maryland, Virginia

target

Wells Fargo Bank, N.A., JPMorgan Chase Bank, N.A., Elaine Oliphant Cohen, Todd Cohen

Topics

Servicemembers, Auto Loans, Enforcement, Mortgages

The CFPB, along with the Maryland Attorney General, ordered JPMorgan Chase and Wells Fargo “to pay more than $35 million to resolve claims that loan officers at the two banks received kickbacks in exchange for steering mortgage borrowers to a Maryland title company.” The CFPB ordered Wells Fargo to pay $24 million in civil penalties and refund $10.8 million to consumers affected. The CFPB ordered JPMorgan to pay $600,000 in civil penalties and refund $300,000 to consumers affected.

  • The CFPB and the Maryland attorney general ordered Wells Fargo and JPMorgan Chase “to pay more than $35 million combined to resolve claims that loan officers at the two banks received kickbacks in exchange for steering mortgage borrowers to a Maryland title company.” The CFPB claimed they violated federal law by allegedly having “loan officers at the banks” referring “borrowers to a now-defunct title company, Genuine Title, in exchange for cash and marketing services.”

“According to the CFPB, loan officers at Wells Fargo and JPMorgan sent homebuyers financing a mortgage through the banks to Genuine Title, which provided real estate closing services. In return, the title company, which went out of business last April, provided the loan officers with cash, as well as consumer information and marketing services aimed at helping them drum up more loan business, the_CFPB_said.”

The CFPB ordered Wells Fargo to pay $24 million in civil penalties and refund $10.8 million to consumers affected. The CFPB ordered JPMorgan to pay $600,000 in civil penalties and refund $300,000 to consumers affected. [“Wells Fargo, JPMorgan settle mortgage kickbacks probe,” Associated Press, 01/22/15]

Status

Inactive or Resolved


1:15-cv-00179-RDB 1/22/2015 2/5/2015

CFPB Takes Action Against Wells Fargo and JPMorgan Chase for Illegal Mortgage Kickbacks
http://www.consumerfinance.gov/policy-compliance/enforcement/actions/genuine-title/

  • Consumer Financial Protection Bureau (CFPB)
  • Federal district court case
  • U.S. District Court for the District of Maryland Baltimore Division
  • Bank
  • $0
  • Not Available

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