HSBC Bank USA has been fined $32.5m by the Office of the Comptroller of the Currency (OCC) for violations of a 2011 consent order that directed the bank to overhaul its mortgage foreclosure practices.
The regulator said that the bank violated the order between 1 October 2014 and 30 September 2016 by failing to rectify in time deficiencies detected in the 2011 consent order.
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It also accused the bank of failing to file payment change notices in accordance with bankruptcy rules, which cost the bank about $3.5 million in remediation to borrowers.
The OCC issued the order in April 2011 and revised it in February 2013 and June 2015.
The regulator now terminated the original consent order against the bank after concluding that the bank now complies with the order.
“The termination of the order and amended orders ends business restrictions affecting HSBC that the OCC mandated in June 2015,” the watchdog said.
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