A cautionary tale about bank supervision lacking in speed, force, and agility https://t.co/TI2pkuP6nj
The Consumer Financial Protection Bureau claims Rocket gave real estate agents incentives to steer consumers away from other companies. Rocket calls the allegations a "lie" and political ploy. https://t.co/SiR4a4T5G1
Feds sue Arizona real estate agent and Rocket Homes alleging kickback scheme https://t.co/moSwnB4pRX
Bank of America has reached a settlement with a federal banking regulator over compliance issues related to the Bank Secrecy Act. This comes after the bank was flagged for alleged problems with its sanctions compliance. The settlement follows a report that the bank delayed filing Suspicious Activity Reports (SARs) concerning $170 million in payments from Leon Black to Jeffrey Epstein until after Epstein's death. Meanwhile, the Consumer Financial Protection Bureau (CFPB) has filed a lawsuit against Rocket Homes, a subsidiary of Rocket Companies, alleging that the company engaged in an illegal kickback scheme to direct home buyers to its affiliated mortgage lender, Rocket Mortgage. The CFPB claims that Rocket Homes incentivized real estate agents to steer clients away from competing mortgage options. Rocket Homes has denied the allegations, calling them a
