Violation Tracker Individual Record

Company: 
Flagstar Bank
Current Parent Company: 
Flagstar Bancorp
Penalty: 
$37,500,000
Year: 
2014
Date: 
September 29, 2014
Primary Offense: 
consumer protection violation
Secondary Offense: 
mortgage abuses
Violation Description: 

The Consumer Financial Protection Bureau took action against Michigan-based Flagstar Bank for violating the CFPB's mortgage servicing rules by blocking borrowers' attempts to save their homes using means described by the agency as illegal. The agency ordered Flagstar to pay $27.5 million to victims and a $10 million fine.

Level of Government: 
federal
Action Type: 
agency action
Agency: 
Consumer Financial Protection Bureau
Civil or Criminal Case: 
civil
HQ Country of Parent: 
USA
HQ State of Parent: 
Michigan
Ownership Structure of Parent: 
publicly traded
Major Industry of Parent: 
financial services
Specific Industry of Parent: 
banking
Source Notes: 
If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Parent company note: 
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.