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Violation Tracker Individual Record

Company: SunTrust Banks, Inc.
Current Parent Company: Truist Financial
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Penalty: $160,000,000
Year: 2014
Date: July 25, 2014
Offense Group: financial offenses
Primary Offense: banking violation
Secondary Offense: mortgage abuses
Mega-Scandal: Mortgage Abuses
Violation Description: The Federal Reserve Board released the order related to the previously announced monetary sanctions against SunTrust Banks, Inc., and certain of its subsidiaries for unsafe and unsound practices in residential mortgage loan servicing and processing. The Board reached an agreement in principle with SunTrust for monetary sanctions totaling $160 million on October 10, 2013.
Level of Government: federal
Action Type: agency action
Agency: Federal Reserve
Civil or Criminal Case: civil
HQ Country of Current Parent: USA
HQ State of Current Parent: North Carolina
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: banking
Source of Data: (click here)
Source Notes: If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.