Press Release
Release Date: February 5, 2016
For release at 12:00 p.m. EST
The Federal Reserve Board on Friday announced a $131 million penalty against HSBC North America Holdings, Inc. and HSBC Finance Corporation for deficiencies in residential mortgage loan servicing and foreclosure processing. The penalty is being assessed in conjunction with an agreement involving similar deficiencies that HSBC announced Friday with the U.S. Department of Justice, other federal agencies, and the state attorneys general.
The penalty assessed by the Board is the maximum amount allowed under the law, taking into account the circumstances of HSBC's unsafe and unsound practices and foreclosure activities.