Banking

Federal Regulators Reach $8.5B Foreclosure Settlement With Banks

Today the Federal Reserve and the OCC reached an agreement on foreclosure abuses with ten financial institutions including Bank of America and Citigroup.
bank building
By Susan Barnes
Updated on: February 9th, 2022

bank building Monday, the Federal Reserve and the OCC reached a $8.5B foreclosure settlement with ten banks.

Here’s more breaking news on the banking front: today an agreement on foreclosure abuses was reached with ten financial institutions. Federal regulators came to terms with large banks such as Citigroup and Bank of America in a pact worth 8.5 billion dollars.

Government regulators — namely the Federal Reserve and an independent bureau that’s part of the Treasury Department, the Office of the Comptroller of the Currency — are in negotiations with four other financial institutions for a settlement (HSBC is one of the four). Details are still forthcoming, but you can read more about the foreclosure pact over at the Wall Street Journal.