U.S. Bank pays $10M for mortgage-servicing order violations

The Office of the Comptroller of the Currency (OCC) has announced it has terminated a mortgage servicing-related consent order against U.S. Bank National Association (U.S. Bank), and assessed a civil money penalty against the bank for previous violations of the orders.

The OCC terminated the consent order against the bank after determining that the institution now complies with the order. The OCC originally issued the order against the bank in April 2011 and later amended it, most recently in 2015. The termination of the order ends business restrictions affecting U.S. Bank that the OCC mandated in June 2015.

The OCC assessed a $10 million civil money penalty against U.S. Bank.

The OCC found that U.S. Bank failed to correct deficiencies identified in the 2011 consent order in a timely fashion. As a result, the OCC determined that U.S. Bank violated the 2011 consent order from October 1, 2014 through August 30, 2015.

U.S. Bank will pay the assessed penalty to the U.S. Treasury.