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OCC levies $32.5M CMP on HSBC Bank USA, N.A.

1800 Tysons Blvd
McLean, VA 22102
Fine Amount: 
$32.5 million
Penalty Type: 
Issued by: 

The OCC has announced that it has terminated its mortgage servicing-related order against HSBC Bank USA, N.A., and assessed a $32.5 million civil money penalty against the bank for previous violations of the order.

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 in April 2011 and amended the order in February 2013 and June 2015. The termination of the order and amended orders ends business restrictions affecting HSBC that the OCC mandated in June 2015.

The OCC also issued a Consent Order for a $32.5 million civil money penalty against the bank. The OCC found that HSBC failed to correct deficiencies identified in the 2011 consent order in a timely fashion. As a result, the OCC determined the bank violated the 2011 consent order from October 1, 2014, through September 30, 2016. The OCC also found that HSBC failed to file payment change notices that complied with bankruptcy rules, which resulted in approximately $3.5 million in remediation to borrowers.

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