t1215s
4 hours ago
TD Bank hit with record $3 billion fine over drug cartel money laundering
New York
CNN
—
TD Bank will pay $3 billion to settle charges that it failed to properly monitor money laundering by drug cartels, regulators announced Thursday.
The fine includes a $1.3 billion penalty that will be paid to the US Treasury Department’s Financial Crimes Enforcement Network, a record fine for a bank. TD also intends to pay $1.8 billion to the US Justice Department and plead guilty to resolve the US government’s investigation that the bank violated of the Bank Secrecy Act and allowed money laundering.
The US Department of Justice said in a statement that TD Bank had “long-term, pervasive, and systemic deficiencies” in its procedures of monitoring transactions. The Wall Street Journal first reported the news late Wednesday. By making its services convenient for criminals, it became one,” said Attorney General Merrick Garland, at a press conference Thursday.
More than 90% of transactions went unmonitored between January 2018 to April 2024, which “enabled three money laundering networks to collectively transfer more than $670 million through TD Bank accounts,” according to a legal filing.
“I want to be clear, these systemic failures did not just create hypothetical vulnerabilities, but they resulted in actual, material harm to American citizens and communities,” Deputy Treasury Secretary Wally Adeyemo said in a statement. “Time and again, unlike its peers, TD Bank prioritized growth and profit over complying with the law. The bank enabled drug trafficking.”
In one instance, TD Bank employees collected more than $57,000 worth of gift cards to process more than $470 million in cash deposits from a money laundering network to “ensure employees would continue to process their transactions” and not declare them in required reports, the DoJ said.
In a related statement, the Office of the Comptroller of the Currency (OCC), a US agency that regulates banks, said TD processed hundreds of millions of dollars of transactions the clearly indicated highly suspicious activity.
“This is a difficult chapter in our bank’s history,” TD Bank CEO Bharat Masrani in a statement. “These failures took place on my watch as CEO and I apologize to all our stakeholders.”
“We have taken full responsibility for the failures of our US [anti-money laundering] program and are making the investments, changes and enhancements required to deliver on our commitments,” Masrani added.
TD is ramping up its anti-money laundering surveillance efforts, including the hiring of more than 700 new specialists with “experience and qualifications in money laundering prevention, financial crimes, and AML remediation,” as well deploying new processes to “better prevent, detect and measure financial crime risk,” the bank said.
The Canadian bank will be subject to four years of monitoring by FinCEN to observe the lender more closely and ensure it is following the agreement.
The US Federal Reserve also fined TD Bank and will force the company to relocate to the United States its anti-money laundering compliance office.
And, in a significant part of the agreement, the OCC is restricting TD Bank’s growth in the United States. Although extraordinary, it is not unprecedented for a bank to be monitored and its growth restricted by the US government. Wells Fargo was saddled with similar restrictions on growth and a hefty fine for “widespread consumer abuses” in 2018 and has yet to convince regulators to remove that asset cap. Wells Fargo previously admitted that its workers responded to wildly unrealistic sales goals by creating as many as 3.5 million fake accounts.
The tough penalties from regulators on Thursday caught Wall Street off guard. TD Bank’s (TD) US-listed shares slumped 6% as investors brace for higher legal expenses and weaker growth.
TD ensured that it has adequate liquidity to pay the fine and continue operations. In a call with analysts, the bank said it expects a one-time charge of $1.5 billion after taxes and will reduce 10% of its assets to address the massive fine.
“We believe that the market was becoming increasingly comfortable with the thought that there would not be any growth restrictions placed on TD,” John Aiken, analyst at Jefferies, wrote in a note to clients on Thursday. “TD will need to find a new avenue for growth from its traditional reliance on US retail banking.”
Cartel concerns
Officials at the Justice and Treasury departments have grown increasingly concerned by Mexican cartels’ use of the US banking system to launder proceeds from the sale of fentanyl and other drugs that kill tens of thousands of Americans annually.
Couriers laundering money for the cartels “are opening accounts in banks big and small here in the US,” senior Treasury official told CNN in May.
Treasury and IRS officials earlier this year began briefing US banks and social media companies, on whose platforms the drugs are often bought and sold, to try to get a clearer picture of how the cartels are exploiting the financial system, CNN has reported.
One focus of the meetings, the Treasury official said, is how to use intelligence provided by smaller banks that can spot laundering fronts in their communities.
———————————————
Geeeeee ya just got caught , but how much did you get away with hmmm?
Reminds me of the colorful BS.
GoGooooooCOOP GLTA-Ts
lodas
4 hours ago
I got no traction from my link to the 5th amended POR 7, which shows JPM took possession of the TPS, as well as a whole slew of WAMU, and WMI assets as a result of the GSA negotiations....It seems that JPM took over all the prime assets from the 363, and 365 sales for a mere 1.89 billion dollars...once the GSA was signed, the Transfer of WAMU assets to JPM began, and the common and Preferred stock was abandoned, and was canceled and extinguished...Lodas
JusticeWillWin
5 hours ago
👍COOP will perform very well in the next 9 to 12 months 👍
Mortgage Rates Jump Most Since April, Sending 30-Year to 6.32%
Bloomberg) -- Mortgage rates in the US rose for a second straight week, reaching the highest level since early September
The average for a 30-year fixed loan was 6.32%, up from 6.12% last week, Freddie Mac said in a statement Thursday. It was the biggest one-week jump since April.
Borrowing costs climbed along with 10-year Treasury yields, which topped 4% this week after robust September jobs data spurred traders to scale back expectations for aggressive Federal Reserve interest-rate cuts. A key measure of inflation for last month rose more then forecast, boosting bets that the Fed will opt for a smaller reduction in November.
“The rise in rates is largely due to shifts in expectations and not the underlying economy, which has been strong for most of the year,” Sam Khater, Freddie Mac’s chief economist, said in the statement. “Although higher rates make affordability more challenging, it shows the economic strength that should continue to support the recovery of the housing market.”
About 84% of current mortgages have a rate of 6% or lower, according to a recent analysis by Realtor.com. Borrowers who’ve been waiting for costs to fall below that level before listing their homes for sale and purchasing new ones — and prospective first-time buyers in search of affordability — may now find reason to hesitate even longer.
But for some potential buyers, now may be a good time to act because more favorable rates may not materialize any time soon, according to Melissa Cohn, regional vice president of William Raveis Mortgage.
“This is a wake-up call, saying that no, you better find a house you want to buy and then worry about rates secondly,” she said. “You cannot wait for a rate that may never exist.”
GLTA-Ts
t1215s
7 hours ago
Mortgage Rates Jump Most Since April, Sending 30-Year to 6.32%
Bloomberg) -- Mortgage rates in the US rose for a second straight week, reaching the highest level since early September
The average for a 30-year fixed loan was 6.32%, up from 6.12% last week, Freddie Mac said in a statement Thursday. It was the biggest one-week jump since April.
Borrowing costs climbed along with 10-year Treasury yields, which topped 4% this week after robust September jobs data spurred traders to scale back expectations for aggressive Federal Reserve interest-rate cuts. A key measure of inflation for last month rose more then forecast, boosting bets that the Fed will opt for a smaller reduction in November.
“The rise in rates is largely due to shifts in expectations and not the underlying economy, which has been strong for most of the year,” Sam Khater, Freddie Mac’s chief economist, said in the statement. “Although higher rates make affordability more challenging, it shows the economic strength that should continue to support the recovery of the housing market.”
About 84% of current mortgages have a rate of 6% or lower, according to a recent analysis by Realtor.com. Borrowers who’ve been waiting for costs to fall below that level before listing their homes for sale and purchasing new ones — and prospective first-time buyers in search of affordability — may now find reason to hesitate even longer.
But for some potential buyers, now may be a good time to act because more favorable rates may not materialize any time soon, according to Melissa Cohn, regional vice president of William Raveis Mortgage.
“This is a wake-up call, saying that no, you better find a house you want to buy and then worry about rates secondly,” she said. “You cannot wait for a rate that may never exist.”
GLTA-Ts
lodas
19 hours ago
Transfer of Assets to JPMC. In further consideration for the satisfaction, settlement, release, and discharge of, and in exchange for, the JPMC Action and the JPMC Claims, and the payment by JPMC of the amounts specified in the Global Settlement Agreement, the WMI Entities, the FDIC Receiver and the Receivership shall sell, transfer, and assign to the JPMC Entities, and the JPMC Entities shall acquire, pursuant to the Plan and sections 363 and 365 of the Bankruptcy Code, any and all right, title and interest any of the WMI Entities, the FDIC Receiver and the Receivership may have in (i) the Trust Preferred Securities, (ii) the WMI Medical Plan, any outstanding checks made out to WMI, including pharmacy rebates in connection with contracts associated with or attributable to the WMI Medical Plan and an amount equal to the pharmacy rebates received by the WMI Entities from and after the Petition Date, currently estimated to be approximately Seven Hundred Seventy-Five Thousand Dollars ($775,000.00), (iii) the JPMC Rabbi Trusts and the JPMC Policies, (iv) the WaMu Pension Plan and the Lakeview Plan and all of the sponsor’s interest in the assets contained in any trusts or otherwise associated with such plans (subject to the correction and satisfaction of certain potential defects and remediation obligations, as set forth in the Global Settlement Agreement), (v) the Anchor Litigation, (vi) the Visa Shares and the VISA Strategic Agreement (as defined in the Global Settlement Agreement), (vii) the Transferred Intellectual Property, the WMB Intellectual Property and the Unidentified Intellectual Property, (viii) JPMC Wind Investment Portfolio LLC and (ix) the Bonds, in each case under clauses (i) through (ix) inclusively, free and clear of all Liens, Claims, interests and encumbrances of any Entity, except for any claim that is an Allowed JPMC Assumed Liability Claim.
(d) JPMC Claims. The JPMC Allowed Unsecured Claim shall be deemed an Allowed Claim against WMI. The JPMC Allowed Unsecured Claim shall be
classified with and treated in the same manner as other Allowed General Unsecured Claims under the Plan, including, without limitation, with respect to distributions pursuant to the Plan; provided, however, that, in partial consideration for the releases and other benefits provided to JPMC pursuant to the Plan, JPMC shall waive any distribution JPMC otherwise would be entitled to receive on account of the JPMC Allowed Unsecured Claim.
(e) Transfer of Assets to the Debtors. In further consideration for the satisfaction, settlement, release and discharge of, and in exchange for, the Turnover Action and the Rule 2004 Inquiry, and as further consideration for the releases and other benefits provided to JPMC pursuant to this Plan, and as set forth in the Global Settlement Agreement, the JPMC Entities shall sell, transfer, and assign to the WMI Entities, and the WMI Entities shall acquire,
This exerpt is from the 5th amended POR ......... it states that JPM received the TPS along with numerous other assets during the Transfer of assets to JPM in accordance with the GSA agreements......the question is this:... is JPM obligated to make interest payments to former holders of these instruments...? Lodas
ReikoBlack
1 day ago
~ Neither Are True', You 2' ... ol' cactus included, Many Benefited From the WMIHC's Half of Cash pps in 2012' ... and then WMIH / COOP 2018' and forward pps Rise From The Single Digits' and Up' ... one's simply not understanding ?, ... what ~ "COOP" Was the "Tell" ~ meant' ? ~ ... and, ol cactus complex investors thoughts' ? ... again, not understanding ? ... is individualized ... LOL' ... Always Do Your Own DD' ... better luck next time' ... U'-2 ... ALL of Ol Cactus WaMu Holdings, and WMB Notes, and the LEH Class 10-b CT's (a lot) ARE NOW OWNED FOR FREE' ... booooyaaaa' ~
... nice try however, there's NO Rewriting of the actual History Allowed' here ... too bad, so sad ... gotta go' later'
Nice try on your part trying to rewrite your own history. Your 'Coop is the Tell' was in reference to our Escrows NOT to COOP's stock. And, you know that is the truth.
Ckaufman2160 asked the question to you, "What is your guesstimate as far as a time line on any actual payouts for escrows?"
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=136742145
And, your reply, "~ WMIH-Corp, IS’ / WILL BE’ The “Tell” ~".
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=136744774
This is just one of many of your posts in reference to Coop being the tell for our Escrows. I can keep going if you like?
AZCowboy
1 day ago
~ Simply More "Trash" and typically' as always, JUST NOT TRUE' or document supported ... ~
... per the actual SEC Filings ... no trash' guessing allowed' ... stik to the bashng'
COOP' as of 02/2019 reported 90,832,802 shares outstanding
COOP' as of 02/2024 reported 64,602,234 shares outstanding
COOP' as of 04/ 2024 reported 64,720,963 shares outstanding
COOP' as of 07/2024 reported 64,483,836 shares outstanding
the "Share Buy Back Program" Began on 08/03 three years ago now ...
only, 26,348,966 shares are being reported as actually having been bought back'
... COOPs Platform Correction Has Everything to do with a necessary COOP COMMON SHARE" equalization between the Original 2012 Releasing and REGISTERED wamuq' Owners of the 2012 Reorganized WMI, ... and the 2018 nationstar new guys', onboarded at the 2018' acquisition ...
there's none of that made up' 51% crap, ... COOP is 100% in Common Shares' ... right f-n now ... (see what I mean XOOM ?)
AZ
AZCowboy
1 day ago
~ XOOM, There Are "WAY MORE" Active Here, Than Simply Those 2', ... ~
"Hi AZ, any idea on when we could be relieved of Lodas and Picky’s posts"
... We Have Had Here', and on a Daily Basis, the continued ignoring of the Sequential WMIH 10-K's, reporting the Actual Process ... the misread and misunderstood dated' 2012 reorganizational documents, (the Jan & Feb 2012's MOR's, misunderstood by emoji boy ron). ... "trash" admittedly simply guessing w/o any DD, and never saying anything relevant' 36,000+ ... any thoughts of a "Beneficial Return" yet to come from a closed up wmi-lt ("closed" on quite good information) ... any continued 75/25 shared distributions' ... none of this' ... as the bshers' continue'
... the following of the actual cusips' ... and the WMIH 10-K's ... oh, COOP's cusip ? doesn't match LOL
anyhew'
AZ
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Royal Dude
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