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U.S. bank regulator fines HSBC $33 million for past failings
January 9, 2017 / 5:20 PM / 10 months ago

U.S. bank regulator fines HSBC $33 million for past failings

LONDON (Reuters) - A U.S. banking regulator fined HSBC (HSBA.L) $33 million on Monday for past failings in its administration of some bank accounts, and ended business restrictions it had placed on the lender because of the problem.

FILE PHOTO - The HSBC bank logo is seen at their offices in the Canary Wharf financial district in London, Britain, March 3, 2016. REUTERS/Reinhard Krause/File Photo

The Office of the Comptroller of the Currency (OCC), which oversees leading national banks, said it assessed the civil penalty against HSBC for failing to correct deficiencies in how it administers so-called payment change notices on some accounts.

The OCC had originally issued an order for the bank to change its practices in 2011. The bank had exhibited “unsafe and unsound practices” in how it notified customers about changes in mortgage payments, the OCC said.

In a statement, the bank said it was glad that regulators were satisfied with its work to improve mortgage servicing.

Reporting by Lawrence White; Editing by Adrian Croft

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