The Federal Reserve is closing the book on sanctions against U.S. banks

Morgan Stanley building

The Federal Reserve is closing the book on sanctions against U.S. banks over improper handling of post-crisis mortgage foreclosures, fining firms including Goldman Sachs Group Inc. and the IndyMac successor formerly chaired by Treasury Secretary Steven Mnuchin.

Bloomberg News reports that in an enforcement case that has stretched across seven years, the Fed is ending its role by fining five companies, the agency said in a statement Friday. More than $35 million in new penalties include $14 million for Goldman Sachs, $8 million for Morgan Stanley, $4.4 million for U.S. Bancorp, $3.5 million for PNC Financial Services and $5.2 million for CIT, which had purchased OneWest Bank -- the firm that bought IndyMac.

Mnuchin was chairman of OneWest and Comptroller of the Currency Joseph Otting was its chief executive officer when the firm faced earlier foreclosure sanctions.

Hit the link below to access the complete Bloomberg News article:

Goldman, Morgan Stanley Fined as Fed Ends Foreclosure Cases

Rogue Credit Suisse Banker Goes on Trial Over Russian Shell Game

JefferiesAnd the Best Place to Work in the global financial markets 2017 is...

Register for Financial Markets News Alerts