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Two King County banks named in FDIC report; one pays $5,000, another changes lending practices

Post by C.R. Roberts / The News Tribune on Dec. 30, 2010 at 12:21 pm |
December 30, 2010 12:21 pm

Two King County banks were included in today’s regular monthly list of enforcement actions by the Federal Deposit Insurance Corp.

For November, the FDIC listed actions against Seattle Bank and Foundation Bank of Bellevue.

• Foundation Bank was named in an order to pay a civil penalty. The bank, the FDIC said, had consented to pay $5,000 related to an inaccurate submission of an application and loan data for 2008 and 2009 as required by the Home Mortgage Disclosure Act. The bank, according to the order, neither admitted nor denied any violations.

• In a consent order, Seattle Bank agreed to institute mortgage loan pricing controls to prevent discrimination, especially by removing discretionary pricing from the hands of loan officers. The bank further agreed to thoroughly monitor mortgage pricing decisions, increase oversight, establish strict auditing procedures and provide training at all levels on the subject of fair lending practices.

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