Pennsylvania Banking Department Announces Quarterly Report on Enforcement Actions

HARRISBURG, Pa., Jan. 6, 2011 /PRNewswire-USNewswire/ -- The Department of Banking took 114 enforcement actions during the fourth quarter of 2010.  

Enforcement highlights included:

• The department issued 24 orders against companies engaged in unlicensed mortgage loan activity, resulting in cumulative fines of $402,000.
• The department issued orders against 29 companies for other violations, resulting in cumulative fines of $226,500.  Three of these orders were against companies engaged in unlicensed loan modifications and one company engaged in illegal Internet payday lending.
• The department suspended or revoked 61 mortgage licenses and prohibited two individuals from doing business in Pennsylvania.

In addition, on Dec. 14, 2010, the U.S. Attorney for the Eastern District of Pennsylvania announced indictments and civil complaints against four individuals, DeMarco REI, Inc. and OPM Group, LLC in connection with a foreclosure rescue scheme. These actions resulted from an investigation jointly conducted by the Department of Banking, the Federal Bureau of Investigation and the U.S. Postal Service.

A comprehensive list of enforcement actions taken by the Department of Banking against nondepository institutions and individuals is available online at www.banking.state.pa.us. Consumers can file a complaint against any company regulated by the Department of Banking online or by calling 1-800-PA-BANKS.

Media contact: Ed Novak, 717-783-4721

SOURCE Pennsylvania Department of Banking