trending Market Intelligence /marketintelligence/en/news-insights/trending/cnpII5BayvlJF0ficl-I2g2 content
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

Thank you for your interest in S&P Global Market Intelligence! We noticed you've identified yourself as a student. Through existing partnerships with academic institutions around the globe, it's likely you already have access to our resources. Please contact your professors, library, or administrative staff to receive your student login.

At this time we are unable to offer free trials or product demonstrations directly to students. If you discover that our solutions are not available to you, we encourage you to advocate at your university for a best-in-class learning experience that will help you long after you've completed your degree. We apologize for any inconvenience this may cause.

In This List

HSBC Bank USA agrees to OCC consent order

StreetTalk – Episode 70: Banks' Liquidity Conundrum Could Fuel M&A Activity

Street Talk Episode 70 - Banks' Liquidity Conundrum Could Fuel M&A Activity

StreetTalk – Episode 69: Banks left with pockets full of cash and few places to go

Street Talk – Episode 69: Banks left with pockets full of cash and few places to go


HSBC Bank USA agrees to OCC consent order

McLean,Va.-based HSBC Bank USA NAagreed to the issuance of a consent order by the OCC, which has identified deficienciesin the bank's practices that resulted in violations of the Federal Trade CommissionAct.

The bankneither admitted nor denied any wrongdoing.

The OCCassessed a $35 million penalty against the bank. The penalty, which will be paidto the U.S. Treasury, reflects a number of factors, including the scope and durationof the violations and financial harm to customers from the unfair practices.

The regulator— which found that the bank's billing practices violated the FTC Act that prohibitsunfair and deceptive acts or practices — ordered the bank to identify and make restitutionto harmed customers.

Accordingto the OCC, customers eligible for restitution include those who were unfairly billedfor CreditKeeper, a credit-monitoring product marketed and sold by the bank, itsaffiliate HSBC Bank Nevada NA, and their vendors.

The restitutionwill benefit customers who enrolled in and paid for the credit-monitoring productbetween January 2004 and May 2012, but did not receive the full benefit of the product.The restitution will include the full amount paid for the product, plus any associatedover-limit fees, finance charges and interest.

The OCCorder also requires the bank to ensure compliance with the FTC Act, improve governanceof third-party vendors associated with add-on consumer products, develop a riskmanagement program for add-on consumer products marketed or sold by the bank orits vendors, and develop a consumer compliance internal audit program for add-onconsumer products.

HSBCBank USA is a unit of HSBC HoldingsPlc.