LONDON, Jan 9 (Reuters) - A U.S. banking regulator fined HSBC $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.
The Office of the Comptroller of the Currency (OCC), which oversees the U.S. federal banking system, 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.
Reporting by Lawrence White; Editing by Adrian Croft