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Violation Tracker Individual Record

Company: Branch Banking & Trust Co.
Current Parent Company: Truist Financial
Penalty: $3,350,000
Year: 2017
Date: January 10, 2017
Offense Group: consumer-protection-related offenses
Primary Offense: consumer protection violation
Secondary Offense: kickbacks and bribery
Violation Description: BB&T and Assurant agreed to pay a total of $6.7 million to settle litigation alleging that the bank and Assurant subsidiary American Security Insurance Co. engaged in a kickback scheme relating to a practice of automatically enrolling home mortgage borrowers with American Security if they did not have other coverage. Court documents did not specify how much each would pay. Here we assume they each paid half of the total.
Level of Government: federal
Action Type: private litigation
Court: Southern District of Florida
Civil or Criminal Case: civil
Case ID: 1:15cv23294
Case Name: Beber et al v. Branch Banking & Trust Co. et al
Private Lawsuit Resolution Type: settlement
HQ Country of Current Parent: USA
HQ State of Current Parent: North Carolina
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: banking
Source of Data: (click here)
Link to PACER Case Docket (must be logged in): (click here)
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Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.