U.S. Bancorp (NYSE:USB), MetLife (NYSE:MET) and SunTrust (NYSE:STI) are among the mortgage lenders who have recently received subpoenas from Federal regulators, involving the now expanded inquiry into potential violations of FHA program rules. Banks found in violation could be penalized, with the proceeds going to help pay back FHA losses.
If regulators had any balls they would shutter this outfit. Management is never called to account thsse days and so the MO is you committ the infraction, pay a token fine, admit nothing and go right back to business as usual.
I'm pretty certain that the decision to charge a higher mortgage interest rates to African Americans and Hispanics/Latinos, was not made by a local office, but by top management. Thereby, to answer your question...yes. The fact that they paid to settle the law suit, says a lot.
And yet again no one admits anything. Just pay a token fine and everything goes back to business as usual. Regulators are universally acknowledged to be total failures. STI is no doubt working on their next infraction (s). It's rinse and repeat with this scam of a bank.