Company Overview of HSBC Bank USA, N.A.
HSBC Bank USA, N.A. provides retail banking, wealth management, commercial banking, private banking, asset management, and global banking products and services to individuals, corporations, institutions, and government agencies. It offers personal financial services, including installment and revolving term loans, deposits, branch services, mutual funds, investments, and insurance, as well as residential mortgage lending services through direct retail and wholesale origination channels. The company also provides private banking services for high net worth individuals and families, including deposits, tailored credit and banking, investment management, trust and estate administration, custody...
1800 Tysons Boulevard
Mclean, VA 22101
Founded in 1850
Key Executives for HSBC Bank USA, N.A.
Chief Executive Officer and President
Chief Financial Officer and Senior Executive Vice President
Chief Executive Officer of HSBC North America
Chief Executive Officer of HSBC Securities
Executive Vice President and Regional President of Upstate Retail Banking
Compensation as of Fiscal Year 2015.
HSBC Bank USA, N.A. Key Developments
The Justice Department Reaches $470 Million Joint State-Federal Settlement with HSBC Bank USA NA to Address Mortgage Loan
Feb 5 16
The Justice Department, the Department of Housing and Urban Development (HUD) and the Consumer Financial Protection Bureau, along with 49 state attorneys general and the District of Columbia’s attorney general, have reached a $470 million agreement with HSBC Bank USA NA and its affiliates (collectively, HSBC) to address mortgage origination, servicing and foreclosure abuses. This agreement is the result of a coordinated effort between federal and state partners to hold HSBC accountable for abusive mortgage practices. This agreement provides for $370 million in creditable consumer relief to benefit homeowners across the country and requires HSBC to reform their servicing standards. The Department of Justice remains committed to rooting out financial fraud and holding bad actors accountable for their actions. The settlement reflects a continuation of enforcement actions by the department and its federal and state enforcement partners to hold financial institutions accountable for abusive mortgage practices. The settlement parallels the $25 billion National Mortgage Settlement (NMS) reached in February 2012 between the federal government, 49 state attorneys general and the District of Columbia’s attorney general and the five large national mortgage servicers, as well as the $968 million settlement reached in June 2014 between those same federal and state partners and SunTrust Mortgage Inc. This settlement with HSBC is the result of negotiations that, as has been reported in HSBC Holdings plc’s Annual Report and Accounts, began following the announcement of the NMS. Under the agreement announced, HSBC has agreed to provide more than $470 million in relief to consumers and payments to federal and state parties, and to be bound to mortgage servicing standards and be subject to independent monitoring of its compliance with the agreement. More specifically, the settlement provides that: HSBC will pay $100 million: $40.5 million to be paid to the settling federal parties; $59.3 million to be paid into an escrow fund administered by the states to make payments to borrowers who lost their homes to foreclosure between 2008 and 2012; and $200,000 to be paid into an escrow fund to reimburse the state attorneys general for investigation costs. By July 2016, HSBC will complete $370 million in creditable consumer relief directly to borrowers and homeowners in the form of reducing the principal on mortgages for borrowers who are at risk of default, reducing mortgage interest rates, forgiving forbearance and other forms of relief. The relief to homeowners has been underway and will likely provide more than $370 million in direct benefits to borrowers because HSBC will not be permitted to claim credit for every dollar spent on the required consumer relief. HSBC will be required to implement standards for the servicing of mortgage loans, the handling of foreclosures and for ensuring the accuracy of information provided in federal bankruptcy court. These standards are designed to prevent foreclosure abuses of the past, such as robo-signing, improper documentation and lost paperwork, and create new consumer protections. The standards provide for oversight of foreclosure processing, including third-party vendors, and new requirements to undertake pre-filing reviews of certain documents filed in bankruptcy court. The servicing standards ensure that foreclosure is a last resort by requiring HSBC to evaluate homeowners for other loss-mitigation options first. In addition, the standards restrict HSBC from foreclosing while the homeowner is being considered for a loan modification. The agreement resolves potential violations of civil law based on HSBC’s deficient mortgage loan origination and servicing activities. The agreement does not prevent state and federal authorities from pursuing criminal enforcement actions related to this or other conduct by HSBC, or from punishing wrongful securitization conduct that is the focus of President Barack Obama’s Financial Fraud Enforcement Task Force Residential Mortgage-Backed Securities Working Group. State attorneys general also preserved, among other things, all claims against Mortgage Electronic Registration Systems. Additionally, the agreement does not prevent any action by individual borrowers who wish to bring their own lawsuits.
HSBC Bank USA, N.A Announces the Launch of its Proprietary US Direct Custody and Clearing Offering
Dec 8 15
HSBC Bank USA, N. A announced the launch of its proprietary US Direct Custody and Clearing offering, a significant addition to HSBC's Direct Custody network. The US Direct Custody and Clearings service offers reduced counterparty and operating risk, a more consistent and seamless service, improved funding transparency and HSBC's balance sheet strength.
US Judge Denies HSBC Bank USA NA's Bid to Dismiss NCUA Lawsuit
Jul 23 15
U.S. District Judge Shira Scheindlin on July 20 denied HSBC Holdings Plc unit HSBC Bank USA NA's appeal to dismiss a lawsuit alleging that the bank's failure as trustee for $2.37 billion of RMBS contributed to the collapse of five federal credit unions in the U.S. Scheindlin ruled that the National Credit Union Administration has standing to sue, despite the fact that much of the debt has been resecuritized and the new trustee refused to sue HSBC on the NCUA's behalf. The lawsuit is part of the NCUA's efforts to recover investment losses that brought about the collapse of the U.S. Central, Western Corporate, Constitution Corporate, Members United Corporate and Southwest Corporate credit unions in 2009 and 2010. Scheindlin also blocked HSBC's attempt to have the lawsuit, filed in March, thrown out on timeliness grounds.
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