SunTrust pays $320 million to settle government probe of HAMP mishandling

The bank allegedly did not review customer applications for loan assistance in a timely manner

Made a promise to your customers? If the result of a criminal investigation into the actions of SunTrust Banks Inc. is any indication, you not only need to complete the promise, but do so in a timely manner.

On July 3, SunTrust agreed to pay up to $320 million to settle a governmental probe into the company’s actions in dealing with loan-seeking customers. The government believed that SunTrust enticed customers to apply for loan assistance through a new government program, but the bank did not review those applications in a timely manner.

Assistant Editor

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Zach Warren

Zach Warren is Assistant Editor of InsideCounsel magazine, where he oversees online content submissions and administers InsideCounsel's enewsletters. Zach specializes in new media and multimedia...

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