National Bank Receives Subpoenas Related to Subprime Auto Financing and Check Cashing

Auto Finance  •  Banking  •  DOJ

On February 24, 2015, a national bank disclosed in an SEC filing that the Department of Justice (“DOJ”), Department of the Treasury, U.S. Attorney’s Office for the District of New Jersey, and New York district attorney’s office issued subpoenas to the bank in early 2015 related to the bank’s subprime auto financing and anti-money laundering units. The New York District Attorney’s office, the DOJ, and the Department of Treasury have sought information related to certain of the bank’s check casher clients. The New York District Attorney’s office and U.S. Attorney’s Office for the District of New Jersey issued subpoenas for information on the bank’s subprime auto origination and securitization practices.

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