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[¶12,076] In the Matter of Hudson United Bank, Mahwah, New Jersey, Docket
No. 03-123k (8-20-03).
Respondent agrees to pay civil money assessed by the FDIC in the amount
of $10,000.
In the Matter of
HUDSON UNITED BANK
MAHWAH, NEW JERSEY
(Insured State Nonmember Bank )
ORDER TO PAY CIVIL MONEY PENALTY
FDIC-03-123k
HUDSON UNITED BANK, MAHWAH, NEW JERSEY ("Bank"), has been
advised of the right to receive a NOTICE OF ASSESSMENT OF CIVIL MONEY
PENALTY, FINDINGS OF FACT AND CONCLUSIONS OF LAW, ORDER TO PAY, AND
NOTICE OF HEARING ("NOTICE") issued by the Federal Deposit
Insurance Corporation ("FDIC") detailing the violations for which
a civil money penalty may be assessed against the Bank pursuant to
section 8(i)(2) of the Federal Deposit Insurance Act ("Act"), 12
U.S.C. §1818(i)(2), section 305 of the Home Mortgage Disclosure Act
("HMDA"), 12 U.S.C. §2804, and section 203.6 of Regulation C
of the Board of Governors of the Federal Reserve System, 12 C.F.R.
§203.6, and has been further advised of the right to a hearing on
the alleged charges under section 8(i) of the Act, 12 U.S.C.
§1818(i), and the FDIC's Rules of Practice and Procedure, 12 C.F.R.
Part 308. Having waived those rights, the Bank entered into a
STIPULATION AND CONSENT ORDER TO PAY CIVIL MONEY PENALTY
("AGREEMENT") with a representative of the Legal Division of the
FDIC, whereby solely for the purpose of this proceeding and without
admitting or denying any violations, the Bank consented and agreed to
pay a civil money penalty in the amount of ten thousand dollars
($10,000) related to its inaccurate submission of the application and
loan data for calendar years 1999, 2000, and 2001 as required by HMDA.
The FDIC considered the matter and determined it had reason to believe
that the Bank has engaged or participated in violations of law or
regulations for which a civil money penalty of ten thousand dollars
($10,000) is appropriate to be assessed against the Bank pursuant to
section 8(i)(2) of the Act, 12 U.S.C. §1818(i)(2).
After taking into account said AGREEMENT, the appropriateness of
the penalty with respect to the financial resources and good
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faith of
the Bank, the gravity of the violations by the Bank, the history of
previous violations by the Bank, and such other matters as justice may
require, the FDIC accepts the AGREEMENT and issues the following:
ORDER TO PAY CIVIL MONEY PENALTY
IT IS HEREBY ORDERED that HUDSON UNITED BANK be, and hereby is,
assessed a civil money penalty of ten thousand dollars ($10,000)
pursuant to section 8(i) (2) of the Act, 12 U.S.C. §1818(i) (2), the
receipt of which is hereby acknowledged.
Pursuant to delegated authority.
Dated at Washington, D.C., this 20th day of August, 2003.