UK-based HSBC on Wednesday said regulatory sanctions being faced by the bank in the US is “embarrassing” and would have a bearing on its image.
“Not positive… it’s disappointing,” HSBC Holding Plc Group Chairman Douglas J Flint told reporters when asked whether findings of the US regulator on foreclosures would have impact on its image.
HSBC has stopped repossessing homes of defaulting borrowers in the US after regulatory authorities — Federal Reserve Board and the Office of the Comptroller of the Currency –identified deficiencies in the bank’s processes.
In a regulatory filing with Securities and Exchange Commission yesterday HSBC had said “we have suspended foreclosures until such time we have substantially addressed the noted deficiencies in our process.”
