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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| US Bancorp | NYSE:USB | NYSE | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 40.97 | 0 | 10:03:47 |
From May 2019 to May 2024
By Maria Armental
BB&T Corp. said it received two subpoenas from the Justice Department in November and December seeking additional information related to a federal audit of its government-backed loan business.
Chief Executive Kelly King had said the company was notified late in the second quarter that the U.S. Department of Housing and Urban Development was auditing BB&T's FHA-insured loan origination process.
The Winston-Salem, N.C.-based bank, one of the largest lenders in the southeastern U.S., identified a "potential exposure" related to defaulted loan losses incurred by the Federal Housing Administration of $25 million to $105 million and set aside $85 million in the second quarter.
In June, the Justice Department hit U.S. Bancorp with a $200 million civil penalty, saying it repeatedly submitted loans it originated to a FHA insurance program that failed to meet underwriting standards established by HUD.
Write to Maria Armental at maria.armental@wsj.com
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