Westpac’s structure of operations aligns with their major segments of the customer. Under their structure, they retains unique portfolio for the brands like Westpac, RAMS, Bank SA, Bank of Melbourne and St. George. The major divisions of Westpac bank are the business bank, consumer bank, Westpac New Zealand, BT Financial Group Australia and Westpac Institutional Bank and the various divisions are core support division, treasury, group technology and business and customer services ((Westpac.com.au 2017).
On the other hand, Bank of America is a multinational financial and banking service corporation that has its headquarter in Charlotte of North America. They offer their services and products through 4600 financial sectors, 15,900 ATMs, mobile banking, online and call centres platform. Bank of America always involved themselves in various lawsuits and the investigations associated with the financial disclosures and mortgage issues (Bankofamerica.com 2017).
16-106 MR Westpac car financiers pays $493,000 for breaching consumer protection repossession laws
Capital finance is the holder of Australian licence for credit that provides the customers finance for purchase of vehicles. Capital finance Australia limited is a subsidiary of the Westpac Banking Corporation that has paid penalties amounted to $ 493,000 after ASIC detected that the company is involved with breaching the customer under the National Consumer Credit Protection Act (NCA) in regard with the motor vehicle repossession. When the customers failed to meet the obligations related to repayment of their loan, the NCA required the lender to send a written notice for default that shall include the particular information regarding what they were thinking about their next steps, what are their remedy for the default and the obligations and rights of the customer (Erbenova et al. 2016).
ASIC found that between March to June 2015, capital finance of Westpac:
Owing to the above, the consumers were not informed regarding their protection and legal rights when they were endangered of repossession of their car. As per the Deputy Chairman of ASIC, Peter Kell, the credit providers are responsible for providing the customers with necessary information who are having difficulties in repayments as repossession of car has great impact on the consumers and the financiers are responsible for providing key information. The chief Executive of Westpac, Mr. Frazis held responsible for attending the court for hearing of the case. However, capital finance already started contacting the affected customers. And they provided the number for contacting that is 1300 300 309, if any customer think that they may get affected by above mentioned conduct (Palmer 2014).
US seeks $2.1 billion from Bank of America in mortgage fraud case
The government of US demanded an amount of $ 1.2 billion from Bank of America as the bank was found to be involved in the fraud associated with the defective mortgages sold through the countrywide unit. The government claimed that the program of Countrywide highlighted and rewarded the employees for the quantity of loan issued, rather than the quality of loan and removed the designed checklist for ensuring that the provided loans were sound. Evidence shows that Countrywide earned $ 165.20 million through selling the loans to the consumers (Urban 2015). The government asked the judge to calculate the maximum amount for charging the penalty to punish the defendants for their bad faith and culpability and teach a lesson to the executives and institutions who will engage in similar kind of fraudulent scheme of mortgage. Initially the amount of penalty was just $ 863.6 million that were calculated based on the gross losses. The new request for $ 2.1 billion was calculated based on the absence from the hearing by the executives of Bank of America. However, the Bank of America spokesperson, Lawrence Grayson told that the claim was not related to the limited programme of Countrywide that lasted for several months and ended even before the acquisition of Countrywide by Bank of America (Zingales 2015).
A federal jury from New York during October found that the Bank of America and the former mid-level executive Rebecca Mairone at Countrywide were liable for the fraud in civil lawsuit. Bank of America stared scheduling to respond the motion of the government on February 26, 2014 and the oral argument scheduled on March 13, 2017
The outcome of both the cases was properly intervened by the court and both the banks that is, Westpac bank and Bank of America has taken steps to communicate with their customers those are involves in the cases (Fligstein and Roehrkasse 2016).
The Westpac breach case in Australia lead to important aspect for the procedure of loan assessment in combination with the customer understands. Specifically, the mortgages under the interest-only segment were started to get assessed in the same manner as per the interest loan and standard principle. Moreover, the customers were started getting protection under the National Credit Act that stipulated that the providers of credit must carry out reasonable inquiries regarding the financial situation of the borrower and evaluate if the contract of the loan is suitable or not. On the other hand, the mortgage case of Bank of America led to strict regulation for issuing the of mortgage loan. The quality of loan is given more importance as compared to the quantity of loan. As in the case of Bank of America, where the staffs were getting paid for the quantity of loans issued, rather that the quality of loan, now more importance are given for the quality and the credibility of the borrower are assessed carefully to evaluate that whether the borrower is eligible to get the loan and make the repayment or not.
Bankofamerica.com. (2017). Bank of America — Banking, Credit Cards, Mortgages and Auto Loans. [online] Available at: https://www.bankofamerica.com/ [Accessed 24 Apr. 2017].
Erbenova, M.M., Liu, M.Y., Kyriakos-Saad, M.N., Mejia, A.L., Gasha, J.G., Mathias, M.E., Norat, M.M., Fernando, M.F. and Almeida, M.Y., 2016. The withdrawal of correspondent banking relationships: a case for policy action. International Monetary Fund.
Fligstein, N. and Roehrkasse, A.F., 2016. The Causes of Fraud in the Financial Crisis of 2007 to 2009: Evidence from the Mortgage-Backed Securities Industry. American Sociological Review, 81(4), pp.617-643.
Palmer, A., 2014. A critique of the counter economic crime regime in the United Kingdom, with reference to the United States of America and Australia (Doctoral dissertation, University of the West of England).
Rajapakse, P. and Gardner, J., 2014. The Unconscionable Conduct and Consumer Protection in Subprime Lending in Australia. Banking & Finance Law Review, 29(3), p.485.
Urban, P.V., 2015. There Goes The Neighborhood: Florida's Crackdown On Adverse Possession In The Wake Of The Foreclosure Crisis.
Westpac.com.au. (2017). Westpac - Personal, Business and Corporate Banking. [online] Available at: https://www.westpac.com.au/ [Accessed 24 Apr. 2017].
Zingales, L., 2015. Presidential address: Does finance benefit society?. The Journal of Finance, 70(4), pp.1327-1363.
To export a reference to this article please select a referencing stye below:
My Assignment Help. (2018). The Westpac Bank In Australia And Bank Of America In USA .. Retrieved from https://myassignmenthelp.com/free-samples/the-westpac-bank-in-australia-and-bank-of-america-in-usa-.
"The Westpac Bank In Australia And Bank Of America In USA .." My Assignment Help, 2018, https://myassignmenthelp.com/free-samples/the-westpac-bank-in-australia-and-bank-of-america-in-usa-.
My Assignment Help (2018) The Westpac Bank In Australia And Bank Of America In USA . [Online]. Available from: https://myassignmenthelp.com/free-samples/the-westpac-bank-in-australia-and-bank-of-america-in-usa-
[Accessed 09 April 2020].
My Assignment Help. 'The Westpac Bank In Australia And Bank Of America In USA .' (My Assignment Help, 2018) <https://myassignmenthelp.com/free-samples/the-westpac-bank-in-australia-and-bank-of-america-in-usa-> accessed 09 April 2020.
My Assignment Help. The Westpac Bank In Australia And Bank Of America In USA . [Internet]. My Assignment Help. 2018 [cited 09 April 2020]. Available from: https://myassignmenthelp.com/free-samples/the-westpac-bank-in-australia-and-bank-of-america-in-usa-.
MyAssignmenthelp.com has appointed best assignment experts who are wizards of words. Our writers know every trick of crafting high quality write-ups within a short period. With years of experiences, we have become one of the most prolific assignment help services in the USA. We deliver custom-made help to students with writing different types of assignments. We guarantee total need-based and timely service, and this is why increasing numbers of students prefer to buy assignment online.
Answer: Introduction The vehicle manufacturing firm wants to invest in South East Asia.They have a considerable experience in the manufacturing of the vehicles.The investment company used to manufacture vehicles in Europe. It will be exporting cars in case of South East Asia.The car production companies are of the luxury brand. Types of cars to be produced. Thailand is known to produce more than two million cars in the previous year. Mo...Read More
Answer: Increasing In Rate Of Type 2 Diabetes Introduction: The biggest challenge confronting Australia’s health system in the 21st century is Diabetics. The fact that 280 Australians develop diabetes every day has become increasingly common (McGorry et al., 2014). The number mentioned is approximately one person in every five minutes developing people with diabetes. 1.7 million Australian approximately have diabetics, and it is a seve...Read More
Answer: Data Link Layer Data link layer offer various functions as it provides service interface for moving data from physical link layer to other. It is the third layer of the OSI model. OSI model has 7 layers that s physical, data link, network, transport, application, session and presentation layer. Theses layer offer the idealized network communication protocols. The information is encoded and decoded on the data link layer before transm...Read More
Answer: Introduction This report aims to provide a preliminary discussion for the Australian Federal Government that describes the benefits of the information centric design and the Enterprise Information Architecture Reference Architecture for the development of the national E-Government system. Lastly, this report concludes with an appropriate conclusion for the report. The choices of design is compared and discussed and the features of th...Read More
Answer: Introduction Generally, translation entails a complex process that not only involves the transfer of words but also coming up with meanings from one text to another language. There are various factors which influence the whole process of translation. Most of the times translators prefer to use different choices when trying to translate other people's literature work (Apostolides & Meylahn, 2014). This shows that translators u...Read More
Just share your requirements and get customized solutions on time.
Our writers make sure that all orders are submitted, prior to the deadline.
Using reliable plagiarism detection software, Turnitin.com.We only provide customized 100 percent original papers.
Feel free to contact our assignment writing services any time via phone, email or live chat.
Our writers can provide you professional writing assistance on any subject at any level.
Our best price guarantee ensures that the features we offer cannot be matched by any of the competitors.
Get all your documents checked for plagiarism or duplicacy with us.
Get different kinds of essays typed in minutes with clicks.
Calculate your semester grades and cumulative GPa with our GPA Calculator.
Balance any chemical equation in minutes just by entering the formula.
Calculate the number of words and number of pages of all your academic documents.
Our Mission Client Satisfaction
Just submitted my first assignment, and so happy with the quality! Will highly recommend.
work done nicely on time. the price was so affordable and reasonable. this is my fourth assignment done by the site.
The assignment requirements was met and the assignment was delivered timely. Pleased with the service provided and would recommend it if you are in a rush and other commitments! Worth it for the price paid as quality work was provided.
Assignment requirements were met adequately. Expert worked on the assignment swiftly and delivered the assignment timely.