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Florida Division of CorporationsDepartment of State /
Division of Corporations /
Search Records /
Detail By Document Number/

Detail by Entity Name
Foreign Profit Corporation

SUNTRUST BANK

Filing Information

Document Number
F99000005073
FEI/EIN Number
58-0466330
Date Filed
10/01/1999
State
GA
Status
INACTIVE
Last Event
WITHDRAWAL
Event Date Filed
12/19/2019
Event Effective Date
NONE


Principal Address

SUNTRUST BANK
303 PEACHTREE ST NE
GA-ATLANTA-0643
ATLANTA, GA 30308


Changed: 04/23/2018

Mailing Address

303 PEACHTREE STREET NE
9TH FLOOR
ATLANTA, GA 30308


Changed: 12/19/2019


Registered Agent Name & Address
CORPORATION SERVICE COMPANY
1201 HAYS STREET
TALLAHASSEE, FL 32301


Name Changed: 04/30/2014

Address Changed: 04/30/2014

Officer/Director Detail
Name & Address

Title CEO

ROGERS, WILLIAM H, Jr.
SUNTRUST BANK
303 PEACHTREE ST NE
GA-ATLANTA-0645
ATLANTA, GA 30308


Title SENIOR VP & TREASURER

KOLESAR, ALBERT
SUNTRUST BANK
303 PEACHTREE ST NE
GA-ATLANTA-0645
ATLANTA, GA 30308


Title GENERAL COUNSEL & CORPORATE SECRETARY

FITZSIMMONS, ELLEN
SUNTRUST BANK
303 PEACHTREE ST NE
GA-ATLANTA-0645
ATLANTA, GA 30308


Title ASSISTANT CORPORATE SECRETARY

STANBERRY, HASANA R
SUNTRUST BANK
303 PEACHTREE ST NE
GA-ATLANTA-0643
ATLANTA, GA 30308


Title ASSISTANT CORPORATE SECRETARY

DOWDY, LYNN S
SUNTRUST BANK
303 PEACHTREE ST NE
GA-ATLANTA-0645
ATLANTA, GA 30308


Title FIRST VP

HALL, BARBARA A
SUNTRUST BANK
303 PEACHTREE ST NE
GA-ATLANTA-0633
ATLANTA, GA 30308


Title FIRST VP

FFLEURME-COLEMAN, FARRAH
SUNTRUST BANK
303 PEACHTREE ST NE
GA-ATLANTA-0633
ATLANTA, GA 30308


Title GROUP VP

CLARKE, ROBERT L, JR
SUNTRUST BANK
303 PEACHTREE ST NE
GA-ATLANTA-0633
ATLANTA, GA 30308


Title GROUP VP

WEAVER, GREG
SUNTRUST BANK
303 PEACHTREE ST NE
GA-ATLANTA-0633
ATLANTA, GA 30308


Title SENIOR VP

VACHERON, TERRY
SUNTRUST BANK
303 PEACHTREE ST NE
GA-ATLANTA-0633
ATLANTA, GA 30308


Title GROUP VP & ASSISTANT CORPORATE SECRETARY

PHILLIPS, CURT
SUNTRUST BANK
303 PEACHTREE ST NE
GA-ATLANTA-0643
ATLANTA, GA 30308


Title SENIOR VP & ASSISTANT CORPORATE SECRETRY

WILLIS, A. MICHELLE
SUNTRUST BANK
303 PEACHTREE ST NE
GA-ATLANTA-0643
ATLANTA, GA 30308


Title SENIOR VP & ASSISTANT CORPORATE SECRETARY

RICHARDS, R. RYAN
SUNTRUST BANK
303 PEACHTREE ST NE
ATLANTA, GA 30308

Annual Reports

Report Year Filed Date
2017 04/25/2017
2018 04/23/2018
2019 04/30/2019

Document Images

12/19/2019 -- Withdrawal View image in PDF format
04/30/2019 -- ANNUAL REPORT View image in PDF format
04/23/2018 -- ANNUAL REPORT View image in PDF format
04/25/2017 -- ANNUAL REPORT View image in PDF format
04/30/2016 -- ANNUAL REPORT View image in PDF format
04/09/2015 -- ANNUAL REPORT View image in PDF format
04/30/2014 -- ANNUAL REPORT View image in PDF format
05/01/2013 -- ANNUAL REPORT View image in PDF format
05/01/2012 -- ANNUAL REPORT View image in PDF format
05/03/2011 -- ANNUAL REPORT View image in PDF format
05/25/2010 -- ANNUAL REPORT View image in PDF format
05/01/2009 -- ANNUAL REPORT View image in PDF format
10/31/2008 -- Reg. Agent Change View image in PDF format
08/01/2008 -- ANNUAL REPORT View image in PDF format
02/23/2008 -- ANNUAL REPORT View image in PDF format
04/26/2007 -- ANNUAL REPORT View image in PDF format
04/18/2006 -- ANNUAL REPORT View image in PDF format
04/18/2005 -- ANNUAL REPORT View image in PDF format
02/20/2004 -- ANNUAL REPORT View image in PDF format
04/25/2003 -- ANNUAL REPORT View image in PDF format
03/12/2002 -- ANNUAL REPORT View image in PDF format
04/12/2001 -- ANNUAL REPORT View image in PDF format
11/29/2000 -- Merger View image in PDF format
10/12/2000 -- REINSTATEMENT View image in PDF format
06/19/2000 -- Reg. Agent Change View image in PDF format
11/30/1999 -- Merger View image in PDF format
10/01/1999 -- Foreign Profit View image in PDF format

http://search.sunbiz.org/Inquiry/CorporationSearch/SearchResultDetail?inquirytype=EntityName&directionType=Initial&searchNameOrder=SUNTRUSTBANKATLANTA%20F990000050730&aggregateId=forp-f99000005073-5ceba10c-a4d9-4f8c-9b79-5b491ecd5b49&searchTerm=suntrust%20bank&listNameOrder=SUNTRUSTBANK%20F990000050731


SUNTRUST BANK

Document Number F99000005073
Date Filed 10/01/1999
Effective Date None
Status Inactive

Event Type       Filed Date    Effective Date    Description

MERGER NAME CHANGE 11/30/1999 01/01/2000 OLD NAME WAS : SUNTRUST BANK, ATLANTA

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  1999

click thumbnail

First merger document

 second merger documents

2002 change of agent

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This document is the only one that wouldn't let me copy orginal. jt

2019 FOREIGN PROFIT CORPORATION ANNUAL REPORT
FILED Apr 30, 2019 Secretary of State 4165297720CC
DOCUMENT# F99000005073
Entity Name: SUNTRUST BANK

Current Principal Place of Business:
SUNTRUST BANK
303 PEACHTREE ST NE GA-ATLANTA-0643
ATLANTA, GA 30308

FEI Number: 58-0466330

Certificate of Status Desired: No

Name and Address of Current Registered Agent:
CORPORATION SERVICE COMPANY
1201 HAYS STREET
TALLAHASSEE, FL 32301 US

The above named entity submits this statement for the purpose of changing its registered office or registered agent, or both, in the State of Florida.
SIGNATURE:
MADONNA D. MALINOWSKI, ASSISTANT VP
Electronic Signature of Registered Agent
Date:
04/30/2019
Officer/Director Detail :
I hereby certify that the information indicated on this report or supplemental report is true and accurate and that my electronic signature shall have the same legal effect as if made under
oath; that I am an officer or director of the corporation or the receiver or trustee empowered to execute this report as required by Chapter 607, Florida Statutes; and that my name appears
above, or on an attachment with all other like empowered.
SIGNATURE:
MADONNA D. MALINOWSKI, ASSISTANT VP
FILED
Apr 30, 2019
Secretary of State
4165297720CC
HASANA STANBERRY ASST. CORP. SEC. 04/30/2019
2019 FOREIGN PROFIT CORPORATION ANNUAL REPORT
No
04/30/2019

Title CEO
Name ROGERS, WILLIAM H JR.
Address SUNTRUST BANK
303 PEACHTREE ST NE GAATLANTA-
0645
City-State-Zip: ATLANTA GA 30308

Title GENERAL COUNSEL & CORPORATE
SECRETARY
Name FITZSIMMONS, ELLEN
Address SUNTRUST BANK
303 PEACHTREE ST NE GAATLANTA-
0645
City-State-Zip: ATLANTA GA 30308

Title ASSISTANT CORPORATE
SECRETARY
Name DOWDY, LYNN S
Address SUNTRUST BANK
303 PEACHTREE ST NE GAATLANTA-
0645
City-State-Zip: ATLANTA GA 30308

Title FIRST VP
Name FFLEURME-COLEMAN, FARRAH
Address SUNTRUST BANK
303 PEACHTREE ST NE GAATLANTA-
0633
City-State-Zip: ATLANTA GA 30308

Title SENIOR VP & TREASURER
Name KOLESAR, ALBERT
Address SUNTRUST BANK
303 PEACHTREE ST NE GAATLANTA-
0645
City-State-Zip: ATLANTA GA 30308

Title ASSISTANT CORPORATE
SECRETARY
Name STANBERRY, HASANA R ***
Address SUNTRUST BANK
303 PEACHTREE ST NE GAATLANTA-
0643
City-State-Zip: ATLANTA GA 30308

Title FIRST VP
Name HALL, BARBARA A
Address SUNTRUST BANK
303 PEACHTREE ST NE GAATLANTA-
0633
City-State-Zip: ATLANTA GA 30308

Title GROUP VP
Name CLARKE, ROBERT L JR
Address SUNTRUST BANK
303 PEACHTREE ST NE GAATLANTA-
0633
City-State-Zip: ATLANTA GA 30308

hereby certify that the information indicated on this report or supplemental report is true and accurate and that my electronic signature shall have the same legal effect as if made under
oath; that I am an officer or director of the corporation or the receiver or trustee empowered to execute this report as required by Chapter 607, Florida Statutes; and that my name appears
above, or on an attachment with all other like empowered.
SIGNATURE:
MADONNA D. MALINOWSKI, ASSISTANT VP

FILED
Apr 30, 2019
Secretary of State
4165297720CC

HASANA STANBERRY ASST. CORP. SEC. 04/30/2019

Electronic Signature of Signing Officer/Director Detail

Officer/Director Detail Continued :
Title GROUP VP
Name WEAVER, GREG
Address SUNTRUST BANK
303 PEACHTREE ST NE GA-ATLANTA-0633
City-State-Zip: ATLANTA GA 30308

Title GROUP VP & ASSISTANT CORPORATE
SECRETARY
Name PHILLIPS, CURT
Address SUNTRUST BANK
303 PEACHTREE ST NE GA-ATLANTA-0643
City-State-Zip: ATLANTA GA 30308

Title SENIOR VP & ASSISTANT CORPORATE
SECRETARY
Name RICHARDS, R. RYAN
Address SUNTRUST BANK
303 PEACHTREE ST NE
City-State-Zip: ATLANTA GA 30308

Title SENIOR VP
Name VACHERON, TERRY
Address SUNTRUST BANK
303 PEACHTREE ST NE GAATLANTA-
0633
City-State-Zip: ATLANTA GA 30308

Title SENIOR VP & ASSISTANT
CORPORATE SECRETRY
Name WILLIS, A. MICHELLE
Address SUNTRUST BANK
303 PEACHTREE ST NE GAATLANTA-
0643
City-State-Zip: ATLANTA GA 30308

Sunbiz.org

***
https://www.linkedin.com › hasana-r-stanberry-34758a9


Corporate Secretary, AVP at SunTrust Banks, Inc. ... Skilled in Analytical Skills, Microsoft Word, Sales, Event Management, and Team Building. Strong legal professional with a Bachelor's Degree focused in Food and Beverage Management from The International Culinary School at the Art ...
 

2019 Withdrawal from Florida

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EX-99.1 2 ex991-specialvote0719.htm EXHIBIT 99.1

BB&T Corporation
Corporate Communications

2400 Reynolda Road
Winston-Salem, NC 27106-4606
July 30, 2019

News Release

FOR IMMEDIATE RELEASE

Contacts:

Richard Baytosh
Executive Vice President
Investor Relations
(336) 733-0732
RBaytosh@BBandT.com 


Brian Davis
Senior Vice President
Corporate Communications
Media@BBT.com


BB&T shareholders approve merger of equals with SunTrust

New name Truist approved as name of combined company

WINSTON-SALEM, N.C. - BB&T Corporation (NYSE: BBT) shareholders today approved both the merger of equals between BB&T Corporation and SunTrust Banks Inc. (NYSE: STI) and Truist Financial Corporation as the new name of the combined company. At a special meeting of shareholders held today, more than 98% of the shares voted were cast in favor of the merger of equals with SunTrust and more than 96% of the shares voted were cast in favor of the Truist name.

These approvals complete another step in the process to form Truist, the premier financial institution that will serve more than 10 million households in the United States, with leading market share in many of the most attractive, high-growth markets in the country.

"We're very pleased BB&T shareholders have overwhelmingly supported both the merger of equals with SunTrust and the new Truist name," said Chairman and Chief Executive Officer Kelly S. King. "This is an important milestone as we move toward our goal of creating a bold, transformative organization that benefits our shareholders, associates, clients and communities."

As previously announced, BB&T received approval for the merger of equals from the North Carolina Office of the Commissioner of Banks on July 10. Completion of the merger is subject to certain additional customary closing conditions, including receipt of the remaining regulatory approvals. The companies expect the transaction to close late in the third quarter or in the fourth quarter of this year.

More information about Truist and the merger of equals can be found at Truist.com.

About BB&T

BB&T is one of the largest financial services holding companies in the U.S. with $230.9 billion in assets and market capitalization of approximately $37.6 billion as of June 30, 2019. Building on a long tradition of excellence in community banking, BB&T offers a wide range of financial services including retail and commercial banking, investments, insurance, wealth management, asset management, mortgage, corporate banking, capital markets and specialized lending. Based in Winston-Salem, N.C., BB&T operates more than 1,700 financial centers in 15 states and Washington, D.C. and is consistently recognized for outstanding client service by Greenwich Associates for small business and middle market banking. More information about BB&T and its full line of products and services is available at BBT.com.


Cautionary Note Regarding Forward-Looking Statements

This communication contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the financial condition, results of operations, business plans and the future performance of BB&T and SunTrust. Words such as "anticipates," "believes," "estimates," "expects," "forecasts," "intends," "plans," "projects," "could," "may," "should," "will" or other similar words and expressions are intended to identify these forward-looking statements. These forward-looking statements are based on BB&T’s and SunTrust’s current expectations and assumptions regarding BB&T’s and SunTrust’s businesses, the economy, and other future conditions. Because forward-looking statements relate to future results and occurrences, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Many possible events or factors could affect BB&T’s or SunTrust’s future financial results and performance and could cause actual results or performance to differ materially from anticipated results or performance. Such risks and uncertainties include, among others: the occurrence of any event, change or other circumstances that could give rise to the right of one or both of the parties to terminate the definitive merger agreement between BB&T and SunTrust, the outcome of any legal proceedings that may be instituted against BB&T or SunTrust, delays in completing the transaction, the failure to obtain necessary regulatory approvals (and the risk that such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the transaction) or to satisfy any of the other conditions to the transaction on a timely basis or at all, the possibility that the anticipated benefits of the transaction are not realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the two companies or as a result of the strength of the economy and competitive factors in the areas where BB&T and SunTrust do business, the possibility the transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events, diversion of management’s attention from ongoing business operations and opportunities, potential adverse reactions or changes to business or employee relationships, including those resulting from the announcement or completion of the transaction, the ability to complete the transaction and integration of BB&T and SunTrust successfully, and the dilution caused by BB&T’s issuance of additional shares of its capital stock in connection with the transaction. Except to the extent required by applicable law or regulation, each of BB&T and SunTrust disclaims any obligation to update such factors or to publicly announce the results of any revisions to any of the forward-looking statements included herein to reflect future events or developments. Further information regarding BB&T, SunTrust and factors that could affect the forward-looking statements contained herein can be found in BB&T’s Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2018, as updated by its Quarterly Reports on Form 10-Q, and other filings with the Securities and Exchange Commission ("SEC"), and in SunTrust’s Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2018, as updated by its Quarterly Reports on Form 10-Q, and its other filings with the SEC.

Additional Information about the Merger and Where to Find It

In connection with the proposed merger with SunTrust, BB&T has filed with the SEC a registration statement on Form S-4 to register the shares of BB&T’s capital stock to be issued in connection with the merger, as amended on May 7, 2019, June 14, 2019, and June 19, 2019. The registration statement was declared effective by the SEC on June 19, 2019. The registration statement includes a joint proxy statement/prospectus. BB&T and SunTrust commenced mailing the definitive joint proxy statement/prospectus to stockholders on or about June 27, 2019.

INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT ON FORM S-4, THE JOINT PROXY STATEMENT/PROSPECTUS INCLUDED WITHIN THE REGISTRATION STATEMENT ON FORM S-4 AND ANY OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC IN CONNECTION WITH THE PROPOSED TRANSACTION BECAUSE THESE DOCUMENTS DO AND WILL CONTAIN IMPORTANT INFORMATION ABOUT BB&T, SUNTRUST AND THE PROPOSED TRANSACTION.


Investors and security holders may obtain copies of these documents free of charge through the website maintained by the SEC at SEC.gov, BB&T's website at BBT.com or SunTrust's website at SunTrust.com. Documents filed with the SEC by BB&T will be available free of charge on BB&T’s website at BBT.com under the tab "About BB&T" and then under the heading "Investor Relations." Alternatively, the documents are available by mailing BB&T Corporation, 200 West Second St., Winston-Salem, North Carolina, 27101 or calling 336-733-3065. Documents filed with the SEC by SunTrust will be available free of charge by accessing SunTrust’s website at SunTrust.com under the tab "Investor Relations," and then under the heading "Financial Information." Alternatively, these documents may be obtained by mailing SunTrust Banks, Inc., 303 Peachtree St., N.E., Atlanta, Georgia 30308 or calling 877-930-8971.




# # #

https://www.sec.gov/Archives/edgar/data/92230/000009223019000044/ex991-specialvote0719.htm



Justice News






Department of Justice

Office of Public Affairs



FOR IMMEDIATE RELEASE



Tuesday, June 17, 2014

Federal Government and State Attorneys General Reach Nearly $1 Billion Agreement with SunTrust to Address Mortgage Loan Origination as Well as Servicing and Foreclosure Abuses

Agreement Provides Homeowner Relief and New Protections, Stops Abuses

The Justice Department, Department of Housing and Urban Development (HUD), and the Consumer Financial Protection Bureau (CFPB), along with 49 state attorneys general and the District of Columbia’s attorney general have reached a $968 million agreement with SunTrust Mortgage Inc. (SunTrust) to address mortgage origination, servicing, and foreclosure abuses.

The joint agreement is the result of extensive investigations by federal agencies, including the Department of Justice, HUD and the HUD Office of the Inspector General (HUD-OIG), CFPB and state attorneys general across the country, and includes recoveries for both improper mortgage origination and servicing practices.

“SunTrust’s conduct is a prime example of the widespread underwriting failures that helped bring about the financial crisis,” Attorney General Eric Holder said. “From mortgage origination to servicing to securitization, the Department of Justice is attacking every facet of conduct that led to the Great Recession. We will continue to hold accountable financial institutions that, in the pursuit of their own financial interests, misuse public funds and cause harm to hardworking Americans. We expect that there will be more cases like this to come.”

“This agreement, which totals nearly $1 billion, not only holds SunTrust accountable for years of abusive practices mortgage origination practices; it also provides for restoration,” said Associate Attorney General Tony West. “By the terms of this resolution, SunTrust is required to provide $500 million in consumer relief for homeowners as well as abide by terms that will help to prevent the abuses of the past from being repeated. It's a result attained thanks to the close coordination among our enforcement agency partners throughout the government."

As part of the settlement, SunTrust has agreed to pay $418 million to resolve its potential liability under the federal False Claims Act for originating and underwriting loans that violated its obligations as a participant in the Federal Housing Administration (FHA) insurance program. As a participant in that program, SunTrust had the authority to originate, underwrite and certify mortgages for FHA insurance.

SunTrust admitted that between January 2006 and March 2012, it originated and underwrote FHA-insured mortgages that did not meet FHA requirements, that it failed to carry out an effective quality control program to identify non-compliant loans, and that it failed to self-report to HUD even the defective loans it did identify. SunTrust also admitted that numerous audits and other documents disseminated to its management between 2009 and 2012 described significant flaws and inadequacies in SunTrust’s origination, underwriting, and quality control processes, and notified SunTrust management that as many as 50 percent or more of SunTrust’s FHA-insured mortgages did not comply with FHA requirements. For example, a 2012 internal SunTrust document noted two “significant” issues that had been plaguing the company for years – a “Broken Loan Origination Process” coupled with a “Deficient Government Insuring Process.” Other reports received by SunTrust management described its quality control program as “severely flawed” and “ineffective.” These reports described to management that the volume of problems in the program was “excessive,” and that the error rates were “elevated” and at an “unacceptable level.”
“SunTrust’s irresponsible FHA lending practices caused grievous harm to homeowners and the housing market, as well as wasting hundreds of millions of dollars in taxpayer funds,” said Assistant Attorney General for the Justice Department’s Civil Division Stuart F. Delery. “As this settlement demonstrates, we will continue to hold accountable financial institutions that misuse public funds and ruin the lives of hardworking Americans in the pursuit of their own financial interests.”
The servicing portion of the agreement parallels the $25 billion National Mortgage Settlement (NMS) reached in February 2012 between the federal government, 49 state attorneys general and the District of Columbia’s attorney general and the five largest national mortgage servicers. Under the agreement announced today, SunTrust has agreed to provide $500 million in additional relief in the next three years directly to borrowers and homeowners in the form of reducing the principal on mortgages for borrowers who are at risk of default, reducing mortgage interest rates for homeowners who are current but underwater on their mortgages, and other relief. The settlement will likely provide direct benefits to borrowers far in excess of $500 million because SunTrust will not be permitted to claim credit for every dollar spent on the required consumer relief. SunTrust has also agreed to pay $50 million in cash to redress its servicing practices, $40 million of which will be distributed to borrowers and homeowners through the Borrower Payment Fund established by the NMS and administered by the states.
“This agreement with SunTrust is another step forward in the Obama Administration’s ongoing effort to hold mortgage lenders accountable,” said HUD Acting Deputy Secretary Helen Kanovsky. “By using the framework of the National Mortgage Settlement, we will ensure that SunTrust provides mortgage relief to struggling homeowners in the hardest hit communities and changes their worst practices. HUD will continue working with the Department of Justice, CFPB and state attorneys general to hold lenders accountable and require them to institute practices that are beneficial to borrowers and the FHA fund.”
“The culmination of this case today represents the long hours dedicated by auditors, investigators, counsel and the data analytics team in the Office of Inspector General to address the significant problems we identified in SunTrust’s underwriting,” said HUD Inspector General David A. Montoya. “The case begins and ends with the crucial work produced by this office and the commitment by my staff to work with the Department of Justice, HUD and others in a concerted effort to combat misrepresentation and fraud against vital government programs. My office will continue to aggressively seek out instances in which the FHA, and by extension the American taxpayer, are harmed by misconduct that should not be tolerated.”

“Deceptive and illegal mortgage servicing practices have pushed families into foreclosure and devastated communities across the nation,” said CFPB Director Richard Cordray. “Today’s action will help homeowners and consumers harmed by SunTrust’s unlawful foreclosure practices. The Consumer Bureau will continue to investigate mortgage servicers that mistreat consumers, and we will not hesitate to take action against any company that violates our new servicing rules.”

“Homeownership is the bedrock of the American dream, and we continue to address the many mortgage servicing nightmares that homeowners across the country experienced for years,” said Iowa state Attorney General Tom Miller. “State attorneys general are working across party lines with our federal partners to address past practices, and we’re trying to ensure that borrowers are treated more fairly in the future.”

The joint federal-state agreement also requires SunTrust to implement significant changes in how they service mortgage loans, handle foreclosures, and ensure the accuracy of information provided in federal bankruptcy court. The agreement requires new servicing standards which will prevent foreclosure abuses of the past, such as robo-signing, improper documentation and lost paperwork, and create dozens of new consumer protections. The new standards provide for strict oversight of foreclosure processing, including third-party vendors, and new requirements to undertake pre-filing reviews of certain documents filed in bankruptcy court.

The new servicing standards ensure that foreclosure is a last resort by requiring SunTrust to evaluate homeowners for other loss mitigation options first. In addition, SunTrust is restricted from foreclosing while the homeowner is being considered for a loan modification. The new standards also include procedures and timelines for reviewing loan modification applications and give homeowners the right to appeal denials. SunTrust will also be required to simplify the process for homeowners needing help by creating a single point of contact for borrowers seeking information about their loans and—importantly—maintaining adequate staff to handle calls.

The agreement will be filed as a consent judgment in the U.S. District Court for the District of Columbia. Compliance with the agreement will be overseen by an independent monitor, Joseph A. Smith Jr., who is also the monitor for the NMS. Smith has served as the North Carolina Commissioner of Banks since 2002, and is also the former Chairman of the Conference of State Banks Supervisors (CSBS). The monitor will oversee implementation of the servicing standards required by the agreement; impose penalties of up to $1 million per violation (or up to $5 million for certain repeat violations); and publish regular public reports that identify any quarter in which a servicer fell short of the standards imposed in the settlement.

The agreement resolves potential violations of civil law based on SunTrust’s deficient mortgage loan origination and servicing activities. The agreement does not prevent state and federal authorities from pursuing criminal enforcement actions related to this or other conduct by SunTrust, or from punishing wrongful securitization conduct that is the focus of the Residential Mortgage-Backed Securities Working Group of President Barack Obama’s Financial Fraud Enforcement Task Force. The agreement does not prevent the CFPB from pursing civil enforcement actions against SunTrust for violations of the CFPB’s new mortgage servicing rules that took effect on Jan. 10, 2014. State attorneys general also preserved, among other things, all claims against the Mortgage Electronic Registration Systems (MERS), and all claims brought by borrowers. Additionally, the agreement does not prevent any action by individual borrowers who wish to bring their own lawsuits.

SunTrust is a mortgage lender and servicer headquartered in Richmond, Virginia, and is a wholly-owned subsidiary of SunTrust Banks Inc., a bank and financial services company headquartered in Atlanta, Georgia.

The settlement announced today was the result of investigations conducted by the Civil Division and the U.S. Trustee Program of the Department of Justice, state attorney general offices throughout the country, HUD-OIG and HUD’s FHA, and the CFPB. The Department of the Treasury, the Federal Trade Commission, the Federal Deposit Insurance Corporation, the Department of Veterans Affairs and the U.S. Department of Agriculture also made critical contributions.

The joint federal-state agreement is part of enforcement efforts by President Barack Obama’s Financial Fraud Enforcement Task Force. President Obama established the interagency Financial Fraud Enforcement Task Force to wage an aggressive, coordinated and proactive effort to investigate and prosecute financial crimes. The task force includes representatives from a broad range of federal agencies, regulatory authorities, inspectors general and state and local law enforcement who, working together, bring to bear a powerful array of criminal and civil enforcement resources. The task force is working to improve efforts across the federal executive branch, and with state and local partners, to investigate and prosecute significant financial crimes, ensure just and effective punishment for those who perpetrate financial crimes, combat discrimination in the lending and financial markets and recover proceeds for victims of financial crimes. For more information about the task force, visit: www.stopfraud.gov.

Attachment(s):

Download SunTrust Settlement Agreement and Statement of Facts
https://www.justice.gov/opa/file/831121/download

Press Release Number:
14-638

Updated March 7, 2016

https://www.justice.gov/opa/pr/federal-government-and-state-attorneys-general-reach-nearly-1-billion-agreement-suntrust