March 21, 2014

Federal Reserve Board issues consent order against IMB HoldCo LLC

For immediate release

The Federal Reserve Board on Friday announced the issuance of a consent order against IMB HoldCo LLC (IMB), a bank holding company that controls OneWest Bank N.A.

The consent order replaces a similar consent order issued in April 2011 by the Office of Thrift Supervision (OTS) against IMB, which was a savings and loan holding company. The OTS consent order addressed deficient practices in mortgage loan servicing and foreclosure processing at OneWest Bank, which was a federal savings association.

The Board's order requires that all provisions of the previous consent order remain in effect and reflects IMB's recent conversion to a bank holding company.

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Last Update: March 21, 2014