Promontory Financial Group controversies
Controversies tied to this brand in public sources. A listing is not a finding of fault.
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2015
New York Department of Financial Services compliance-reporting case
New York regulators alleged that Promontory had diluted or softened compliance reports prepared for Standard Chartered. Promontory agreed to pay a $15 million penalty and voluntarily suspended acceptance of new New York engagements for six months.
2012
Controversy over outsourced foreclosure reviews
Promontory's participation in post-crisis mortgage-foreclosure reviews drew criticism because of the scale of the engagement, reported compensation of $927 million for the broader work, and concerns that regulators had delegated too much oversight to private consultants.