Company Overview of HSBC Bank USA, N.A.
HSBC Bank USA, N.A. provides commercial banking products and services to individuals, corporations, institutions, and government agencies. It offers personal financial services, including installment and revolving term loans, deposits, branch services, mutual funds, investments, and insurance, as well as residential mortgage lending services through direct retail and wholesale origination channels. The company also provides private banking services for high net worth individuals and families, including deposits, tailored credit and banking, investment management, trust and estate administration, custody, and retirement services, as well as wealth and tax advisory, philanthropy, family office...
1800 Tysons Boulevard
Mclean, VA 22101
Founded in 1850
Key Executives for HSBC Bank USA, N.A.
Chief Financial Officer and Senior Executive Vice President
Chief Executive of Investments
Head of Corporate Investments Banking & Markets (CIBM) for North America
Chief Executive Officer of HSBC North America
Compensation as of Fiscal Year 2013.
HSBC Bank USA, N.A. Key Developments
U.S. District Court for the Southern District of New York Dismisses Class Action Lawsuit Against HSBC
Nov 15 13
The U.S. District Court for the Southern District of New York dismissed a consumer's action premised on disclosures made by a bank in connection with its credit card billing practices, finding that the complaint's allegations of Truth in Lending Act (TILA) violations failed to state a claim. In November 2011, Bruce Schwartz opened a credit card account with HSBC Bank USA N.A. He claimed that HSBC made improper disclosures in three of his monthly billing statements. Schwartz brought a class action lawsuit against HSBC. The complaint specifically alleged the bank failed to properly disclose whether the annual percentage rate (APR) was variable or fixed, failed to properly disclose the balance subject to the interest rate and improperly charged a late fee for a mailed payment. HSBC moved to dismiss the complaint. The district court ruled that dismissal was proper. Schwartz admitted the alleged disclosure violations with respect to the interest rate and the balance subject to interest caused him no actual damages. Statutory damages were not recoverable.
HSBC Bank USA, N.A. Faces $508 Million Legal Action on Representations and Warranty Claims
Nov 6 13
Deutsche Bank National Trust Co. is seeking damages of at least $508 million from HSBC USA Inc. unit HSBC Bank USA NA. The action in New York County Supreme Court seeks damages of at least $508 million for alleged breaches of representations and warranties in the purchase agreement regarding characteristics of securitized mortgage loans. Deutsche Bank National Trust Co. summoned HSBC Bank USA in New York County Supreme Court alleging breaches of representations and warranties regarding characteristics of the mortgage loans contained in the trust.
HSBC Bank USA, N.A. Names Head Ricardo Lanfranchi as of Equity Sales for Latin America
Aug 5 13
HSBC Bank USA NA appointed Ricardo Lanfranchi as head of local equity sales for Latin America, based in Brazil. Most recently, Lanfranchi served at Barclays Plc's Barclays Capital Inc. as president of Corretora de Títulos e Valores Mobiliários SA and was responsible for the institution's Brazil equities platform. In his new role at HSBC, he will oversee the team covering domestic Latin American accounts while assisting with the further build-out of HSBC's international equities franchise.
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