Bank of America Corp., Wells Fargo & Co., JPMorgan Chase & Co. and Citigroup Inc. are being cited for “pervasive” misconduct in foreclosures by the Federal Reserve and are being asked to overhaul their procedures and compensate borrowers financially affected by their wrongdoings or negligence.

The four corporations are part of the 10 parent companies of the 14 largest mortgage servicers in the U.S. Aside from an investigation into business practices and a set of new procedures to follow, the banks are also being levied fines.

“The bank regulators have been criticized for failing to stop unsafe lending during the housing boom and for pre-empting state attempts to rein in predatory lending,” according to the Los Angeles Times. Consumer advocates and members of Congress said the new measures aren’t going far enough.

Understaffed and undertrained foreclosure operations and business shortcuts at the expense of customers are a couple of the problems directly being addressed, according to regulators. Several changes are underway and banks must now follow some specific actions when working with borrowers. Click here to read about the new procedures.