Items Tagged with 'Office of the Comptroller of the Currency'

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Acting comptroller of the currency: It's a "good time" to look at Dodd-Frank

Gives introductory speech to OCC staff
Fresh in his new position as acting comptroller of the currency, Keith Noreika already publicly stated where he stands on Dodd-Frank reform. On Tuesday, Noreika gave a brief speech to OCC staff to introduce himself, and, as icing on the cake, wrapped up his speech giving a preview of where he stands on Dodd-Frank.
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Comptroller of the Currency Thomas Curry to step down May 5

Keith Noreika named acting comptroller of the currency
Thomas Curry will officially step down as comptroller of the currency on May 5 after more than five years at the helm. Curry completed his five-year term on April 9, and rumors started to spread as early as March on who the possible replacement would be. In the meantime, Keith Noreika will serve as acting comptroller of the currency.
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U.S. Bank fined $15 million for bankruptcy filing violations

OCC announces fine for violations between 2009 and 2014
The Office of the Comptroller of the Currency announced Tuesday that it is ordering U.S. Bank National Association to pay a civil penalty of $15 million for what it calls “bankruptcy filing violations” that occurred between 2009 and 2014. Here are the details.
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Wells Fargo reaches $110 million class action settlement over fake accounts

Settlement will cover anyone who had account falsely opened in their name
The fallout from Wells Fargo's fake account fiasco is far from over, as the bank announced late Tuesday that it reached a $110 million settlement in a class action lawsuit brought on behalf of the bank’s customers who had a fake account opened in their name. Click the headline to read more about the settlement.
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Wells Fargo fails fair lending test due to "discriminatory and illegal" credit practices

Bank’s Community Reinvestment Act rating lowered to "Needs to Improve"
Late last year, as the fallout from the fake account scandal at Wells Fargo was still in full force, rumors began to circulate that the bank could be facing another regulatory smackdown due to reportedly failing to meet its requirements under the Community Reinvestment Act. And Tuesday, the other shoe dropped, as the bank disclosed that it did indeed fail to meet its CRA requirements.
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OCC: Charts prove borrowers keep getting better at paying their mortgage

Four charts break down servicing at the top seven banks
Keeping up with the rest of the year, the Office of the Comptroller of the Currency’s latest quarterly report on mortgages showed that borrowers are getting better at paying their mortgage loans. The report falls in line with previous reports that showed the overall performance of mortgages improving from the previous year.
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Trump reportedly considering former OneWest CEO to lead OCC

Joseph Otting worked closely with Treasury Secretary Steven Mnuchin
President Donald Trump is “expected to name” Joseph Otting to serve as the Comptroller of the Currency, one of the country’s top financial regulators, per a CNBC report. Otting served as the CEO of OneWest Bank from 2010 until 2015, working alongside Steven Mnuchin, the recently installed Secretary of the Department of the Treasury and the former chairman of OneWest.
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ServiceLink fined $65 million for LPS foreclosure deficiencies

Fine related to 2011's industry-wide foreclosure settlement
The ghost of Lender Processing Services came back to haunt ServiceLink and Black Knight Financial Services on Tuesday, as the Federal Reserve, Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corp. announced that they are fining ServiceLink $65 million for the “improper actions” of LPS that contributed to a massive settlement with the government over industry-wide foreclosure misconduct that occurred after the housing crash.
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OCC terminates HSBC mortgage servicing restrictions

Fined $32.5 million for violating Independent Foreclosure Review
The final bank to have its mortgage servicing restrictions terminated is here. The Office of the Comptroller of the Currency officially lifted its mortgage servicing-related order against HSBC Bank USA, lifting restrictions placed on the bank over its failure to comply with requirements of the Independent Foreclosure Review
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