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

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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 continuing to get better at paying their mortgages. 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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OCC: Underwriting standards ease as bank appetite grows

Underwriting practices remain satisfactory, but credit risk increasing
For the fourth consecutive year, the OCC found that banks are consistently loosening their credit standards as they slowly ease up from the strict standards set in place after the financial crisis. The mortgage market currently has a reputation for having tight credit standards. Is this finally starting to change?
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CFPB warns companies about engaging in Wells Fargo-like sales incentives

Says unchecked sales goals can lead to harmful practices
The Consumer Financial Protection Bureau just fired a shot across the bow of all companies that provide financial services to consumers, warning companies about the risks inherent in sales incentives programs like the one that led to a massive fine being handed down against Wells Fargo.
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OCC slaps serious sanctions on Wells Fargo as fake account fallout continues

Now needs approval before making executive changes; golden parachutes banned
On Friday evening, the Office of the Comptroller of the Currency slapped a series of sanctions on Wells Fargo that were previously excluded from its settlement with the megabank over the fake account scandal. Chief among those sanctions is that the bank is now required to ask the OCC for approval if it wants to make a change to its board of directors or its senior executive officers.
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More Wells Fargo fallout: Feds to look into sales practices at other Wall Street banks

CFPB, OCC, other agencies to conduct reviews of big banks
Federal regulators are preparing to conduct reviews of the nation’s biggest banks, aiming to root out any of the aggressive cross-selling practices that led to Wells Fargo being fined $185 million for more than 5,000 of the bank’s former employees opening more than 2 million fake accounts to get sales bonuses.
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