Items Tagged with 'OCC'

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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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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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Here's an entirely new way to hijack a bank

Hackers controlled all operations for 5 hours
The number of ways to rob a bank is apparently limited only by the imagination of hackers, which is to say, nearly infinite. Recently, a Brazilian bank fell victim to an entirely new and dangerous form of hacking. And if you don't think that your institution could be next, it might already be too late.
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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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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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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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Monday Morning Cup of Coffee: Prospects of a Trump presidency, and the good news in Detroit

Also, the scariest part of the OCC security breach
There are still about 30,000 vacant houses and buildings in Detroit as a result of manufacturing job loss and the foreclosure crisis. But a program funded by unions to renovate vacant houses in Detroit has been so successful that it's now being expanded to eight more Rustbelt cities, the AP reported on Sunday. All this and more in MMCC!
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