Items Tagged with 'OCC'

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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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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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This chart proves homeowners are getting better at paying their mortgage

OCC: Foreclosures down 31%
Borrowers continued to get better at paying their mortgages as they move further into the year, with more people reported to be paying their mortgage on time than last year. While the overall performance of mortgages in this report remained relatively unchanged from the previous quarter, here’s how it changed since last year.
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OCC terminates Wells Fargo's mortgage servicing restrictions

Fined $70 million civil money penalty
The OCC announced on Wednesday that it lifted the mortgage serving requirements on Wells Fargo now that it is in compliance with the requirements of the Independent Foreclosure Review. Wells Fargo is the most recent bank in a group of six to have its requirements lifted. But Wells Fargo didn’t come out of this unscathed and must pay a $70 million civil money penalty for previous violations of the order.
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From HW Magazine

How hackers are targeting title and settlement companies

Wire transfers in the crosshairs
Olympic Peninsula has been the target of wire fraud three times in the last six months. In the first instance, a hacker infiltrated one of the seller’s accounts on a $350,000 sale, but it was derailed when staff noticed the sender’s email address contained .com.za.
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OCC lifts mortgage servicing restrictions on U.S. Bank, Santander

Banks fined $13.4 million total for violations of Independent Foreclosure Review
The Office of the Comptroller of the Currency announced Tuesday that it is terminating mortgage servicing-related consent orders against U.S. Bank National Association and Santander Bank, lifting the mortgage servicing restrictions placed on both banks last year due to failure to comply with requirements of the Independent Foreclosure Review.
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