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

HMDA enforcement defanged by Trump-led regulators

Regulators rollback HMDA penalty assessments going into 2018
The Home Mortgage Disclosure Act caused its fair share of grief among mortgage lenders who stress over the new risks it will bring to compliance in 2018. But now, the Trump administration's new regulatory leaders defanged the new rule — CFPB and OCC both announced they have no intentions of issuing data reporting penalties in 2018.
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Otting takes over as Comptroller of the Currency, pledges to reduce regulatory “burden”

Former CIT Bank executive replaces acting Comptroller Keith Norieka
President Donald Trump now has another of his handpicked choices leading one of the country’s top banking regulators. Joseph Otting, who the Trump administration nominated back in June, was officially sworn in on Monday as the next Comptroller of the Currency.
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OCC claims proof CFPB wrong on arbitration rule data

Instead, consumers to face significant increase in cost of credit cards
The Office of the Comptroller of the Currency decided to fact check some of the Consumer Financial Protection Bureau’s data on the controversial arbitration rule. They now claim some of the data wasn’t quite adding up. Unlike what the CFPB reported, the OCC said the rule is likely to cause a significant increase in credit costs to consumers.
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OCC sounds alarm on CFPB arbitration rule, welcomes Congressional repeal

Noreika: “The rule may turn out to be the proverbial straw on the camel’s back”
There’s good news and bad news for the Consumer Financial Protection Bureau’s new arbitration rule. On the positive side, the Office of the Comptroller of the Currency doesn’t plan to stand in the way of the rule being implemented, as the OCC recently threatened to do. On the other hand, the OCC isn’t planning to intervene in the arbitration rule situation because Congress is currently in the process of repealing the rule.
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CFPB ignores request from OCC to postpone arbitration rule

Arbitration rule set to publish in Federal Register this week
Despite a heated exchange of letters between the Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency asking for the delay of the newly announced arbitration rule, the rule will carry on as planned and be published in the Federal Register this week. Check out the article for a timeline of events regarding the controversy behind the rule.
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Here's how mortgage portfolios at the big banks performed in first quarter 2017

First quarterly increase in foreclosure activity in two years
Foreclosure activity deviated from its recent trend, posting the first quarterly increase in two years, according to the Office of the Comptroller of the Currency’s latest quarterly report on mortgages. Nonetheless, the report found the overall performance of current mortgages this quarter continued to improve.
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Feds announce 2017 list of distressed, underserved non-metro areas

Banks can receive Community Reinvestment Act credit for working in these areas
On Wednesday, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency announced the 2017 list of distressed or underserved non-metro areas where banks can receive Community Reinvestment Act credit for certain activities.
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Trump chooses former OneWest CEO Joseph Otting to lead OCC

Worked closely with Treasury Secretary Steven Mnuchin, who chaired bank
One of the country’s top banking regulators is one giant step closer to having a banker leading it. The Trump administration officially confirmed the rumors on Monday evening, announcing that President Donald Trump intends to nominate Joseph Otting to serve as the next Comptroller of the Currency.
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