Articles Tagged with ''OCC''

More trouble for Wells Fargo? Top execs take “leave of absence” amid ongoing investigations

Chief administrative officer, chief auditor removed from bank’s operating committee
Wells Fargo’s troubles appear to be far from over. The once-impenetrable megabank announced Wednesday that two of its top executives are taking “leaves of absence” for an unspecified length of time and will no longer serve on the company’s operating committee. According to the bank, their leaves of absence are related to “previously disclosed ongoing reviews by regulatory agencies in connection with historical retail banking sales practices.”
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New York sues federal government over fintech bank charter plan

NYDFS is taking the government to task over decision to offer bank charters to fintech companies
New York state’s top banking regulator sued the federal government to void its decision to begin offering national bank charters to online lenders and payment companies, saying the decision was unconstitutional and posed a threat to consumers. According to Reuters, Maria Vullo, NYDFS superintendent called the Office of the Comptroller of Currency’s decision to allow fintech companies to obtain bank charters, “lawless, ill-conceived and destabilizing of financial markets.”
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Wells Fargo facing $1 billion fine for mortgage and auto insurance issues

Bank confirms it is facing a fine from CFPB and OCC
Earlier this week, reports emerged that the Consumer Financial Protection Bureau was seeking a “record fine” against Wells Fargo for mortgage and auto insurance issues. Wells Fargo confirmed Friday that it is indeed facing a fine of $1 billion over mortgage lending and auto insurance abuses.
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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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Keith Noreika to step down as Comptroller of the Currency

Following the confirmation vote for Joseph Otting
With former bank executive Joseph Otting soon to be confirmed as Comptroller of the Currency, Acting Comptroller of the Currency Keith Noreika submitted his resignation letter to Secretary of the Treasury Stephen Mnuchin. Noreika may not have been in the position long, but he did manage to make headlines during his time there, most notably for his opposition to the Consumer Financial Protection Bureau’s arbitration rule.
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Trump officially kills CFPB arbitration rule

Despite last-minute plea from CFPB Cordray to save the rule
The battle over the Consumer Financial Protection Bureau’s highly contested arbitration rule is finally over. President Donald Trump signed a resolution on Wednesday to officially revoke the rule. The arbitration rule is dead.
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