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

ARTICLES

  • Federal authorities warn of fake bank supposedly operating in Minneapolis

    First National Bank in Minneapolis doesn’t actually exist
    Anyone who has received any kind of notice from First National Bank in Minneapolis, Minnesota, take note: the bank does not actually exist. According to the OCC, it received information about an entity calling itself First National Bank that is supposedly located at 222 S. 9th Street in Minneapolis. But the supposed bank isn’t what it appears to be.
    Read More
  • OCC taps new head of Large Bank Supervision

    Maryann Kennedy to take over as senior deputy comptroller
    The Office of the Comptroller of the Currency has tapped Maryann Kennedy as senior deputy comptroller of Large Bank Supervision. As such, the OCC said Kennedy will oversee the nearly 800 staff members who supervise the nation’s largest banks and federal branches and agencies, which hold more than $10 trillion in total consolidated assets.
    Read More
  • Citibank to pay $25 million for violating the Fair Housing Act

    OCC fines bank $25 million as Citi shells out $24 million in reparation to customers
    Citibank will pay a fine of $25 million for violating the Fair Housing Act, the Office of the Comptroller of the Currency announced Tuesday. According to the OCC, an investigation showed that Citibank did not equally offer certain mortgage discounts to all Citi customers, thereby "adversely" affecting some customers based on their "race, color, national origin, or sex."
    Read More
  • OCC seeks public comment on raising appraisal exemption threshold

    Would be first increase since 1994
    The three federal banking agencies announced they are seeking public comment on a recent proposal to raise the threshold for residential real estate transactions that require an appraisal. All three agencies have approved the proposal and comments will be accepted until 60 days after publication in the Federal Register.
    Read More
  • Appraisers accuse federal regulators of recreating housing crisis conditions

    Appraisal Institute blasts proposal to eliminate appraisal requirement on certain home sales
    As one might expect, appraisers are none too pleased about the FDIC, the OCC, and the Federal Reserve proposing to eliminate the appraisal requirement on certain home sales of $400,000 and below. According to Appraisal Institute President James Murrett, the newly proposed rules would add significantly more danger to the lending environment and harken back to the way things were just before the financial crisis.
    Read More
  • Regulators propose ending appraisal requirement on some home sales of $400,000 and below

    FDIC, OCC, Fed propose raising appraisal threshold for first time since 1994
    The Federal Deposit Insurance Corp., the Office of the Comptroller of the Currency, and the Federal Reserve released a proposal Tuesday that would increase the appraisal requirement from $250,000 to $400,000, meaning that certain home sales of $400,000 and below would no longer require an appraisal.
    Read More
  • 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.”
    Read More
  • Trump administration considering changes to Community Reinvestment Act

    OCC invites comments on how to “modernize” CRA regulations
    The Trump administration is considering making changes to the Community Reinvestment Act, the federal law that requires banks to meet the credit needs of all communities they serve, including low- and moderate-income neighborhoods. The Office of the Comptroller of the Currency announced Tuesday that it is looking to “modernize” the CRA and wants public comments on how best to do so.
    Read More