Items Tagged with 'OCC'

ARTICLES

  • CFPB considers slapping Wells Fargo with more sanctions

    Kraninger "not satisfied" with bank's overhaul
    Late last month, Wells Fargo CEO Tim Sloan abruptly stepped down and the rumor mill churned with word that the board sent him packing because of his failure to convince lawmakers on Capitol Hill that the beleaguered bank had turned a new leaf. It appears the rumors were true. CFPB Director Kathy Kraninger announced she is unhappy with Wells Fargo's lackluster attempt to correct its risk management issues and that she is considering her options when it comes to the consequences.
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  • 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.
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  • 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.
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  • 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.
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  • 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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