Items Tagged with 'OCC'

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  • OCC: Borrowers keep getting better at paying off their mortgages

    Percentage of current and performing mortgages continues to rise
    American homeowners are doing a fine job keeping up with their mortgage payments, a strong sign of a healthy, functioning economy. The latest report from the Office of the Comptroller of the Currency showed an improvement in the performance of first-lien mortgages in the federal banking system during the first quarter of 2019.
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  • 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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  • OCC names new chief operating officer

    Morris Morgan to aid in bank oversight
    The Office of the Comptroller of the Currency has appointed Morris Morgan as senior deputy comptroller and chief operating officer, a role created to enhance the agency’s reporting structure. As COO, Morgan will oversee a number of the OCC's bank supervision units.
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  • Trump taps OCC's Otting to replace Watt as FHFA director

    Will oversee agency after Watt's term ends in January
    President Trump designated Comptroller of the Currency Joseph Otting as the next acting director of the FHFA. Otting will take over the FHFA temporarily until a permanent director is approved by the Senate, and will start his tenure once current Director Mel Watt’s term ends on January 6, 2019.
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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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