Items Tagged with 'OCC'

ARTICLES

  • 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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  • 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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  • OCC nominee will fight against affordable housing budget cuts

    Otting wants to keep around Neighborhood Reinvestment Corporation
    Affordable housing groups were dealt a terrible hand in President Donald Trump’s budget proposal, with one of the biggest groups, the Neighborhood Reinvestment Corporation, getting cut completely. However, after listening to the Senate Banking Committee’s hearing on Thursday on the nomination of Joseph Otting to serve as the next Comptroller of the Currency, all hope is not lost for the affordable housing group.
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