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Tag Archives: OCC

Florida Bank Closes in First Failure of 2015

The closure, announced jointly by the Office of the Comptroller of the Currency (OCC) and FDIC, comes after years of increased scrutiny from regulators. OCC first filed a consent order against the Crestview bank in 2010, demanding operational changes after it uncovered what the agency called "unsafe and unsound banking practices."

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Mortgage Performances Improve in Q3

The latest data from OCC shows that out of a portfolio totaling 23.6 million loans with a combined unpaid principal balance of about $4.0 billion (about 46 percent of residential mortgages in the U.S.), the percentage of current and performing mortgages increased both quarter-over-quarter (from 92.9 percent to 93.0 percent) and year-over-year (from 91.4 percent to 93.0 percent) in Q3.

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Survey: Credit Loosening Everywhere Except Mortgages

According to the OCC survey, 92 percent of surveyed banks originated residential real estate loans in 2014, and a full 20 percent reported tightening their standards regarding who can attain these loans. Seventy percent reported no changes in their standards, leaving a comparatively slight 10 percent of institutions claiming they eased their standards for residential mortgages.

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Regulators Close Down Illinois Bank

Only a week after the latest collapse, federal regulators announced the closure of yet another government-insured bank, bringing the year-to-date tally to 16. The Office of the Comptroller of the Currency (OCC) announced Friday the shuttering of the National Republic Bank of Chicago, appointing FDIC as receiver.

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Regulators Set to Adopt Finalized QRM Rule

The so-called qualified residential mortgage (QRM) rule, which was put up for consideration by FDIC's board of directors Tuesday morning, would require banks to retain at least 5 percent of a loan's risk when packing mortgages to sell to investors in the secondary market. The QRM rule is one of the bigger provisions mandated by the 2010 Dodd-Frank Act, with co-author Barney Frank remarking in the past that risk retention is "the single most important part of the bill."

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President Commends Regulators, Urges More

President Barack Obama met with financial regulators this week to commend them for progress made since the Dodd-Frank Act became law in 2010, the White House announced. The president also exhorted the regulators and participants in the meeting to "consider additional ways to prevent excessive risk-taking across the financial system."

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