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Tag Archives: OCC

Credit Expected to Improve Despite Tight Underwriting

The Office of the Comptroller of the Currency released the findings of its 18th annual Survey of Credit Underwriting Practices, showing that credit writing standards were mostly unchanged from the year before. The survey, which included federal savings associations for the first time, examined the underwriting standards of 87 banks with assets of $3 billion or more in the 12-month period ending February 29. Underwriting standards largely remained the same despite some easing in standards for retail and commercial products.

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CFPB Releases New Guidance on Military Relocation

Mortgage servicers received new guidance Thursday addressing protocol for dealing with military members who receive permanent change of station orders. The joint guidance was released by the Consumer Financial Protection Bureau in concert with the Federal Reserve, FDIC, National Credit Union Administration, and Office of the Comptroller of the Currency. About one-third of the nation├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós military members receive non-negotiable permanent change of station orders each year, and the new servicer guidance is intended to ensure compliance with applicable consumer laws and regulations.

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Dodd-Frank Comes Under Fire at Congressional Hearing

The Dodd-Frank Act fell under scrutiny at a hearing of the Senate Banking Committee Wednesday, with lawmakers from the right charging that the reform law will impose arbitrary rules that limit consumer choice and prevent an economic recovery. Much of the light fell on interagency efforts to finalize the controversial Volcker Rule, a rulemaking requirement under Dodd-Frank that bans short-term proprietary trading by systemically important financial institutions like Chase. Witnesses included Consumer Financial Protection Bureau chief Richard Cordray.

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Federal Regulators Finalize Bank Stress-Testing Rule

Three federal regulatory agencies finalized stress-testing guidance Monday for financial institutions with total assets worth more than $10 billion. The Federal Reserve, FDIC, and Office of the Comptroller of the Currency released the guidance after receiving 17 comment letters from banks, financial advisory firms, and trade groups. The agencies stressed the importance of capital and liquidity, saying that systemically important financial institutions should apply stress tests to these areas on a regular basis as the rule moves forward.

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Florida Bank Goes Under, Lifting Tally to 23

Federal regulators shuttered a Florida bank Friday, raising the national bank failure tally so far this year to 23. The Office of the Comptroller of the Currency closed the North Lauderdale-based Security Bank, National Association, and appointed the FDIC receiver. The financial institution went under with $101 million in total assets and $99.1 million in total deposits. The costs to the agency├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós Deposit Insurance Fund totaled $10.8 million, a fact the FDIC said marked the least costly resolution for it this year.

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New Comptroller of the Currency Assumes Office

An old hand from the banking regulatory community took office Monday as the nation├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós newest comptroller of the currency. The Senate confirmed Thomas Curry to helm the Office of the Comptroller of the Currency in March. President Barack Obama first nominated Curry, an FDIC director, last year. He then served as chairman of the agency├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós assessment appeals and case review committees. His record of service includes stints as first deputy commissioner and assistant general counsel in the Massachusetts banks division.

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Two Banks Fall Under, Raising National Tally to Nine

State and federal regulators closed banks in Indiana and Illinois Friday, raising the national tally for failures to nine for 2012. Shelbyville, Indiana-based SCB Bank fell dark with about $182.6 million in total assets and $171.6 million in total deposits. The Office of the Comptroller of the Currency closed the institution and appointed the FDIC to carry out responsibilities as receiver. The OCC also closed Charter National Bank and Trust in Hoffman Estates, Illinois. The bank went under with $93.9 million in total assets and $89.5 million in total deposits.

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State, Federal Officials Seal Historic $26B Servicer Settlement

More than a year's worth of rumors, negotiations, and reversals concluded Thursday with a $26-billion mega-settlement between government officials and the nation├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós five largest mortgage servicers. The size and scope of the settlement makes it the largest endeavor by state and federal officials in U.S. history. Federal officials and 49 state attorneys general closed a deal with Ally Financial Corp., Bank of America, Citigroup, JPMorgan Chase, and Wells Fargo that supplies homeowners in distress with new relief and establishes new servicing standards.

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Cordray Defends CFPB at First Congressional Hearing

An awkward and slightly tense air greeted Consumer Financial Protection Bureau director Richard Cordray at his first congressional hearing Tuesday, where the new appointee cast his agency as one that would strive to reduce duplication and increase transparency. Although careful in their approach to the new director, Republican committee members frequently cited their concerns about federal overreach, the constitutionality of his recess appointment, and interests for transparency. The CFPB can now supervise nonbank financial entities.

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Three New Bank Failures Mark First for New Year

Three new banks went under Friday, marking the first for 2012 since state and federal regulators closed 92 financial institutions last year. State regulators in Florida and Georgia shuttered Central Florida State Bank and The First State Bank in Belleview and Stockbridge, respectively. The Office of the Comptroller of the Currency closed American Eagle Savings Bank in Boothwyn, Pennsylvania. The latest bank failures mark the first three for 2012. Last year saw 92 closures nationally, while 2010 bore witness to 157 bank failures.

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