Comptroller of the Currency Thomas Curry encouraged banks to meet with stakeholders in their communities to determine effectiveness of their financial products and possibly pinpoint new business opportunities.
Read More »OCC Recaps Proposals for Regulatory Relief
What proposals did the OCC make in 2015 as part of a multi-agency initiative to provide regulatory relief to depository institutions?
Read More »How are Residential Mortgages Performing at the Largest Banks?
What effect has the improved economy had on the share of mortgages at the largest banks that are current and performing, as well as on those that are delinquent?
Read More »Comptroller Outlines Proposals to Reduce Regulatory Burden for Small Banks
While Curry said these legislative proposals are meaningful steps taken toward achieving relief from regulatory burden for community banks, he admitted there are other ways to make smaller institutions financially viable.
Read More »OCC to Test Banks for TRID Compliance
The OCC provided guidance on what to expect in their forthcoming TRID compliance exams directed to “chief executive officers and compliance officers of national banks and federal savings associations, federal branches and agencies, department and division heads, all examining personnel, and other interested parties.”
Read More »OCC Outlines Proposals Aimed at Eliminating Regulatory Burden for Small Banks
The Office of the Comptroller of the Currency has advanced three specific legislative proposals aimed at eliminating regulatory burden on community banks and financial institutions, according to an address from Comptroller of the Currency Thomas J. Curry at the Interagency Outreach Meeting on The Economic Growth and Regulatory Paperwork Reduction Act (EGRPA) in Chicago this week.
Read More »First-Lien Mortgage Performance Improves While Foreclosure Metrics Decline
Foreclosure starts and foreclosure completions were also down over the year, according to the OCC. Servicers initiated 70,728 foreclosures during Q2, which was down from 11.3 percent in the same quarter in 2014. Completed foreclosures during Q2 totaled 37,725, which was a drop of 23.4 percent from a year earlier
Read More »OCC Is Concerned That Banks ‘Continue to Fail’ With SCRA Compliance
The Office of the Comptroller of the Currency (OCC) has expressed concern that some banks and nonbank financial institutions are failing in the area of compliance with the Servicmember Civil Relief Act (SCRA) of 2003 and not providing members of the military with all the protections the law affords them.
Read More »OCC: Interest Rates and Compliance Are Among Issues That Pose the Most Risk to Banks
According to the OCC, compliance risks remain high as banks are preparing to comply with new mortgage lending requirements, particularly those in the TILA-RESPA Integrated Disclosure (TRID) rule. The rule is scheduled to be implemented on August 1, but the CFPB has proposed the effective date to be pushed back to October 3.
Read More »Mortgage Performance Improves Across the Board For Eight National Banks
Foreclosure activity declined substantially year-over-year in Q1. The number of properties in the process of foreclosure as of the end of the quarter dropped down to 299,424, a decline of 30.8 percent from the same quarter a year earlier. The nearly 300,000 loans in the process of foreclosure during Q1 comprised about 1.3 percent of the loans in the portfolio.
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