Word: occ
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Dates: during 2000-2009
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...Dodd would like to gut bank regulators like the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC), the Federal Reserve and the Office of Thrift Supervision (OTS). He would give their power to supervise and regulate banks to a new, single bank regulator with power to set capital requirements and ensure stability. By contrast, the Frank-Geithner-negotiated bill in the House would do away with only the OTS, leaving the FDIC in charge of state-chartered-bank supervision, the OCC in charge of nationally chartered banks and the Fed in charge of complex...
...from fraud. In addition, it's obliged to report its suspicions to authorities. A tangle of federal and state agencies could investigate such potential banking duplicity, but for national banks like JPMorgan Chase the first overseer is the Department of the Treasury's Office of the Comptroller of Currency. OCC examiners conduct on-site reviews of national banks and provide supervision of bank operations. For OCC to investigate, it must first get a Suspicious Activity Report (SAR) from the Financial Crimes Enforcement Network (FinCEN), also part of Treasury. But for FinCEN to act, it must receive a confidential SAR from...
...failure of Hope for Homeowners has heightened awareness of the fact that it can be incredibly difficult to shape the behavior of private companies and create an effective fix for such a complicated problem. In December, the Comptroller of the Currency (OCC) and the Office of Thrift Supervision (OTS) issued a report showing that at national banks and federally regulated thrifts, nearly 37% of homeowners were 60 or more days behind on their payments six months after receiving a modification. That re-default problem has received much attention as the national conversation has turned toward the idea of taxpayers standing...
...prickly problem, though - as Dugan has pointed out - is that the available data from the OCC and OTS are rife with flaws. For instance, nowhere do servicers report what, exactly, they're doing when they modify a loan. And that, as it turns out, is an incredibly important detail since other data show that in many cases what they're doing is increasing a struggling borrower's monthly payment. The Maryland Office of Financial Regulation, which collects data on some 380,000 loans from 65 servicers, found that of modifications completed last August and September, 42% kept the monthly payment...
...That's why on Feb. 2, a group of 15 state attorneys general and banking regulators sent a letter to the OCC and OTS complaining that its data was muddying the public debate and begging for details about the modifications it tracks. "People are concerned about the effectiveness of loan modifications, which is very troubling to us," says Iowa attorney general Tom Miller, who has been dealing with servicers as head of the 17-month-old State Foreclosure Prevention Working Group. "If they're bad modifications and people default at a higher rate, it's not surprising. But that shouldn...