Word: occs
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...CFPA would actually weaken consumer protection. Nobody is defending the recent performance of the Federal Reserve, the Office of the Comptroller of the Currency (OCC) or any of the other financial agencies with current consumer-protection duties. But that doesn't necessarily mean those duties should be transferred to a brand-new bureaucracy. As JPMorgan Chase CEO Jamie Dimon has been asking privately: If my legal department screws up, do I create a new legal department? Some bank lobbyists argue that consolidating all consumer protection in just one new agency would be like leaving just one rookie cop patrolling...
...course, it's fair to wonder why bank lobbyists would be so concerned about the CFPA failing to protect their customers from exploitation. And agencies like the OCC can be expected to protect their turf. But the status quo just isn't working, and history suggests that consumer protection will never be a top priority at agencies primarily responsible for ensuring the financial health of banks. The CSPC, FDA and EPA aren't perfect, but their clear missions have made them much less susceptible to capture by industry, and much more attractive to employees who are serious about enforcement. That...
...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...
...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...