Office of the Comptroller of the Currency

Type: Organization
Name: Office of the Comptroller of the Currency
First reported 2 hours ago - Updated 2 hours ago - 1 reports

OCC: Freddie Re-Default Mods Perform Ahead of Fannie in 2Q14

Advanced SearchVolume 14 - Number 22October 31, 2014Modified Freddie Mac mortgages performed better than Fannie Mae loans more than two years after modification as the performance gap between the two GSE closed slowly, according to the Office of the Comptroller ... [Published Inside Mortgage Finance - 2 hours ago]
First reported 6 hours ago - Updated 6 hours ago - 1 reports

Financial Regulatory Agencies Adopt Final Risk Retention Rules, Causing Changes To Mortgage and Securitization Practices

On October 21 and 22, 2014, six federal regulatory agencies jointly adopted a final rule implementing certain provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) designed to require sponsors of securitization transactions ... [Published JD Supra - 6 hours ago]
First reported 7 hours ago - Updated 7 hours ago - 1 reports

BRIEF: Bank of America files notice to close its last Dodge City branch [The Wichita Eagle :: ]

Oct. 31--Bank of AmericaThe Charlotte, N.C.-based bank filed a 90-day notice Oct. 24 with its regulator that it plans to close the branch at 619 N. Second Ave. in Dodge City.The notice was made public this week on the website of the Office of the Comptroller ... [Published BusinessWeek - 7 hours ago]
First reported 8 hours ago - Updated 8 hours ago - 1 reports

OCC warns on auto lending, debt-sale arrangements

FREE PREVIEWLOGIN OR SUBSCRIBE NOW TO READ THIS ARTICLEBanking, Inside the BeltwayFriday, October 31, 2014The Office of the Comptroller of the Currency is warning of increased risk as auto lending accelerates. During a recent speech, an OCC leader said ... [Published Dodd Frank Update - 8 hours ago]
First reported Oct 30 2014 - Updated Oct 30 2014 - 1 reports

Bureaucrats do away with mortgage underwriting standards, risking new meltdown

Daily Events TopLast week, six regulatory agencies tasked by the Dodd-Frank Act with  developing a prime mortgage bowed to political pressure from all the  interests—the realtors, homebuilders, banks, community activists, and  the Obama Administration—and ... [Published Human Events Online - Oct 30 2014]
First reported Oct 30 2014 - Updated Oct 30 2014 - 1 reports

A New Plan to Collect Flood Insurance Premiums

Rules proposed by the Federal Reserve, the Office of the Comptroller of the Currency and other regulators would require flood insurance premiums paid by property owners to be automatically set aside in escrow accounts. This would ensure property owners ... [Published Professional Insurance Agents - Oct 30 2014]
First reported Oct 29 2014 - Updated Oct 29 2014 - 1 reports

Community Reinvestment Roundtable: Small Dollars/Big Impact

Community Development9 a.m. - 11 a.m. | Thursday, Nov. 20, 2014 - Memphis, Tenn.Participants in this community reinvestment roundtable will discuss funding resources for community revitalization and small-business growth. Small dollars can have a big ... [Published Federal Reserve Bank of St. Louis - Oct 29 2014]
First reported Oct 28 2014 - Updated Oct 28 2014 - 1 reports

Finance Partner Discusses Impact of Fed’s Leverage Lending Guidance in Law360

October 28, 2014 Practices:FinanceFinance partner Jay Kim (New York) is quoted in an Oct. 28 Law360 article discussing the leveraged lending guidance issued by the Federal Reserve and Office of the Comptroller of the Currency (OCC). Mr. Kim notes that ... [Published Ropes & Gray - Oct 28 2014]
First reported Oct 28 2014 - Updated Oct 28 2014 - 1 reports

New rule would require flood escrowing

WASHINGTON —Mortgage servicers will be required to escrow premiums and fees for flood insurance under a regulation now being proposed by federal banking agencies.Don Griffin. vice president, personal lines for the Property and Casualty Insurers Association ... [Published PropertyCasualty360.com - Oct 28 2014]
First reported Oct 27 2014 - Updated Oct 27 2014 - 1 reports

Worth Noting/Comments Due This Week

Advanced SearchVolume 25 - Number 22October 27, 2014It’s Official: QRM = QM. Last week, the Office of the Comptroller of the Currency, the Federal Reserve Board, the Federal Deposit Insurance Corp., the Securities and Exchange Commission, the Federal ... [Published Inside Mortgage Finance - Oct 27 2014]
First reported Oct 27 2014 - Updated Oct 27 2014 - 2 reports

117-Yr-Old Chicago Bank Fails [Mortgage Daily :: ]

Oct. 27--A Chicago bank with nearly $1 billion in assets that was more than a century old has been shut down.On Friday, the Office of the Comptroller of the Currency stepped in, seized and closed down The National Republic Bank of Chicago."The OCC acted ... [Published BusinessWeek - Oct 27 2014]
First reported Oct 27 2014 - Updated Oct 27 2014 - 1 reports

Timothy Curry: The Very Model of the Modern Failed Regulator

I explained in a 2012 column  as soon as Thomas Curry was publicly identified as the likely new head of the Office of the Comptroller of the Currency (OCC) why he was such a poor choice to be a regulatory leader.  Curry is such a good example of Obam ... [Published Benzinga.com - Oct 27 2014]

Quotes

...and Exchange Commission, the Department of HousingHousing and Urban Development and the Federal Housing Finance Agency issued a re-proposal (the " Re-Proposed Rule ")[1] to govern risk retention in asset-backed securities (" ABS ") transactions, on October 21 and October 22, 2014 the regulators voted to adopt final rules (the " Final Rule ")[2] implementing a risk retention regime as mandated by Section 941 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the " Dodd-Frank Act ").[3] The Final Rule brings to a close a prolonged period of discussion and lobbying by CLO market participants with the regulators. The Final Rule becomes effective in two years, giving the CLO market time to consider all necessary changes. Of all segments of the ABS industry, perhaps none anticipated the Final Rule with more trepidation than the CLO market, whose members went to great lengths to explain the potentially damaging effects that the Re-Proposed Rule threatened to inflict upon the CLO industry. Now that the Final Rule has been implemented, will the long-term outcome be as dire as CLO market participants feared?"
Lastly, "The defendants in the lawsuit brought by Benjamin Lawsky, the Superintendent of the New York Department of Financial Services, using his Dodd-Frank enforcement authority have filed an appeal with the U S Court of Appeals for the Second Circuit. Under Dodd-Frank Section 1042, a state AG or regulator is authorized to bring a civil action for a violation of the Dodd-Frank prohibition of unfair, deceptive or abusive acts or practices. The defendants, a large subprime auto lender and its individual owner, are seeking to overturn the district court's order denying their motion to modify a preliminary injunction entered by the court freezing the defendants' assets and enjoining them from engaging in new loan business. In their motion, the defendants also sought to reduce the fees of the receiver appointed by the district court. The defendants must file their brief by December 8. In addition to Mr. Lawsky's lawsuit, we have also been following lawsuits filed by the AGs of Illinois and Mississippi using their Dodd-Frank enforcement authority."
"During the third quarter, our net interest income and net interest margins increased when compared to the second quarter. The loan to deposit ratio increased to 74% at September 30, 2014 compared to 73% at year end. We are lending when it is prudent to do so, staying true to our conservative underwriting standards rather the increasing lending volume by accepting unwarranted risk into our loan pipeline. We continue to be well capitalized' by regulatory capital standards. The Bank's Tier 1 leverage capital ratio was 10.16% at September 30, 2014. The Bank's Tier 1 risk-based capital ratio was 13.05% and our total risk-based capital was 14.30%. We also continue to look for bank acquisitions. A Form 8-K was filed with the SEC on October 23, 2014 which provided additional information concerning our pending acquisition of Valley Community Bank" continued CEO Tom McGraw

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All (451) | News (354) | Reports (0) | Blogs (77) | Audio/Video (0) | Fact Sheets (3) | Press Releases (16)
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OCC: Freddie Re-Default Mods Perform Ahead of F... [Published Inside Mortgage Finance - 2 hours ago]
Window of Opportunity [Published Independent Banker - 6 hours ago]
Financial Regulatory Agencies Adopt Final Risk ... [Published JD Supra - 6 hours ago]
BRIEF: Bank of America files notice to close it... [Published BusinessWeek - 7 hours ago]
Chicago Bank Largest to Fail in 2014 [Published CFO.com - 8 hours ago]
OCC warns on auto lending, debt-sale arrangements [Published Dodd Frank Update - 8 hours ago]
CLO Risk Retention: The Headline Hurts; the Hit... [Published White & Case - 15 hours ago]
OCC Revises Process For Managing Matters Requir... [Published Mondo Visione - Oct 30 2014]
Rumors about Provident; e-Signature News; Lawsu... [Published MortgageNewsDaily - Oct 30 2014]
Bureaucrats do away with mortgage underwriting ... [Published Human Events Online - Oct 30 2014]
State Bank of Texas takes over National Republi... [Published IndiaPost - Oct 30 2014]
Banking Tail Often Wags Regulatory Dog [Published Duke University - Oct 30 2014]
Banks Burned by Riskiest Leverage Loans as Inve... [Published Bloomberg - Oct 30 2014]
A New Plan to Collect Flood Insurance Premiums [Published Professional Insurance Agents - Oct 30 2014]
Community Reinvestment Roundtable: Small Dollar... [Published Federal Reserve Bank of St. Louis - Oct 29 2014]
First National Bank of Northern California Repo... [Published SPi World News - Oct 29 2014]
First National Bank of Northern California Repo... [Published Marketwire - Breaking News Releases - Oct 29 2014]
Office of the Comptroller of the Currency Hosts... [Published Financial Services - Oct 29 2014]
12% Climb in Bank Charge-Offs Has OCC Concerned [Published Auto Remarketing - Oct 29 2014]
MORRISON & FOERSTER LAUNCHES FINANCIAL SERVICES... [Published Global Banking & Finance Review - Oct 29 2014]
Final Credit Risk Retention Rules Adopted for A... [Published JD Supra - Oct 29 2014]
Deputy Comptroller Discusses Credit Risks [Published Insurance News Net - Oct 29 2014]
Finance Partner Discusses Impact of Fed’s Lever... [Published Ropes & Gray - Oct 28 2014]
New rule would require flood escrowing [Published PropertyCasualty360.com - Oct 28 2014]
Lax Regulation: It’s not just for Republicans [Published The League of Ordinary Gentlemen - Oct 28 2014]
Loan Growth Doubles in Community Banks and Thri... [Published Financial Services - Oct 28 2014]
Greater Hudson Bank, N.A. Appoints Thomas A. Mc... [Published CEOWorld Magazine - Oct 28 2014]
Credit Risk Retention Final Rule: Steering CMBS... [Published JD Supra - Oct 28 2014]
Singapore and China strengthen financial cooper... [Published Newswit.com - Oct 28 2014]
Banc of California Secures Regulatory OK for Po... [Published Individual.com - Oct 28 2014]
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Blogs

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First National Bank of Northern California Repo... [Published Marketwire - Breaking News Releases - Oct 29 2014]
SOUTH SAN FRANCISCO, CA--(Marketwired - Oct 29, 2014) - FNB Bancorp (OTCQB: FNBG), parent company of First National Bank of Northern California (the "Bank"), today announced net earnings available to common shareholders for the third quarter of 2014 ...
Lax Regulation: It’s not just for Republicans [Published The League of Ordinary Gentlemen - Oct 28 2014]
Contrary to their protestations, the Democratic Party lacks the will and discipline to be a consistent financial regulator. Here’s the Wall Street Journal in 2011 on what down payment should be necessary for a mortgage to be considered a “qualified ...
Largest Bank Failure of 2014 – The National Rep... [Published Problem Bank List - Oct 25 2014]
Illinois has been a tough place for banks this year.  A third of all bank failures during 2014 have occurred in Illinois and the collapse of The National Republic Bank of Chicago also gives Illinois the distinction of having the nation’s largest bank ...
Banc of California Receives Regulatory Approval... [Published EON Business - Oct 23 2014]
IRVINE, Calif.--(EON: Enhanced Online News)--Banc of California, Inc. (NYSE: BANC) today announced receipt of regulatory approval from the Office of the Comptroller of the Currency for the previously announced acquisition by Banc of California, N.A., ...
Banc of California Receives Regulatory Approval... [Published Business Wire Professional Services News - Oct 23 2014]
IRVINE, Calif.--(BUSINESS WIRE)--Banc of California, Inc. (NYSE: BANC) today announced receipt of regulatory approval from the Office of the Comptroller of the Currency for the previously announced acquisition by Banc of California, N.A., the Company’s ...
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Press Releases

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Office of the Comptroller of the Currency Hosts... [Published Financial Services - Oct 29 2014]
Loan Growth Doubles in Community Banks and Thri... [Published Financial Services - Oct 28 2014]
Six Federal Agencies Jointly Approve Final Risk... [Published SEC US Press Releases - Oct 22 2014]
OCC Hosts Cleveland Workshops on Risk Assessmen... [Published Financial Services - Sep 12 2014]
Savings Institute Bank & Trust Seeks State Charter [Published GlobeNewswire: Acquisitions News - Aug 27 2014]
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