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Tag Archives: occ

New Bank Guidance Can Be a Debt Collection Game Changer

The Office of the Comptroller of Currency has issued guidance to banks it supervises that will be used to supervise the bad debt and debt collection practices of banks. The new guidance is not a rule yet but it is the OCC document on what is “best practices.” The focus of the rule is bad debt that is sold and ... Read More »

    Office of the Comptroller of the Currency Money Waiting – Scam Alert

    Example of scam document being sent to consumers.

    The government agency, Office of the Comptroller of the Currency (OCC) is warning consumers to be on the lookout for fraudulent messages that are intended to scam money out of consumers. The OCC says fictitious correspondence, allegedly issued by the Office of the Comptroller of the Currency (OCC) regarding funds purportedly under the control of the OCC and other government ... Read More »

      Doubts Spread About Independent Foreclosure Reviews

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      by Paul Kiel ProPublica The idea behind the Independent Foreclosure Review seems simple. During the peak of the foreclosure crisis, the banks broke laws and made errors that hurt homeowners. In response, the government mandated they compensate the victims. But there is growing evidence some banks are playing a major role in identifying the victims of their own abuses, raising ... Read More »

        Big Foreclosure Compensation, But Only for the Right Wrongs

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        by Paul Kiel ProPublica Can you put a price on the damage caused by a wrongful foreclosure? Banking regulators have. And it’s $125,000. Or $60,000. Or $15,000. Or2026 it’s unclear. Last November, banking regulators launched a process to force the big banks to compensate homeowners victimized by their foreclosure abuses. Many crucial details remained unclear, including how much victims might ... Read More »

          OCC Issues Cease and Desist Letter Against Citibank

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          The OCC announced it has sent a cease and desist letter to Citibank regarding “identified deficiencies in the Bank’s overall program for Bank Secrecy Act/anti-money laundering (“BSA/AML”) compliance” As we all know, banks make mistakes. It just seems that typically it is the consumers that wind up paying for them. The OCC found that the bank’s BSA compliance program had ... Read More »

            Reader Feels Shafted by OCC and CitiMortgage on HAMP

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            Rudy, a reader of the site forwarded me this information to share with you regarding their recent attempts to get their mortgage modified through HAMP. Rudy Says Dear Steve: Who will bail us out while our government can bail out hundreds of billion dollars to big banks and other financial institutions because they are just “too big to fail”? (total ... Read More »

              Your Local Bank May Become Your New Payday Lender

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              National Consumer Law Center has uncovered a spreading Main Street bank trend in the payday lending world. Back in 2008 I had written an article about Kinceta Federal Credit Union in California that felt being in the payday loan business was good for their customers. At the time, the thought that a bank or credit union would get more into ... Read More »

                Banks Still Foreclosing on Wrong People

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                by Paul Kiel, ProPublica Four years into the foreclosure crisis, banks say they’ve made major improvements in how they handle struggling homeowners. They’ve promised, for example, not to foreclose on homeowners who are being considered for mortgage modifications. But that’s still happening. Consider the cases of Laurie Pinkerton and Lisa Peterson. The two women, both Californians and Bank of America ... Read More »

                  Financial Reform Headed Down Wrong Track. Is the OCC That Inept?

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                  by Jesse Eisinger and Jake Bernstein, ProPublica Early last year, as they weighed whether to bar banks from speculative trading with their own money, congressional staffers turned to a key regulator for advice. The response from Julie Williams, the chief counsel of the Office of the Comptroller of the Currency, was startling, according to people familiar with the conversations. Williams ... Read More »

                    Modified Mortgages Still Not Honored By Lenders

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                    by Paul Kiel ProPublica Chanel Rosario was supposed to be one of the lucky ones. After years of sending and re-sending documents, waiting on hold and attending court hearings to avoid foreclosure on her Staten Island home, she’d finally received a much-needed reduction on her mortgage. Eagerly, she and her husband signed it and mailed it in last September. “We ... Read More »

                      Major Foreclosure Contractor Underplayed the Extent of Document Flaws

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                      Marian Wang, ProPublica In our primer on the players in the foreclosure scandal, we noted that the biggest foreclosure contractor to which banks outsourced servicing tasks, Lender Processing Services (LPS), has been accused of flaws in the processing of key mortgage documents. The company has said that it is “not aware of any defects in our signing and review processes ... Read More »

                        Regulators Totally Missed Foreclosure Problems

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                        Marian Wang, ProPublica While they may be conducting their own investigations, federal prosecutors and national bank regulators for the most part aren’t the ones leading the investigation into the foreclosure mess. At least that’s the perception–one that’s reinforced when Elizabeth Warren, Obama’s head of consumer financial protection, says her money is on a 50-state investigation by the states’ attorneys general. ... Read More »

                          I Hate American Express.

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                          “Dear Steve, Currently paying off about $75,000 in credit card debt taken on during the economic slowdown last year when my consulting business tanked; current income of about $150,000. Not sure that debt relief is a viable option for me without severe negative credit rating consequences, so I’m paying down debt on most cards with a “hardship” agreement worked out ... Read More »

                            Government Help With Credit Card Debt

                            A question I am getting asked more and more is about what programs the government offers to help you get out of debt or to eliminate credit card debt. These questions usually involve inquiries about government grants and loans that people hear whispers about that they believe will dispose of problem debt as well. Up until this point there has ... Read More »

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