Latest update regarding the Office of the Comptroller of the Currency

Mike S.

The Office of the Comptroller of the Currency is the Federal agency responsible for the regulation and supervision of nationally registered financial institutions as well as national branches of international banks.1 As such, it was the regulatory agency most directly responsible for oversight (or lack of) of the largest mortgage lending and servicing companies and related financial agencies involved in the ongoing modification and foreclosure crisis. In late 2010, investigations by the OCC and other state and Federal agencies revealed numerous “unsafe and unsound” practices in the handling of home mortgage modifications and foreclosures. In the spring of 2011, the OCC instituted enforcement actions against 14 of these companies in the form of Consent Orders.2 In the most part, these orders essentially directed the companies to cease and desist these practices with the parties agreement without acknowledging guilt.

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