OCC: Joseph M. Otting Takes Office as the 31st Comptroller of the Currency
Joseph M. Otting today became the 31st Comptroller of the Currency, after being sworn into office by Secretary of the Treasury Steven T. Mnuchin and being confirmed by the U.S. Senate on November 16, 2017. President Donald Trump nominated Mr. Otting in June 2017. The U.S. Senate confirmed him on November 16, 2017. Mr. Otting…
Joint Release: Agencies Announce Threshold for Smaller Loan Exemption from Appraisal Requirements for Higher-Priced Mortgage Loans
The Consumer Financial Protection Bureau (CFPB), Board of Governors of the Federal Reserve System, and Office of the Comptroller of the Currency (OCC) today announced that the threshold for exempting loans from special appraisal requirements for higher-priced mortgage loans during 2018 will increase from $25,500 to $26,000. The threshold amount will be effective January 1,…
OCC: Acting Comptroller Explores the Separation of Banking and Commerce
Acting Comptroller of the Currency Keith A. Noreika today explored how the separation of banking and commerce evolved in the United States and called for a broader discussion of whether the separation continues to serve the best interest of the nation’s banking system and economy today. Related Links Remarks (PDF) Acting Comptroller of the Currency…
OCC: Acting Comptroller Discusses Efforts to Promote Lending and Investment in Distressed Communities
Acting Comptroller of the Currency Keith A. Noreika today discussed efforts by the Office of the Comptroller of the Currency (OCC) to support lending and investment in distressed communities. During remarks at the National Association of Affordable Home Lenders Annual Conference, the Acting Comptroller described guidance finalized by the OCC in August that gives national…
OCC: Acting Comptroller of the Currency Presents First Full Service National Bank Charter Since Financial Crisis
Acting Comptroller of the Currency Keith A. Noreika presented the first full service national bank charter since the financial crisis to Winter Park National Bank of Florida. Winter Park National Bank is the first de novo national bank and first de novo approved for federal deposit insurance in Florida since the financial crisis. (Click image…
Joint Release: Designated Home Mortgage Disclosure Act Key Data Fields
From Federal Reserve Board release: The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) have revised the list of Home Mortgage Disclosure Act (HMDA) key data fields that their respective examiners will use in connection with validating the accuracy…
Joint Release: Agencies Issue Temporary Exceptions to Appraisal Requirements in Areas Affected by Recent Hurricanes
Responding to widespread damage caused by Hurricanes Harvey, Irma, and Maria, four federal financial institution regulatory agencies today took action to facilitate the recovery process by temporarily easing appraisal requirements for real estate-related financial transactions in areas declared to be a major disaster. The agencies will not require financial institutions to obtain appraisals for affected…