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Eligible borrowers and their heirs will be able to claim uncashed payments totaling about 280 million dollars made pursuant to the 2013 Independent Foreclosure Review Payment Agreement through their respective states' escheatment processes, according to an announcement from the Office of the Comptroller of the Currency on Wednesday. The OCC announced that any uncashed payments made pursuant to the IFR Payment Agreement will be escheated at the end of 2015 in order to allow eligible borrowers and their heirs to claim the funds.
Also on Wednesday, the OCC determined that Bank of America, Citibank, and PNC Bank have complied with the orders the agency issued in 2011 and the amendments it issued in 2013 and therefore the consent orders against them have been terminated. The OCC determined that six institutions – Everbank, HSBC Bank USA, JPMorgan Chase Bank, Santander Bank, U.S. Bank, and Wells Fargo – have not met all the requirements of the IFR Payment Agreement, and therefore the OCC issued orders to restrict their business activities until the banks have fulfilled their obligations under the consent orders.
A proposal to delay the effective date of the TILA-RESPA Integrated Disclosure rule was announced on Wednesday by the Consumer Financial Protection Bureau. The proposal is requesting that the TRID rule be postponed until October 1, 2015, due to an administrative error. The TRID rule was originally set to go into effect on August 1, 2015. CFPB said the public will have an opportunity to comment on the proposal, after which a decision will be announced.
