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Home | Tag Archives: OCC

Tag Archives: OCC

Bettering the Future of Online Lending

The second annual Online Lending Policy Summit commenced on Monday as Acting Comptroller of the Currency Keith A. Noreika spoke to the audience about current policy challenges, opportunities for growth, and what the OCC is doing to better online lending.

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The Week Ahead: Senate Committee Vote on Comptroller of the Currency

Next Thursday, September 7, the Senate Banking Committee on Banking, Housing, and Urban Affairs will convene to hold an executive session to vote on the nominations of Joseph Otting to be Comptroller of the Currency, and the Honorable Randal Quarles to be member of the Board of Governors of the Federal Reserve and Vice Chairman for the supervision of the board of governors.

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Putting Communities First

The Office of the Comptroller of the Currency released its schedule for Community Reinvestment Act evaluations at national banks and federal savings associations. The evaluation will determine how well banks are performing in local communities.

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OCC: Servicer Report Card

The Office of the Comptroller of the Currency released its first quarterly Mortgage Metric Report for 2017, detailing servicing data for seven major national banks. See how they fared compared to last quarter.

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OCC Head Has Ideas to Help Smaller Banks

When it comes to regulatory reform, smaller community banks should be a prime concern, according to Acting Comptroller of the Currency Keith A. Noreika. Noreika said as much in his address of the Senate Committee on Banking, Housing, and Urban Affairs on Thursday. He also laid out several steps lawmakers can take to lower barriers of entry and expand opportunities for community banks across the country.

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Agencies Release CRA-Eligible List

Close to 5,000 U.S. areas are eligible for consideration under the Community Reinvestment Act (CRA), according to a list released by several government agencies on Wednesday. The Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the Board of Governors of the Federal Reserve System released their joint list of distressed or underserved nonmetropolitan middle-income geographies today, which pinpoints the thousands of low- and moderate-income CRA-eligible communities across the nation. Enacted in 1977, the Community Reinvestment Act encourages banks to better meet the needs of the communities in which they operate.

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Loan Processing Could Slow Due to Appraiser Shortage

Due to a shortage of licensed and certified appraisers, major national financial regulatory agencies have issued an advisory to help reduce delays in the consideration of loan applications in rural communities. Since loans cannot be executed without appraisals, the advisory outlines two options to remedy the problem. The FDIC has suggested that states issue temporary practice permits and engage in reciprocity, or that effected institutions submit a request temporary waivers to set aside licensing requirements.

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Acting Comptroller Addresses Agency

Following the stepping down of Comptroller of the Currency Thomas Curry on Friday, U.S. Treasury Secretary Steven Mnuchin appointed Keith Noreika as Acting Comptroller and designated him the First Deputy Comptroller of the Office of the Comptroller of the Currency (OCC). On Monday, Noreika held his first address to OCC employees, expressing his eagerness to learn the agency.

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Keeping FinTechs Litigation-Free

With traditional lending systems such as banks not meeting the needs of consumers, fintechs and online lending platforms have become a much more valuable resource for investors and consumers. Fintechs can use non-traditional data to underwriting and lending techniques to assess the credit worthiness of loan applicants using online information gleaned from social media, etc., notably loan applicants that may appear as “credit invisible” to other institutions. However, this "alternative data" brings security risks.

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