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Contents:
3. Consumer Credit and Lending
4. Information and Privacy Protection
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OCC
Update OCC Update is an
electronic newsletter that provides information about the Office of the
Comptroller of the Currency's work in the area of fair treatment and fair
access to financial services for all Americans. President Bush’s
Foreclosure Prevention Announcement President Bush announced new steps on August 31, 2007 to
help American families keep their homes. View
the Fact Sheet now. Also see the Comptroller’s statement
supporting President Bush’s announcement. To
support and guide homeowners facing financial difficulties, the
administration has launched a new initiative, the Hope Now Alliance, as a cooperative
effort among counselors, investors,
and lenders to maximize outreach efforts to homeowners in distress. See Treasury Secretary Henry Paulson’s October 31, 2007 statement
supporting the Hope Now Alliance and his January 18, 2008 statement on the
HOPE Now Alliance Progress Report. Also, see Comptroller Dugan’s December 6, 2007 statement
commending the plan to assist a key segment of subprime
borrowers. Comptroller Dugan noted the efforts of national banks to
promote the use of earned income tax credits in his recognition of January
31, 2008 as EITC Awareness Day. View the News Release now. The OCC’s Chief of Staff and
Public Affairs John Walsh provided testimony October 30, 2007 before the
House Oversight and Investigations Sub-Committee of the Committee on Financial
Services on the preservation of minority-owned financial
institutions. View the testimony now. Also see the Chief of Staff’s October 10, 2007 remarks to the
National Bankers Association and his August 1, 2007 remarks to
representatives of minority-owned institutions. And see Comptroller Dugan’s statement on the
July 11, 2007 release of Interagency “Questions and Answers” proposed to
clarify Community Reinvestment Act provisions that encourage banks to partner
with and make investments in minority- and women-owned institutions. OCC Deputy Comptroller for Compliance Policy Ann Jaedicke discussed the OCC’s
fair lending and Community Reinvestment Act examination processes in
testimony on October 24, 2007 before the Subcommittee on Domestic Policy of
the House Committee on Oversight and Government Reform. View the testimony now. Also see the July 25, 2007 testimony of
Calvin Hagins, OCC’s
Director of Compliance Policy, before the House Oversight and Investigations
Sub-Committee of the Committee on Financial Services. John Hardage Named Director for Congressional Liaison The OCC announced that John Hardage has
been named Director for Congressional Liaison. View the News Release now. Tim Long and Jennifer Kelly Named to Key Supervision
Posts Comptroller Dugan announced that Tim Long will become Senior Deputy Comptroller for Bank Supervision Policy, and that Jennifer Kelly will succeed Mr. Long as Senior Deputy Comptroller for Mid-Size and Community Bank Supervision. In his new role, Mr. Long will also serve as Chief National Bank Examiner and as Chairman of the Committee on Bank Supervision, which coordinates the OCC’s supervisory activities. View the News Release now.
2.
Community Reinvestment Interagency
Questions and Answers The federal financial regulatory agencies released July
11, 2007 proposed revisions to the Interagency “Questions and Answers” on the
Community Reinvestment Act. View the joint release now. CRA Asset-Size
Threshold Adjustments The federal bank regulatory agencies announced on
December 19, 2007 the annual adjustment to asset-sized thresholds for small
and intermediate small institutions under the Community Reinvestment Act
regulations. View the joint release now. OCC CRA Examination Schedule and Completed CRA Public Evaluations CRA evaluations for 26 national banks (GA, IA,
KS, KY, MI, NE, OH, OK, SC, SD, TX, VA). CRA evaluations for 37 national banks (CO, FL,
IA, IL, IN, KS, KY, LA, MA, MN, MT, NE, NM, OK, SC, SD, TX, VA). CRA evaluations for 46 national banks (AL, CA,
CO, FL, GA, IA, IL, KS, KY, LA, ME, MN, MO, MS, NE, NJ, NV, OK, PA, TX, UT,
WY). CRA evaluations for 32 national banks (CA, CO,
DE, FL, GA, IL, IN, LA, MD, NJ, NY, OH, OK, PA, TX). CRA evaluations for 30 national banks (AR, AZ,
CA, CO, DE, IA, MO, NE, NY, OK, PA, TX). CRA evaluations for 22 national banks (AZ, GA,
IA, IL, IN, KY, LA, MN, MO, NE, NH, OH, TN, TX). CRA evaluations for 29 national banks (AR, CA,
GA, IL, KS, KY, LA, MD, MN, OH, OK, PA, SC, TX, VA, WI). View the OCC’s 1st Quarter 2008 CRA examination
schedule. Back to Top 3. Consumer Credit and Lending Credit Card
Practices In a September 27, 2007 speech to the Financial Services
Roundtable, Comptroller Dugan said that consumers should be allowed to “opt out”
of certain credit card rate increases and to pay off the card balance at the
old rate. View the text now. Gift Cards An OCC Consumer Advisory
reminded consumers to read the terms and conditions for use of gift cards
when receiving and purchasing them.
Also see OCC Bulletin 2006-34, “Gift Card Disclosures.” OCC First Senior Deputy
Comptroller and Chief Counsel Julie Williams testified September 20, 2007
before the Senate Committee on Finance on federal benefits garnishments. View the testimony now. Also see the request for comments
on a proposed statement encouraging federally regulated financial
institutions to follow best practices to protect federal benefit payments from
garnishment orders. Truth in Savings OCC
Bulletin 2007-41, dated October 22, 2007, reflects changes in regulation DD to
address information provided to consumers when they overdraw their deposit
accounts. Truth in Lending OCC
Bulletin 2007-32, dated October 27, 2007, notes that the Federal Reserve has
published the final rule for the 2008 HOPEA trigger dollar amount. Credit Extended to
Military Service Members and Dependents OCC
Bulletin 2007-40 provides the Department of Defense final rule issued August 31,
2007, that applies to specific payday, vehicle title, and refund anticipation
loans, among other requirements. Foreclosures Comptroller Dugan provided testimony
December 6, 2007 before the House Committee on Financial Services on
“Accelerating Loan Modifications, Improving Foreclosure Prevention and
Enhancing Enforcement.” See also Treasury Under Secretary for Domestic Finance
Robert Steel’s November 2, 2007 testimony
before the House Committee on Financial Services on efforts to coordinate and
enhance foreclosure prevention and his January 31, 2008 testimony before the
Senate Committee on Banking, Housing, and Urban Affairs on “Foreclosure
Prevention and Neighborhood Preservation.” Subprime Lending Comptroller John Dugan testified on October 24, 2007 before
the House Financial Services Committee on a House bill setting national
standards for subprime mortgages and providing
enhanced regulation for all mortgage brokers.
View the
testimony now. Also see the Statement on Subprime Mortgage Lending jointly issued on July
10, 2007 by the federal financial regulatory agencies to address issues and
questions related to certain subprime mortgage
products and lending practices. Third-Party Loan Underwriting Standards In a speech to the American Banker’s Association annual
convention on October 8, 2007, Comptroller Dugan urged lenders to improve
underwriting standards for third parties.
View the
remarks now. Statement on Loss
Mitigation Strategies The federal financial regulatory agencies and the
Conference of State Banking Supervisors (CSBS) issued a statement encouraging
the design of appropriate loss mitigation strategies to preserve
homeownership. View the
joint release now. Mortgage Product Illustrations The federal banking agencies on August 14, 2007 released
jointly the proposed illustrations of consumer information for certain
adjustable-rate mortgage (ARM) products.
View the
release now. Employer-Assisted
Mortgage Programs The August 28, 2007 Community Developments Insights
report, entitled “Understanding Employer Assisted Mortgage Programs: A Primer
for National Banks,” highlights key features of employer assisted mortgage
programs and opportunities for bank involvement with these initiatives. View the report now. 4. Information and Privacy
Protection
The federal financial regulatory agencies and the
Federal Trade Commission approved proposed regulations and guidelines that
would allow consumers to dispute inaccuracies in information provided to
consumer reporting agencies. View the joint release now. Affiliate
Marketing The federal financial regulatory agencies issued final
rules October 25, 2007 allowing consumers to "opt out" before a
financial institution uses information provided by an affiliated company to
market its products and services to the consumer. View the joint release now.
Also see OCC Bulletin 2007-44 “Fair Credit Reporting
Affiliate Marketing Regulations: Final Rule,” November 7, 2007. OCC Bulletin 2007-48 “Fair Credit Reporting:
Accuracy and Integrity of Consumer Report Information and Direct Consumer
Dispute Regulations and Guidelines: Notice of Proposed Rulemaking,”
December 13, 2007, proposed guidelines and rules on the accuracy and
integrity of consumer information and requested comments by February 11,
2008. Also see Comptroller Dugan’s November 6, 2007 statement on
Section 312 of the FACT Act. Identity Theft Red
Flags and Notices of Address Discrepancy The federal financial institution regulatory agencies
and the Federal Trade Commission issued final rules, effective January 1,
2008, implementing sections 114 and 315 of the Fair and Accurate Credit
Transactions Act of 2003. View the release now.
Debt Elimination Schemes The
OCC issued an alert dated September 5, 2007 warning that fraudulent schemes
supposedly designed to “eliminate” debt are being promoted increasingly on
the Internet and in seminars throughout the 5. Bank Supervision Safety and
Soundness of National Banking System Comptroller Dugan told a House Committee on September 5,
2007 that the national banking system remains safe and sound. View the testimony now. Risk Management Comptroller Dugan urged stronger risk management for
commercial real estate loans and discussed money laundering supervision in a speech
to the Independent Bankers Association of Texas on October 2, 2007. View the text now. The Comptroller also expressed concerns about community
bank commercial real estate concentrations in a January 31, 2008 speech to
the Florida Bankers Association. View the text now. In an October 15, 2007 speech to an Interagency Consumer
Complaint Conference sponsored by the OCC, Comptroller Dugan said that agency
coordination and the use of technology should make customer complaint
handling easier and more effective. View the remarks now. See the October 2, 2007 announcement of
the OCC’s Also see OCC Chief of Staff and Public Affairs John
Walsh’s December 12, 2007 testimony before
the House Financial Services subcommittee on the OCC’s
efforts to support bank customers seeking to register questions and concerns
with the right financial regulator. New OCC Customer
Help Website The Comptroller announced on July 16, 2007 the OCC’s new Web site helpwithmybank.gov to help
national bank customers. View the announcement now. Preemption Chief Counsel and First Senior Deputy Comptroller Julie
L. Williams discussed the Supreme Court’s decision in Watters v. Wachovia
Bank in a July 10, 2007 speech to the New York Bankers Association. View the text now. OCC Chief of Staff and Public Affairs John Walsh
discussed the OCC’s approach to prudential
supervision in a speech to the Kennedy School of Government. View the text now. Statement on Bank
Secrecy Act/Anti-Money Laundering Requirements The federal financial regulatory agencies issued a
statement on July 19, 2007 on the enforcement of Bank Secrecy Act/Anti-Money
Laundering requirements. View the statement now. Regulatory Burden The OCC released a proposed rule on July 3, 2007 to
reduce regulatory burdens and to update and change various OCC regulations,
including measures involving community development investments and adjustable
rate mortgages. View the release now. The federal bank and thrift agencies issued a final rule
on September 21, 2007 expanding the range of small institutions eligible for
an extended 18-month examination cycle.
View the joint
release now. Lending Limits OCC
Bulletin 2007-22 details the interim final rule issued by the OCC to amend bank
lending limits. Among its other
provisions, the interim rule allows a national bank to use a higher lending
limit if the state in which the bank is located allows its state-chartered banks
to use a higher lending limit for the same types of loans. The federal bank regulatory
agencies reached agreement on outstanding Basel II implementation issues,
which will lead to finalization of a rule on advanced approaches for computing large bank
risk-based capital requirements. View the joint release now. Also see Comptroller Dugan’s
October 23, 2007 remarks
on the progress made
in establishing the supervisory and regulatory framework for implementing
Basel II in the Chief Counsel and First Senior Deputy Comptroller Julie
L. Williams discussed different approaches to consumer protection in a
November 28, 2007 speech to Interpretations and Decisions The OCC released two
publications that provide the latest OCC interpretations and decisions
authorizing activities for national banks and their operating subsidiaries: Significant Legal, Licensing, and
Community Development Precedents for National Banks: 2006 (annual) and Activities Permissible for a
National Bank, Cumulative: 2006. Enforcement Actions ● News Release 2008-3
announces 4 enforcement actions and one termination of existing enforcement
actions taken against national banks and individuals currently and formerly
affiliated with national banks (AL, KA, KY, MN, NY) WI). ● News Release 2007-136
announces 14 enforcement actions and one termination of existing enforcement
actions taken against national banks and individuals currently and formerly affiliated
with national banks (CA, CO, MI, MN, NC, NE, OH, TN, WI). ● News Release 2007-126
announces 12 enforcement actions and three terminations of existing
enforcement actions taken against national banks and individuals currently
and formerly affiliated with national banks (AL, CA, IL, KY, NE, NJ, OH). ● News Release 2007-112
announces eight enforcement actions and three terminations of existing
enforcement actions taken against national banks and individuals currently
and formerly affiliated with national banks (AL, CO, FL, MI, MN, TX, WY). ·
News Release
2007-96
announces 24 enforcement actions and three terminations of existing
enforcement actions taken against national banks and individuals currently
and formerly affiliated with national banks (CA, CO, GA, IL, KS, MI, NE, NY, OH). ·
News Release
2007-86
announces seven enforcement actions and 11 terminations of existing
enforcement actions taken against national banks and individuals currently
and formerly affiliated with national banks (AR, CA, CO, IA, IL, MN, NC, NJ,
OK, RI, TX, VA). ·
News Release
2007-74
announces 13 enforcement actions and four terminations of existing
enforcement actions taken against national banks and individuals currently
and formerly affiliated with national banks (CA, FL, IL, KS, MI, MO, NC, NH,
OH, PA, TX, UT, WI). Electronic Interpretations
and Actions, July - January 2008 ·
View July electronic Interpretations
and Actions. ·
View August electronic Interpretations
and Actions. ·
View
September
electronic Interpretations and Actions. ·
View October electronic Interpretations
and Actions. ·
View November electronic Interpretations
and Actions. ·
View December electronic Interpretations
and Actions. ·
View January
electronic Interpretations
and Actions. OCC Web Links The OCC’s new Web page http://www.helpwithmybank.gov has
added questions and answers designed to help national bank customers. Also see the OCC’s Consumer Protection News
and Anti-fraud Resources
links. External Web Links The following Web resources are related to the above OCC
news topics, but are not produced by the OCC and do not appear on the OCC’s
public Web site. Note that the privacy
policies of these sites may differ from the OCC’s privacy policy. The MyMoneyManagement.net is a unique industry-wide effort to provide
consumers with comprehensive financial education resources to help guide the
personal finance decision-making process.
The Web site provides information and encouragement to consumers in
financial distress to contact their lenders or a Department of
Justice-certified credit counselor. A National Ad Council campaign
promoting the 888-995-HOPE foreclosure prevention
counseling service was unveiled on June 25, 2007.
The campaign's television and radio advertisements urge homeowners in
financial difficulty to call the hotline to find solutions that can prevent
foreclosures. The Financial Services
Roundtable's Housing Policy Council is partnering with NeighborWorks
America, the Homeownership
Preservation Foundation, and other lenders to support the
888-995-HOPE hotline and its foreclosure prevention counseling. |