OCC
Update
April 2007 - June 2007
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.
1. Community Affairs
News
Comptroller Testifies on
OCC’s Consumer Protection Responsibilities
Comptroller Dugan
provided testimony before the House Committee on Financial Services on
June 13, 2007, stressing that the OCC takes its consumer protection
responsibilities very seriously. View the
testimony now.
NeighborWorks Week
Volunteer Event
Comptroller Dugan led a group of OCC
volunteers in Washington, DC on June 2, 2007 as part of NeighborWorks
Week. View the news
release now.
Foreclosure Prevention
Comptroller Unveils Foreclosure
PSAs
In a June 25, 2007 speech at the
NeighborWorks America symposium on foreclosure prevention, Comptroller
Dugan unveiled two new Public Service Announcements encouraging delinquent
borrowers to seek help. Learn more about the ad
campaign now.
National Foundation of Credit Counseling
Recognition
Comptroller Dugan received the NFCC’s
Making-a-Difference Award at its spring meeting on April 24, 2007. In his
remarks at the meeting, the Comptroller focused upon the risk of
widespread foreclosures among subprime borrowers and the resulting costs.
View the speech
now.
Stated Income Loans in the Subprime Market
In his
speech before
the NHS of New York’s Regional Interagency Council (RIAC) Breakfast on May
23, 2007, Comptroller Dugan discussed the impact of “stated income”
underwriting in the subprime mortgage market.
Improving
Delinquent Borrower Contact
The new CA Insights report
“Foreclosure Prevention: Improving Contact with Borrowers” describes best
practices that mortgage servicers are using to improve their contact rate
with delinquent borrowers to help prevent foreclosures. View the
report now.
Regulators Encourage Working with Delinquent
Borrowers
Federal bank regulators encouraged financial
institutions to work prudently with homeowners who are unable to make
their mortgage payments. View the joint
statement now.
Final Statement on Subprime Mortgage Lending
The federal financial
regulatory agencies issued the final statement on subprime mortgage
lending to address issues relating to certain adjustable-rate mortgage
(ARM) products that can cause payment shock. View the joint statement
now.
Nontraditional Mortgage Product
Illustrations
The federal banking agencies on May 31, 3007
released jointly the final illustrations of consumer information for
nontraditional mortgage products. View the release
now.
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2. Community
Reinvestment
Greenlining
Award
Comptroller Dugan received a Distinguished Leader Award
from the Greenlining Coalition at its 14th Annual Economic Summit on April
20, 2007. In his speech that
followed the award, Comptroller Dugan discussed the evolution and
significant contributions of the Community Reinvestment Act and expressed
concerns about subprime lending abuses.
Community Development
Venture Capital Investment Opportunities
The Spring 2007
edition of Community Developments Investments focuses upon community
development venture capital (CDVC).
2006 HMDA
Data
Federal agencies released 2006 home loan data disclosed
under the Home Mortgage Disclosure Act (HMDA) on April 12, 2007. View the joint
release.
Estimated Median Family
Incomes for 2007
OCC Bulletin 2007-18 provides U.S. Census and
2007 Department of Housing and Urban Development (HUD) estimated median
family incomes for metropolitan statistical areas (MSAs), metropolitan
divisions (MDs), and nonmetropolitan portions of each state. View the Bulletin
now.
Distressed and Underserved
Nonmetropolitan Middle-Income Geographies
The federal bank
regulatory agencies announced the availability of the 2007 list of
distressed or underserved nonmetropolitan middle-income geographies in
which bank revitalization or stabilization activities will receive CRA
consideration as “community development.” View the OCC Bulletin
now.
OCC CRA Examination Schedule and Completed CRA Public
Evaluations
CRA evaluations announced through June 2007
include:
CRA
evaluations for 23 national banks (AL, AR, CA, CO, CT, FL, GA, IL, KS,
KY, MS, ND, NV, NY, OH, OK, SC, TX).
CRA evaluations for 29
national banks (AR, CA, FL, IA, IL, IN, KS, KY, MN, NE, NH,
OH, PA, TX, WI).
CRA evaluations for 33
national banks (CA, CO, IL, IN, KS, MA, MN, MO, MS, ND, NE, NH, NM, OH,
OK, PA, TX, VA).
View the
OCC’s 3rd Quarter 2007
CRA examination schedule now.
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3. Consumer Credit and
Lending
Credit Card
Disclosures
Comptroller Dugan called for better credit card
disclosures in testimony before the House Subcommittee on Financial
Services and Consumer Credit on June 7, 2007. View the testimony
now.
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4. Information and Privacy
Protection
Fraudulent Correspondence
The OCC warned that fictitious e-mails, faxes, and mail
allegedly issued by the OCC continue to circulate. View the Alert now.
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5. Bank
Supervision
Extended Examination Cycle
for Small Institutions
The federal bank and thrift agencies
requested public comment on proposed interim rules expanding the range of
small institutions eligible for an extended 18-month on-site examination
cycle. View the joint
release now.
OCC Enforcement
Actions
The OCC maintains a searchable database of all public
enforcement actions taken since August 1989 on its Internet Web site.
Recent Enforcement Actions include:
- News Release
2007-58 announces 15 enforcement actions and six terminations of
existing enforcement actions taken against national banks and
individuals currently and formerly affiliated with national banks (CA,
CO, Fl, GA, KS, MN, NC, NJ, NY, PA, TN, WI).
- News Release
2007-46 announces 15 enforcement actions and one termination of
existing enforcement actions taken against national banks and
individuals currently and formerly affiliated with national banks (AL,
AR, CO, FL, KS, ME, NY, OH, OK, TN).
- News Release
2007-39 announces 10 enforcement actions and three terminations of
existing enforcement actions taken against national banks and
individuals currently and formerly affiliated with national banks (CA,
CO, CT, FL, GA, NC, MT, OH).
Electronic Interpretations and Actions, April – June
2007
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6. Corporate Applications
Weekly Bulletin Search
The OCC publishes a weekly
record of its actions upon applications for new banks, branches, mergers,
and conversions; changes in bank control, corporate titles, fiduciary
powers, domestic subsidiaries; and relocations of head offices and
branches and branch closings. The Weekly
Bulletin may be sorted by bank or by
state and types of applications.
Public Inquiries and Comments on Applications
Inquiries related to filing corporate applications and
notices involving most national banks should be directed to the
OCC
licensing units in the district where the
bank is headquartered. Inquiries related to Bank of America, Citigroup,
Wachovia, Wells Fargo, and JP Morgan Chase should be directed to Large
Bank Licensing in Washington, DC at (202) 874-5060. Inquiries regarding
foreign banks should be directed to the Northeastern District licensing
unit.
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7. Contact Us at the OCC
The OCC’s Web site
is the easiest way to find out about new developments in banking and
community affairs. View popular OCC Freedom of Information
Requests or visit the OCC’s
Web site. | 
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