The OCC issued an interim status report summarizing the actions taken by12 national bank and federal savings bank servicers to comply with the April 13, 2011 consent orders issued by the OCC and the former OTS regarding foreclosure practices. The report identifies the consultants engaged by each servicer to conduct the independent foreclosure file reviews required by the orders, and discusses how the reviews will be conducted. The report also discusses actions taken by the servicers to (1) change servicing processes and procedures; (2) improve oversight and management of third-party service providers, including MERS; (3) enhance management information systems; (4) assess and manage risks; and (5) set up compliance committees responsible for developing and implementing compliance programs, action plans, and policies and procedures. The report states that the OCC expects the servicers to complete the implementation of new processes, policies, and enhanced controls during the first part of 2012. Click here for the report.
Consumer Financial Services Alert - November 29, 2011 November 29, 2011
In This Issue
The Consumer Financial Protection Bureau published a notice and request for comment regarding its plans to collect information about legal actions filed by state officials under authority granted in Section 1042(a) of the Dodd-Frank Act. This Section provides state attorneys general and state regulators with authority to bring legal actions against financial institutions to enforce provisions of Title X of Dodd-Frank and its implementing regulations. The Bureau published an interim final rule in July of this year establishing the notification procedures regarding state legal action taken. In the current notice, the Bureau states that the burden of providing information on actions taken falls on the state authorities and that the Bureau does not expect to make this information publicly available unless already made available by the state reporting the action. The Bureau is asking for comment on a number related questions, including whether collecting this information is necessary for the "proper performance" of the Bureau and whether the information will have "practical utility." Click here for the notice.
The Consumer Financial Protection Bureau announced a request for information concerning private education loans. Pursuant to Section 1077 of the Dodd-Frank Act, the Bureau and the Department of Education must prepare a report for Congress on private education loans and student lenders. The Bureau is seeking information to supplement data that it plans to obtain from Department of Education records, lenders, industry associations, and other sources. The Bureau is particularly interested in learning what information would help students make informed decisions about which financial services and products are right for them and what approaches would best assist recent graduates facing (or about to face) difficulty making private education loan payments. The questions are grouped into four broad categories: (1) scope and use of private education loans, (2) information and shopping for private education loans, (3) institutional loans, and (4) repayment. Click here for the information request.