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Regulators recently offered a rare behind-the-scenes glimpse of what areas they are targeting for enforcement, saying that potential fair lending violations like redlining and how mortgages are priced and serviced remain top priorities for the future.
October 6 -
The Office of the Comptroller of the Currency said Wednesday it will begin rotating out resident examiners in the largest banks as part of a slew of internal changes it plans to make later this year based upon suggestions made by foreign supervisors.
May 28 -
Comptroller of the Currency Thomas Curry told a room full of state commissioners Wednesday that regulators need to "step up their game" rather than get caught up in competition between state and federal agencies.
May 14
WASHINGTON The Office of the Comptroller of the Currency has tightened up the process it uses to document and track banks that are flagged by examiners for having problems.
The agency issued revised guidelines Thursday dictating how banks should respond and correct matters requiring attention under specific timeframes. The OCC said the changes are meant to clearly outline concerns to banks and track remediation efforts in the hope that issues can be addressed before it affects a banks condition.
Successful supervision relies upon clear communication of supervisory expectations, said Comptroller Thomas Curry in a press release. Clarifying how we use MRAs [matters requiring attention] helps ensure that our concerns are addressed, that deficient practices are corrected early, and that we can track concerns more effectively.
The revised guidance sets agency-wide standards for the terminology used by examiners such as what is considered a concern as well as the tracking, analysis and reporting of issues. It also specifically addresses responsibilities of the board of directors and management in following through by correcting concerns raised by examiners in a timely manner.
The OCC said it made these revisions in response to recommendations made last year by international regulators after performing a peer review. The updated guidance applies to banks and thrifts of all sizes under the purview of the OCC.
