Tag Archives: OCC

The OCC Agrees to Halt the Independent Foreclosure Review Process

Did the OCC finally agree that the costs of the foreclosure look-back process overwhelmed its benefits, or was the government simply under-staffed and over-budgeted? It appears to be the financial world’s equivalent to the chicken or the egg question. Nonetheless, the OCC announced this week that it and the Federal Reserve had reached a deal with the … Continue reading this entry

OCC Issues Largest Penalty It Has Ever Assessed

Today, the Office of the Comptroller of the Currency (OCC) announced a $500 million penalty against a national bank, HSBC Bank USA, N.A. The OCC’s penalty was based upon its determination that HSBC had violated the Bank Secrecy Act.  Separately, the OCC announced that it had issued a cease and desist order to HSBC to address … Continue reading this entry