OCC Report Updates Efforts to Fix Foreclosure Problems
On Tuesday, the Office of the Comptroller of the Currency released an interim status report on the actions 12 large mortgage-loan servicers have taken this year to overhaul their foreclosure practices. The federal banking regulators in April issued enforcement actions against the 14 largest mortgage-loan servicers, requiring them to correct problems in their servicing and foreclosure processes. The OCC report said the servicers have made progress, particularly correcting deficiencies in foreclosure practices, fixing management issues and conducting internal audits. The report added that much of the work to correct policy problems will be “substantially complete” in the first part of 2012, and other longer-term initiatives will continue throughout 2012. ... More
Regulatory Feedback Initiative
The VBA is partnering with other state bankers associations to launch an important Regulatory Feedback Initiative (RFI) through an organization called the Alliance of State Bankers Associations. Click the link below for more information. ... More
Spotlight on CDARS Program
Promontory Interfinancial Network, LLC provides innovative, profit-building solutions to financial institutions. Promontory’s CDARS service is a versatile tool that can help financial institutions to attract valuable relationships by offering customers access to multi-million-dollar FDIC insurance on their CD investments, keep the full amount of deposits on balance sheet or sell the excess for fee income, manage interest rate risk, reduce collateralization costs, tap cost-effective, fixed- or floating-rate funding, and earn CD-level interest by investing their own funds through the service.
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