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OCC Finds 6 Banks Have Not Complied With Consent Orders

The Office of the Comptroller of the Currency has determined that EverBank; HSBC Bank USA, N.A.; JPMorgan Chase Bank, N.A.; Santander Bank, National Association; U.S. Bank National Association; and Wells Fargo Bank, N.A., have not met all of the requirements of the consent orders. As a result the amended orders issued to these banks restrict certain business activities that they conduct. Finally the government is starting to wake up and pay attention to the fact that these big banks do not comply with any consent orders.

Livinglies's Weblog

see OCC NR 2015-6 Servicers Actions Restricted and 3 Services Released 2015 06 17

The OCC also has determined that EverBank; HSBC Bank USA, N.A.; JPMorgan Chase Bank, N.A.; Santander Bank, National Association; U.S. Bank National Association; and Wells Fargo Bank, N.A., have not met all of the requirements of the consent orders. As a result, the amended orders issued today to these banks restrict certain business activities that they conduct. The restrictions include limitations on:

  • acquisition of residential mortgage servicing or residential mortgage servicing rights (does not apply to servicing associated with new originations or refinancings by the banks or contracts for new originations by the banks);
  •   new contracts for the bank to perform residential mortgage servicing for other parties;
  •   outsourcing or sub-servicing of new residential mortgage servicing activities to otherparties;
  •   off-shoring new residential mortgage servicing activities; and
  •   new appointments of senior officers responsible for…

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