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Cordray stresses individual accountability and service provider oversight in remarks to Chicago Fed

In remarks to the Chicago Federal Reserve Bank on May 9, Director Cordray outlined the past and future of the Bureau’s enforcement efforts. Director Cordray’s theme was to outline Bureau expectations in what he calls a “new...more

Risk Retention Reproposal's Impact on CLOs: Loan Arrangers Get Invited to the Party that No One Wants to Attend

On August 28, 2013, six federal regulatory agencies (among them, the SEC, Federal Reserve, OCC and the FDIC (collectively, the “Agencies”)) released a 499 page second risk retention proposal (the “Second Proposal”). The...more

Federal Regulators Agree To Monetary Settlement With 10 Servicers In Lieu Of Independent Foreclosure Review

On January 7, the OCC and the Federal Reserve Board announced that 10 of the 14 mortgage servicers subject to consent orders issued in April 2011 regarding alleged improper servicing and foreclosure practices agreed in...more

Is the Fed's Settlement with Mortgage Servicers Good for the Market?

On January 7, 2013, the Office of the Comptroller of the Currency (OCC) and the U.S. Federal Reserve Board announced an $8.5 Billion settlement with 10 of the nation's top residential loan servicers ending independent...more

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