News & Analysis as of

Orrick's Financial Industry Week in Review - April 14, 2014

Agencies Apply Increased Leverage Ratio to Large U.S. Banks - On April 8, the Fed, FDIC and OCC adopted the final rule to increase the leverage ratio for the largest U.S. banks. The final rule applies to U.S. bank...more

JPMorgan Chase & Co. and its Affiliates Agree to Pay the DOJ, OCC and FinCEN an Aggregate of $2.05 Billion to Resolve Violations...

JPMorgan Chase & Co. and its affiliates (collectively, “JPMorgan”) agreed to pay an aggregate of $2.05 billion to resolve civil and criminal claims generally related to JPMorgan’s Bank Secrecy Act (“BSA”) compliance program...more

Orrick's Financial Industry Week in Review - November 4, 2013

The Fed Approves New Fee Schedules - On October 31, the Fed announced new fee schedules, effective January 2, 2014, for payment services the Federal Reserve Banks provide to depository institutions (priced services). ...more

Taking The Easy Way Out Again: Recent OCC/Big Banks Settlement

Any follower of this blog or the mortgage crisis at large will — sadly — not be surprised by the seemingly never-ending news of foreclosure misdeeds by the nation’s biggest banks. Recent news reveals a particularly...more

House Financial Services Ranking Member Seeks Additional Information Regarding Foreclosure Review Settlements

On February 15, House Financial Services Committee Ranking Member Maxine Waters (D-CA) sent an amended set of requests to the Federal Reserve Board and the OCC regarding the recent agreements in principle to end the...more

Democratic Lawmakers Seek Information Regarding Independent Foreclosure Review Settlements

On January 31, Senator Elizabeth Warren (D-MA) and Representative Elijah Cummings (D-MD), House Oversight Committee Ranking Member, sent a letter to the Federal Reserve Board and the OCC seeking documents and information...more

Federal Regulators Announce Additional Monetary Settlements In Lieu Of Independent Foreclosure Review

On January 16, the Federal Reserve Board announced that two additional mortgage servicers subject to consent orders issued in April 2011 agreed in principle to a monetary resolution of allegations that the firms engaged in...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

Federal Reserve Announces Another Major Cash Settlement with Mortgage Servicers: $8.5 Billion to be Paid in Cash, Used to Help...

In a joint press release issued by the Federal Reserve and the Office of the Comptroller of the Currency, news this past week is that 10 mortgage servicers around the country have entered into a settlement agreement with the...more

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