OCC and NY State Banking Commission Join forces Offficially in MOU


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Joint Release Office of the Comptroller of the Currency
New York State Banking Department NR 2006-128
November 30, 2006OCC and New York Banking Department Agree to Share Consumer ComplaintsNEW YORK – Comptroller of the Currency John C. Dugan and New York State Banking Department Superintendent Diana L. Taylor signed a Memorandum of Understanding (MOU) today that provides a mechanism for sharing consumer complaint information between their two agencies.

The MOU is the first such agreement patterned on a template created by the OCC and the Conference of State Bank Supervisors. The template, announced by the two organizations last week, recognizes that consumers do not always know which regulatory agency – state or federal – supervises their bank, and provides model procedures to ensure that misdirected complaints are sent to the appropriate agency.

“I want to thank Superintendent Taylor for working with us on this MOU,” said Comptroller Dugan. “The real winners here are New York consumers, who should not be expected to know which regulatory agency to send a complaint to when they run into problems.”

“We are pleased to be the first state to sign an MOU with the OCC to ensure consumer complaints are addressed by the appropriate supervisory agency,” said Superintendent Taylor. “This agreement is an important first-step between the New York Banking Department and a federal bank regulator to enhance cooperation in the area of consumer protection.”

Media Contacts:
OCC Robert M. Garsson (202) 874-5770
NYSBD Liz Billet (212) 709-1690

14 Responses

  1. We could never trust Chase Bank to be truthful. It is a shame, prior to this mess I trusted banks as if they had some integrity

  2. I, also, sent the OCC a FAX letter in 2010 because they are suppose to regulate the banks and asked them a GENERAL QUESTION. The question was about Chase Home Finance, LLC (CHF) and how it claimed to be the successor by MERGER to JP Morgan Chase Bank, N.A. Did they merged or was it just a subsiiary? They forwarded the question to Chase Bank, not CHF, and Chase Bank responded by Blah . Blah.. Blah… and DID NOT ANSWER THE QUESTION. Their response included my loan number which I did not include in the OCC
    letter. Afterward, I sent another letter to OCC and asked them “Who is regulating who?”
    In May 2011, the OCC approved the MERGER of Chase Home Finance, LLC into JP Morgan Chase Bank, N.A. The OCC had the answer the whole time.

  3. John Dugan, previously worked at the OCC and assisted undermining regulations and provided cover for predatory lending.
    He’s no longer at the OCC he is at a prominent DC area lawfirm.

  4. The OCC sent me a letter telling me the banks told them they were in compliance and might prosecute me. I sent them a second letter with proof of fraud assignments and the Wall Street and the Financial Crisis: Anatomy of a Financial Collaspe. I am not impressed with the OCC or any government agency, however we have to let them know we know the truth and so do they and we are not going to take it anymore. We are going to vote the bankster buddies out of office. Their positions are extremely important to them. Our government has been supporting the wrong people. We are their bread and butter not the banks.

  5. I was told to stop paying the mortgage in order to qualify for HAMP also. Our senators know what is going on. They are slow in reacting. My district senator told me she was to busy to read the 650 Page Wall Street and the Financial Crisis; anatomy of a Financial Collapse.” I copied it off the web, yellowmarkered the highlights and personally delivered it to her. She also told me this was non of her responsibility, until I replied to all the above and asked when her constituents are being victims of the worst crime in our history, in her district and the county recorders offices are being cheated millions in tax dollars, how does this not make it her problem? She is working with a bill to help us. I have not seen the bill yet, but I and others in my district are pursuing a bill that will help us and not be a sham to the American people. You must tell your senators and your A.G’s. Keep the pressure on and make sure they see we are not asleep taking this any more.

  6. Tim
    are you sure it is not retroactive—

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  8. […] Livinglies’s Weblog Filed Under: Foreclosure Law News, Foreclosure News Tagged With: crisis, foreclosure, […]

  9. An unholy alliance against the very people who pay their salaries.

  10. for those of you reading this from florida you need to start reporting all fraud to our senators. they need to know what is going on. when i approach marco rubio’s staff from orlando with the fact that wells fargo told me not to pay my mortgage to apply for hamp although i was current i was told he had heard this before. which to me makes the lights go on that they are well aware of this fraudulent scam to collect their CDSI or credit default swap insurance. which if you haven’t heard can me sometimes worth 30X the amount of the mortgage principle so at this time makes my loan worth to wells fargo 6 million no wonder they lost paper work, deny me hamp, modify my mortgage for more then i can afford, move my file, null and void my contract by verbally telling me not pay my “current mortgage” so lets combine as one and do our due diligence and let our Florida government know whats going on out here. thank you your help.

  11. My opinion is …..this is just so the OCC can get the info and pass it on to their bank cronies, so the banks can know what to hide. Don’t trust them. OCC has proven that they are against consumers.

  12. This appears to apply to assignments subsequent to May 21, 2010. The failure to notify contains the well known TILA penalties.

    The federal assignment law states as follows:

    SEC. 404. NOTIFICATION OF SALE OR TRANSFER OF MORTGAGE LOANS. (a) IN GENERAL.—Section 131 of the Truth in Lending Act (15 U.S.C. 1641) is amended by adding at the end the following:
    NOTICE OF NEW CREDITOR.— ‘‘(1) IN GENERAL.—In addition to other disclosures required by this title, not later than 30 days after the date on which a mortgage loan is sold or otherwise transferred or assigned to a third party, the creditor that is the new owner or assignee of the debt shall notify the borrower in writing of such transfer, including—
    (A) the identity, address, telephone number of the new creditor;
    (B) the date of transfer;
    (C) how to reach an agent or party having authority to act on behalf of the new creditor;
    (D) the location of the place where transfer of ownership of the debt is recorded; and
    (E) any other relevant information regarding the new creditor.
    (2) DEFINITION.—As used in this subsection, the term ‘mortgage loan’ means any consumer credit transaction that is secured by the principal dwelling of a consumer.’’.
    (b) PRIVATE RIGHT OF ACTION.—Section 130(a) of the Truth in Lending Act (15 U.S.C. 1640(a)) is amended by inserting ‘‘subsection (f) or (g) of section 131,’’ after ‘‘section 125,’’.

    State law requires recording; the only penalty seems to be non-enforcement and loss of priority. [ 4 ] While this federal statute does not require recording, it does carry with it the specter of a private right of action against the lender under TILA, if the lender fails to provide notice to the borrow.

    That TILA penalty seems to be an amount “equal to twice the amount of the finance charge imposed, but not less than $100 nor more than $1,000 [15 U.S.C. Section 1640(2)(a)].” [ 5 ]. Additionally, the borrower should be able to recover attorney’s fee under TILA, if the borrower prevails on his or her main TILA claim. That is, you have to prevail to get attorney’s fees.

    The murky world of the “lost assignment,” continues to be frustrate borrowers and lenders. Whether there will ever be a nationwide mandatory recording requirement remains to be seen. Hopefully, this new TILA “penalty,” against lenders for failure to notify borrowers may go a long way toward cleaning up the “lost and missing assignment” mess.

  13. Well, anything that has come from our regulators so far is just a window dressing solution. I have a complaint into the OCC and heard only once from them. In that letter, their response is to forward to your bank. That’s a kin to the Fox guarding the hen house
    7 months and no response.
    How about the basic MOU with the American citizens ?

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