Office of the Comptroller of the Currency

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Under Fire, Biden's Pick for Bank Regulator Pulls Out

'It is no longer tenable for me to continue' as the nominee for OCC, says Saule Omarova

(Newser) - Saule Omarova, President Biden's nominee to head up the Office of the Comptroller of the Currency, has taken her name out of the running. "I deeply value President Biden's trust in my abilities and remain firmly committed to the Administration's vision of a prosperous, inclusive, and...

Republicans Cast Financial Nominee as Radical

Democrats defend Saule Omarova, Biden's choice for banking regulator

(Newser) - President Biden's choice to become one of the top banking regulators endured a contentious nomination hearing Thursday, with Republican senators warning she would nationalize the US banking system and Democrats saying she's eminently qualified and would be a tough overseer of Wall Street. Saule Omarova, 55, was nominated...

Feds to Banks: Double-Check Your Foreclosures for Errors

Independent review not working, so comptrollers go straight to banks

(Newser) - In the quest to right wrongful foreclosures, government regulators are turning to the last people on Earth one might expect—the unscrupulous lenders who did the foreclosing in the first place. An attempt to distribute billions of dollars in aid by independent consultants was shut down after it was found...

More Bad News for JPMorgan
 More Bad News for JPMorgan 
Nov 16, 2012 9:57 AM CST

More Bad News for JPMorgan

Regulators point finger at weaknesses in its anti-money-laundering procedures

(Newser) - More bad news for JPMorgan Chase: The banking giant is expected to be hit with formal action by US regulators over perceived weaknesses in its anti-money-laundering system, as part of a wider crackdown on the financial industry, reports the Wall Street Journal . It doesn't look like there will be...

Senate: HSBC Handled Drug, Iran Money

Report slams bank's 'pervasively polluted' culture

(Newser) - Terrorists, drug lords, and pariah regimes looking for a way into the US financial system found British banking giant HSBC willing to assist, according to a damning report from a Senate probe. The report, the result of a year-long inquiry, found that safeguards at the bank's American affiliate were...

Treasury Officials Hired Prostitutes, Took Gifts

Inspector General report finds shenanigans at regulatory agencies

(Newser) - Treasury Department officials have been reprimanded for hiring prostitutes, golfing with the bankers they're supposed to be regulating, and taking improper gifts, according to inspector general reports spotted by the Hill that were published following Freedom of Information Act requests. Though the identities of all the perpetrators were redacted,...

States Asked for Foreclosure Probe—3 Years Ago

Federal regulators turned down request, put off matter

(Newser) - State regulators suspected that there was something fishy about banks' foreclosure procedures as far back as three years ago, but federal regulators forbid them to take action, the Washington Post reports. The federal comptroller told the states his office was already planning an investigation, and that banks should only respond...

White House Plans Unified Banking Regulator

New agency would replace hodgepodge of regulators blamed for financial crisis

(Newser) - The Obama administration is working on plans to create a single agency to do the work of the mishmash of regulators who failed to see the financial crisis coming, the Wall Street Journal reports. The new agency, which may be proposed to Congress next month, would strip powers from the...

'Choose-a-Charter' System Lets Banks Dodge Regulation
'Choose-a-Charter' System Lets Banks Dodge Regulation
investigation
Jan 22, 2009 9:25 AM CST

'Choose-a-Charter' System Lets Banks Dodge Regulation

(Newser) - A loophole in the nation’s banking regulations allows institutions to switch their charters from federal to state, effectively allowing them to decide which regulatory agencies supervise them, reports the Washington Post. Regulatory reform is at the top of Treasury Secretary-designate Tim Geithner's agenda. Of the 200-plus banks that have...

Spitzer Slams Bush for Abetting Bad Lenders
Spitzer Slams Bush for Abetting Bad Lenders
OPINION
Feb 14, 2008 12:12 PM CST

Spitzer Slams Bush for Abetting Bad Lenders

Says feds barred states from halting predators

(Newser) - The Bush administration was a “willing accomplice” to predatory lending practices that cost thousands of Americans their homes and endangered our economy, Eliot Spitzer writes in the Washington Post. When state attorneys general (including Spitzer at the time) tried to act against a spike in deceptive and even illegal...

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