U.S. Senators Urge OCC Coordination on Mortgage-Servicer Plans

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U.S. Senators Urge OCC Coordination on Mortgage-Servicer Plans

Bloomberg – Twelve U.S. senators urged the Office of the Comptroller of the Currency to work with state attorneys general and other federal agencies as it considers banks’ plans for addressing mortgage-servicing deficiencies.

The Senate Democrats, including Banking Committee Chairman Tim Johnson and Patrick Leahy, head of the Judiciary Committee, made the request after the OCC granted banks a 30-day extension to meet terms of consent orders issued on April 13. Regulators seek “action plans” from eight loan servicers including JPMorgan Chase & Co. (JPM), Wells Fargo & Co. (WFC) and Citigroup Inc. (C)

“As the OCC assesses these action plans to determine whether they are acceptable, we urge you to work with the State Attorneys General, the Department of Justice, the Department of Housing and Urban Development, and the other authorities who are involved,” the lawmakers wrote in a letter to John Walsh, the acting comptroller of the currency.

The 10 other senators who signed the letter included the second- and third-ranked Democrats in the Senate — Richard Durbin of Illinois and Charles Schumer of New York — as well as Senators Jack Reed and Sheldon Whitehouse of Rhode Island, Richard Blumenthal of Connecticut, Robert Menendez of New Jersey, Daniel Akaka of Hawaii, Sherrod Brown of Ohio, Jeff Merkley of Oregon and Al Franken of Minnesota.

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