OCC Finds 6 Banks Have Not Complied With Consent Orders

see OCC NR 2015-6 Servicers Actions Restricted and 3 Services Released 2015 06 17

The OCC also has determined that EverBank; HSBC Bank USA, N.A.; JPMorgan Chase Bank, N.A.; Santander Bank, National Association; U.S. Bank National Association; and Wells Fargo Bank, N.A., have not met all of the requirements of the consent orders. As a result, the amended orders issued today to these banks restrict certain business activities that they conduct. The restrictions include limitations on:

• acquisition of residential mortgage servicing or residential mortgage servicing rights (does not apply to servicing associated with new originations or refinancings by the banks or contracts for new originations by the banks);
•   new contracts for the bank to perform residential mortgage servicing for other parties;
•   outsourcing or sub-servicing of new residential mortgage servicing activities to otherparties;
•   off-shoring new residential mortgage servicing activities; and
•   new appointments of senior officers responsible for residential mortgage servicing orresidential mortgage servicing risk management and compliance.

SEE ALSO

Related Links

•   Chart of Bank Business Restrictions (PDF) http://occ.gov/news-issuances/news-releases/2015/nr-occ-2015-85a.pdf
•   Consent Order Termination Bank of America, N.A. (PDF) http://occ.gov/static/enforcement-actions/ea2015-059.pdf
•   Consent Order Termination Citibank, N.A. (PDF) http://occ.gov/static/enforcement-actions/ea2015-060.pdf
•   Consent Order Termination PNC Bank, N.A. (PDF) http://occ.gov/static/enforcement-actions/ea2015-061.pdf
•   Amended Consent Order EverBank (PDF) http://occ.gov/static/enforcement-actions/ea2015-062.pdf
•   Amended Consent Order HSBC Bank USA, N.A. (PDF) http://occ.gov/static/enforcement-actions/ea2015-063.pdf
•   Amended Consent JPMorgan Chase Bank, N.A. (PDF) http://occ.gov/static/enforcement-actions/ea2015-064.pdf
•   Amended Consent Santander Bank, National Association (PDF) http://occ.gov/static/enforcement-actions/ea2015-065.pdf
•   Amended Consent U.S. Bank National Association (PDF) http://occ.gov/static/enforcement-actions/ea2015-066.pdf
•   Amended Consent Wells Fargo Bank, N.A. (PDF) http://occ.gov/static/enforcement-actions/ea2015-067.pdf