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Washington
Inside Washington (05/14/2012)
  • WASHINGTON (5/15/12)--The Office of the Comptroller of the Currency  has directed Allonhill to cease reviewing files related to the OCC's Independent Foreclosure Review as a primary independent consultant or subcontracted consultant due to a possible conflict of interest. The OCC took the action after Allonhill reported work for third parties that the agency determined to be inconsistent with the requirements for an independent consultant. The work at issue involved prior review for third parties of loans that are part of the same pool of loans that Allonhill was reviewing as part of OCC's review. The decision does not reflect on the quality of work performed to date by Allonhill but is necessary to ensure the independence of the loan review process going forward, the OCC said …
  • WASHINGTON (5/15/12)--The Federal Reserve Board, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corp. Monday issued final guidance on stress testing practices for banks with assets of more than $10 billion. The guidance outlines general principles for a satisfactory stress-testing framework and describes various stress testing approaches and how the testing should be used at different levels within an organization. It also discusses the importance of stress testing in capital and liquidity planning and the importance of strong internal governance and controls as part of an effective stress-testing framework. The guidance does not implement the requirements in the Dodd-Frank Act or in the Federal Reserve Board's capital plan rule that apply to certain companies. Those requirements have been, or are being, implemented through separate proposals by the respective agencies …


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