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Washington
Inside Washington (06/13/2011)
* WASHINGTON (6/14/11)--President Barack Obama has nominated Martin Gruenberg as the chairman of the Federal Deposit Insurance Corp. (FDIC). Gruenberg has been vice chairman of the FDIC board of cirectors since August 2005. He served as acting chairman from Nov. 15, 2005 to June 26, 2006. In 2007, Gruenberg was named chairman of the executive council and president of the International Association of Deposit Insurers (IADI). Gruenberg joined the FDIC board after broad congressional experience in the financial services and regulatory areas. He served as senior counsel to U.S. Sen. Paul S. Sarbanes (D-Md.) on the staff of the Senate Committee on Banking, Housing, and Urban Affairs from 1993 to 2005 … * WASHINGTON (6/14/11)—A proposal from the Federal Reserve Board will require U.S. bank holding companies with assets of more than $50 billion to submit annual capital plans for review. The Fed expects bankds to have plans for sufficient capital so that they can continue to lend to households and businesses, even under adverse conditions. It would require boards of directors to review and approve capital plans each year before submitting them to the Fed. The proposal seeks to ensure that institutions have capital planning processes that account for risks and that permit continued operations during times of economic and financial stress, the Fed said. It would evaluate plans for capital distributions, such as increasing dividend payments or repurchasing or redeeming stock, as part of the capital plan reviews. In some cases, such as when an institution’s capital plans have been rejected by the Fed, firms would be required to receive approval before making capital distributions … * WASHINGTON (6/14/11)--The Office of the Comptroller of the Currency Monday announced formal enforcement actions against eight national bank mortgage servicers and two third-party servicer providers for unsafe and unsound practices related to residential mortgage loan servicing and foreclosure processing. The eight servicers are Bank of America, Citibank, HSBC, JPMorgan Chase, MetLife Bank, PNC, U.S. Bank and Wells Fargo. The two service providers are Lender Processing Services (LPS) and its subsidiaries DocX LLC, and LPD Default Solutions Inc.; and MERSCORP and its wholly owned subsidiary, Mortgage Electronic Registration Systems, Inc. (MERS). The enforcement actions require the servicers to correct deficiencies that examiners identified in reviews conducted during the fourth quarter of 2010. Servicers must make significant improvements in practices, including communications with borrowers and dual-tracking, which occurs when servicers continue to pursue foreclosure during the loan modification process. Servicers cannot pursue foreclosures once a mortgage has been approved for modification and must establish a single point of contact for borrowers throughout the loan modification and foreclosure processes. The actions also require servicers to establish robust oversight and controls with third-party vendors, including outside legal counsel, that provide default management or foreclosure services …


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