Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
OCCs Dugan to appear on this weeks HandFF Radio
WASHINGTON (7/16/09)--Comptroller of the Currency John Dugan will discuss consumer protections for reverse mortgages during a July 19 appearance on Home & Family Finance Radio. During the interview, Dugan will discuss the growth of reverse mortgages and the potential risks posed to consumers. Dugan is also expected to detail the various forms of protections available to consumers that choose to take part in reverse mortgages and provide insight on the work that the Office of the Comptroller of the Currency (OCC) is doing to address reverse mortgage-related issues. The comptroller recently outlined many of his concerns in a press release, warning that reverse mortgages “pose significant compliance risks” and urging regulators to “get out in front of this issue, before real problems develop” so that reverse mortgage loans can be made in a way that benefits lenders and borrowers alike. According to Dugan, regulators should ensure that pending interagency guidance on reverse mortgages is “sufficiently robust” to protect consumers. While the OCC would monitor banks to “ensure compliance” with the resulting guidance and existing regulations, Dugan said that “guidance alone is not enough to address the consumer protection issues” related to reverse mortgages.


RSS





print
News Now LiveWire
Registration lottery for #CreditUnion #CherryBlossom Ten Mile Run opens Monday, Dec. 1 http://t.co/AGkKPof5Fy. Race is April 12
13 hours ago
The turkey hasn't even been served and #creditunions are already making plans for #GivingTuesday
14 hours ago
.@bankofamerica's $16.65 billion 'toxic mortgage' settlement finalized http://t.co/BIq1QyImXG
16 hours ago
RT @CUNA: #NussleReport: ICYMI: Revised RBC proposal in January w/a 90-day comment period #Fix RBC http://t.co/T4JcvWBDse
18 hours ago
.@TheNCUA release on Nov. prohibition orders out already. Here: http://t.co/YkA1QIYbYa
18 hours ago