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
.@NCUA just releases 3 segments of new online series to help CU managers, volunteers detect/deter fraud http://t.co/JgyRHcfgit
11 minutes ago
.@USDA recognizes Royal #creditunion's $5M rural mortgage lending effort http://t.co/VMsvV0Mpbf
16 minutes ago
Plattsburgh, NY, paper lauds @DannemoraFCU, @TiconderogaFCU for shred event, ID theft protection See #NewsNow http://t.co/VqWO986j9i
1 hours ago
Did you ask @CommonwealthCU CEO a fin. question on #heyKaren day? She'll answer #likeaboss http://t.co/2PgZAp9qu0 https://t.co/RySBvM4rBc
12 hours ago
Texans linebacker Cushing continues outreach, spokesman role for @FirstCommCU http://t.co/wIUGhn9okM
15 hours ago