The settlement is more substantial than what some expected the OCC to require of the banks.
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When the teaser-rate period ends, the payments soar, often causing "severe payment shock, " the OCC says.
The Subcommittee report says at least one person in the OCC had doubts early.
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The Subcommittee report refers to a July 27, 2012 Supervisory Letter the OCC sent to JPMorgan.
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He wants the OCC to be known for independence, expert staff and strong supervision, he said.
OCC, the world's largest derivatives clearinghouse by volume, works with both the SEC and the CFTC.
Was she saving her worst criticisms of the OCC and Tim Geithner for her book?
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The new risk model might have caused OCC examiners to be misled in their conversations with J.
The OCC told the GAO it reviewed and approved everything and held weekly conference calls with the consultants.
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The OCC was acutely aware of potential auditor independence issues with the firms that also audit the banks.
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Finally, the OCC explicitly criticized the bank for providing inadequate information to the regulator about the whale trades.
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This year, average daily volume is up to 15, 440, 608 in average daily volume, according to the OCC.
And why would the New York Times report the OCC may fine JPM for making a small positive mistake?
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More broadly, Mr. Curry vowed to change the perception that the OCC is too cozy with banks it regulates.
An OCC spokesman said Ms. Williams's comments weren't specifically a reference to J.
Why did the OCC and Fed suddenly decide to stop the runaway train?
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The OCC, an independent bureau of Treasury, asked the IG office to review the situation, Thorson said in the letter.
In testimony to lawmakers and an interview with the Journal, Mr. Curry declined to say why OCC officials learned about J.
In a separate case the OCC and the Federal Reserve also criticised the bank for lapses in its anti-money laundering rules.
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The OCC and Fed strongly suggested that templates for the independent file reviews be thorough, detailed and standardized across the engagements.
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The agreement with the OCC also addresses certain billing practices relating to Credit Monitoring products administered by third-party vendors, Capital One said.
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Lawmakers likely will focus their questions on the OCC's oversight of J.
Longtime critics of the agency, including some lawmakers, said the mess is the latest example of the OCC overindulging bad behavior by banks.
The OCC said in a statement that it would "continue to monitor" the banks as they work to fix their mortgage servicing and foreclosure practices.
In the interview, Mr. Curry said the OCC needs to rely on what banks tell its examiners given the size and complexity of large financial institutions.
An OCC spokesman later said the comments were premature, and Mr. Curry told members of Congress that it is unclear if the trades would be allowed.
The bank watchdogs, specifically the Federal Reserve and the OCC, have near-exclusive oversight authority over national banks like BofA, JPMorgan, Citigroup, Wells Fargo and their holding companies.
" A Citigroup spokesman said the bank is "pleased to support the OCC and its efforts of assistance to consumers who qualify for benefits from the agreement.
The bank would never have discovered this scheme if the thief had handled the call, notwithstanding routine audits by the OCC and other examiners throughout the years.
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