Anger Growing Over the Office of the Comptroller of the Currency’s Regulation of National Banks

Anger Growing Over the Office of the Comptroller of the Currency’s Regulation of National Banks

By Daniel Edstrom
DTC Systems, Inc.

Instead of regulating the national banks as they have been mandated, the Office of the Comptroller of the Currency (OCC) appears to actually be promoting the outrageous behavior of the banks.  According to various groups, “Right now, more than 500 people are making lots of noise outside the Office of the Comptroller of the Currency – the worst bank regulator that you never heard of.   They are demanding that the OCC stop throwing homeowners under the bus in the their tireless efforts to protect the big banks.”

Apparently the OCC does not know that citizens are using the Internet to understand what they are doing.  The OCC believes it can stand up against the very people of this country that it was specifically designed to protect – the citizens who are being used as pawns.  The people are being taken for a ride by the national banks who are and have been operating outside of their authority for many years (at least 5 years, probably much longer).  How can the banks be operating outside of their authority?  When they operate against public policy, including when they have inadequate risk measurements in place and inadequate internal controls.  This is obvious from their actions over the last 5 years – including the use of robo-signers, flagrant notary violations, inadequate affidavits and declarations, etc., etc.  The list goes on and on, but this is nothing new to the OCC.  After all, they have given legal opinions based on this very information.  They know exactly what is going on but apparently refuse to act – or are completely incompetent.  Because they are doing the very opposite of what they have given in their legal opinions, it is apparent that they are not incompetent, but are refusing  to enforce their very own regulations.

Stay tuned for much more information on Sarbanes-Oxley (SOX), compliance, requirements for acting as a guaranty or surety, and much more.

Here is the information I have received on the current protests:

Right now, more than 500 people are making lots of noise outside the Office of the Comptroller of the Currency – the worst bank regulator that you never heard of.   They are demanding that the OCC stop throwing homeowners under the bus in the their tireless efforts to protect the big banks.

Join the crowd by calling OCC Chief John Walsh right now at 202-874-5000.  Tell him, “We need the OCC to take its responsibility seriously and hold banks accountable for fixing the foreclosure mess.”  And be sure to follow the day’s events on Twitter at #makewallstpay

Over the past weeks, it has emerged that this little-known bank regulator is working hard to weaken any settlement that the Attorneys General and other bank regulator reach with the big banks on their fraudulent foreclosure practices. 

Yes, that’s right.  The biggest threat to a strong settlement actually comes from the very regulator who is supposed to be protecting us from the bank’s abusive behavior.  But this isn’t anything new for the OCC.  For years, they’ve turned a blind eye to the worst financial abuses on Wall Street.

We have to tell them, “Stop!”  Call OCC Chief John Walsh right now at 202-874-5000.

Together, we can make sure this a “settlement that fits the crime.”

Thank you,

National People’s Action
PICO National Network
Alliance for a Just Society
Alliance of Californians for Community Empowerment
IAF Southeast

One comment on “Anger Growing Over the Office of the Comptroller of the Currency’s Regulation of National Banks
  1. I am one of those being thrown under the bus by the OCC. Citibank hypociritically went along with my efforts to short sell my property so I could avoid foreclosure. When it was obvious that I had a willing, able and ready buyer, Citibank started “not receiving” HUD Settlement and contract dcumentation from my broker, Centruy 21. As it later became apparent, they wanted to foreclose so they could collect their fees. Attorneys tell me this is common practice – foreclosed on homeowners sweat away trying toshort sell their properties and when they have a deal Citibank screws them.

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