Who is the Comptroller of Currency and What Does He Have to do with Foreclosures

Every day, newspapers, TV and radio programs and blogs like this one report about the “foreclosure crisis” in the United States.  Much of the information about foreclosures comes from a federal agency called the Office of Comptroller of Currency, or OCC.

The OCC is a federal agency that charters, regulates and supervises national banks in the United States as well as branches of foreign banks operating here.  The OCC issues reports about the performance of banks as well as statistics regarding foreclosure activities.  The OCC also issues documentation with suggested actions that banks can take to negotiate with homeowners to avoid foreclosure.

Needless to say the OCC along with other bank regulatory agencies has come under a great deal of criticism for their failure to foresee the wave of foreclosures that have occured over the past year to 18 months, and for failing to coordinate regulations among the various federal government agencies that address banking and housing.

Here is a link to the OCC web site where you can contact the agency to file a complaint about the conduct of a bank or about a mortgage foreclosure scam.  The OCC has also published an news release about avoiding foreclosure prevention scams as well as other identity theft type of rip offs.

Related posts:

1. Connecticut Files Suit Against Countrywide Mortgage
2. Banks in Trouble: Is IndyMac a Sign of the Times?
3. Foreclosure Resource Center Unveiled