Default Servicing

OCC Terminates Mortgage Servicing Consent Order and Assesses Penalties Against Two National Banks

On February 9, 2016, the Office of the Comptroller of Currency (“OCC”) announced that it has terminated mortgage servicing-related consent orders against two national banks because the banks now comply with the orders.   In terminating the consent orders, the OCC assessed a $10 million civil money penalty against the first bank and a $3.4 million civil money penalty against the…

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FTC and State AGs Announce Four Actions Against Debt Collectors as Part of Operations Collection Protection

FTC

On January 7, 2016, the Federal Trade Commission (“FTC”) and its law enforcement partners announced four separate actions against various debt collectors.  The FTC stated that the actions were part of a continuing nationwide crackdown referred to as “Operation Collection Protection,” which is designed to target debt collectors using illegal tactics.  The FTC claims the debt…

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