OCC, Fed Grilled On Use Of Independent Bank Consultants

Law360, New York (April 11, 2013, 2:26 PM EDT) -- Lawmakers on Thursday pushed the Federal Reserve and the Office of the Comptroller of the Currency to change the way independent consultants are chosen to help banks comply with enforcement actions in the wake of a $9.3 billion settlement that replaced the failed independent foreclosure review process.

Democratic members of the Senate banking committee took the Fed and the OCC to task for allowing banks to choose, and pay, the independent consultants to review files related to more than 4 million foreclosures from 2009 and 2010....
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