Implement corrective actions, resulting in additional violations.”Ī quick note of explanation on the use of the term “OREO” by In assessing thisĬivil money penalty, the OCC found the bank failed to meet its commitment to Identification and monitoring of the OREO holding period. Violations resulted from the bank’s deficient processes and controls in the The statutory holding period for OREO,” the OCC said in a statement.
“The OCC found the bank engaged in repeated violations of Holding onto hundreds of foreclosures for longer than the five-year limit. That banks can apply for an annual exemption that can push their ownership of aīut after that, the bank is supposed to sell the propertyīack into the market to prevent available housing inventory from being kept awayĪnd according to the OCC, Citibank violated that rule by
On banks maintaining possession of a foreclosed property. Under federal banking regulations, there is a two-year limit Million for “violations related to the holding period of other real estate That the bank was not selling foreclosed homes back into the market fastĬomptroller of the Currency announced Friday that it fined Citibank $30 Fined $30 million by federal banking regulators after an investigation found
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