WASHINGTON -(Dow Jones)- A U.S. bank regulator is working on releasing detailed agreements with independent consulting firms hired to review banks' foreclosure practices, amid pressure from Democratic lawmakers.
The Office of the Comptroller of the Currency, which regulates national banks, is working on publishing the "engagement letters"--agreements among consulting firms and 12 banks and thrifts, a spokesman said Thursday.
Those letters outline banks' plans to review millions of foreclosure files for potential defects. Democrats on Capitol Hill and consumer advocates have questioned the regulator's decision to allow banks to hire their own consultants, arguing that it will result in an unfair review of the foreclosure problems.
Bryan Hubbard, an OCC spokesman, said the regulator has been "working on plans to release the engagement letters for the banks and thrifts we supervise." A date for the letters' release hasn't yet been set.
No comments:
Post a Comment