Summary
U.S. Bancorp (USB) disclosed on April 19, 2011, that its primary banking subsidiaries, U.S. Bank National Association and U.S. Bank National Association ND, entered into a Consent Order with the Office of the Comptroller of the Currency (OCC) on April 13, 2011. This order addresses residential mortgage servicing and foreclosure processes. Concurrently, U.S. Bancorp itself entered into a related Consent Order with the Board of Governors of the Federal Reserve System on the same date. These regulatory agreements, detailed in exhibits to the 8-K filing, indicate oversight and potential requirements related to the banks' mortgage operations. While the specific details of the 'Consent Orders' are not fully elaborated in this 8-K summary, their existence signals potential areas of focus for regulators concerning the company's mortgage servicing and foreclosure practices during that period. Investors should review the attached exhibits for a comprehensive understanding of the implications.
Key Highlights
- 1U.S. Bancorp's banking subsidiaries entered into a Consent Order with the Office of the Comptroller of the Currency (OCC) on April 13, 2011.
- 2The OCC Consent Order pertains to residential mortgage servicing and foreclosure processes.
- 3U.S. Bancorp also entered into a related Consent Order with the Board of Governors of the Federal Reserve System on April 13, 2011.
- 4The reports were filed on April 18, 2011, with the earliest event reported on April 13, 2011.
- 5The full details of these Consent Orders are available as exhibits (Exhibit 99.1 and Exhibit 99.2) to the 8-K filing.