Acting Comptroller Issues Statement on Financial Stability Oversight Council’s Report on Nonbank Mortgage Servicing

WASHINGTON — Acting Comptroller of the Currency Michael J. Hsu today issued the following statement in support of the vote by the Financial Stability Oversight Council (FSOC) to issue its Report on Nonbank Mortgage Servicing:

I support the issuance of the Financial Stability Oversight Council’s report on nonbank mortgage servicing and its recommendations. Mortgage servicing risks touch the homes and bank accounts of many Americans. The report identifies important financial stability issues that need to be addressed. I look forward to working with all stakeholders on addressing these recommendations which will strengthen and improve the resilience of the financial system.

I commend the work of interagency staff on the FSOC’s Mortgage Servicing Task Force for their efforts identifying and monitoring emerging risks in the mortgage servicing area consistent with the Council’s analytic framework issued in November.

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