Federal banking regulators have nearly completed their reviews of the foreclosure processing problems at the nation's megabanks and will be briefing the companies' senior management on their findings soon.
"The next steps include detailed discussions with management at each institution on these findings," acting Comptroller of the Currency John Walsh told the Financial Stability Oversight Council at a Tuesday afternoon meeting.
The interagency task force members also are preparing to levy "rigorous and consistent supervisor actions to rectify the problems identified," said Walsh.
Treasury secretary Timothy Geithner said the interagency task force is expected to submit a comprehensive report on its findings at the next FSOC meeting in February. It appears the newly formed council that deals with systemic risk issues plans to make its report public.
As the FSOC chairman, Geithner said the report will include recommendations on "what we propose to do about these problems."
The secretary also noted that FSOC will be consulting with the state attorney generals in formatting their recommendations to address the foreclosure and servicing problems.
Besides Treasury and OCC, FSOC members include the heads of the Federal Reserve Board, Federal Deposit Insurance Corp., Securities and Exchange Commission and Federal Housing Finance Agency.
