US, states to cooperate on mortgage brokers

Comptroller of the Currency John Dugan on Wednesday said US and state regulators have agreed to conduct parallel examinations of national banks and the independent mortgage brokers they use. Dugan said in prepared remarks for a House Financial Services Committee hearing on consumer protection matters that the co-ordinated effort is in its early stages and limited in scope.
The congressional hearing comes almost two months after the US Supreme Court issued a decision that blocked state efforts to enforce strict consumer protection laws applying to mortgage units of national banks.