Flagstar Bank Enters Into Consent Order with Office of the Comptroller of the Currency
Flagstar Bancorp(NYSE: FBC) today announced that the Bank has entered into a Consent Order with the Office of the Comptroller of the Currency (the "OCC").
Michael Tierney, President of the Bank, said, "Flagstar is a 'super-community bank' that offers the resources of a full-service bank with outstanding local customer service, and the Consent Order will have no impact on our customers or our customer relationships. We will continue to meet and exceed the needs of our customers, and all depositor accounts, NOW accounts and non-interest bearing checking accounts remain fully insured to the maximum FDIC coverage limits. We are confident that we are taking the right steps to address the matters specified in the Consent Order."
The Consent Order reflects matters identified by the OCC during supervisory examinations of the Bank conducted mainly in the fourth quarter of 2011 and the first quarter of 2012. Regulatory supervision of the Bank transitioned from the Office of Thrift Supervision (the "OTS") to the OCC, which under the Dodd-Frank Act became the Bank's primary regulator in July 2011. The Consent Order replaces a previous OTS