Federal Reserve Board Did Not Vote on Foreclosure Pact - Letter

June 13, 2013
Reuters 
mortgage lending news

In response to a letter from U.S. Sen. Elizabeth Warren (D-Mass.) requesting information about the end of foreclosure reviews following a $9.3 billion settlement with 13 banks earlier this year, Daniel Tarullo of the Federal Reserve revealed that central bank staff approved the settlement without a formal vote of the board governors. However, in his June 11 response letter, Tarullo said the lack of a vote has no bearing on the settlement and that staff with "delegated approval authority" consulted the board members beforehand. He added that the board of governors generally does not vote on enforcement actions.
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