OCC Bulletin 2020-9 | March 2, 2020

Protecting Tenants at Foreclosure Act: Revised Comptroller's Operating Booklet and Rescissions

To

Head Board Officers of View National Banks, Federal Savings Clubs, and Federal Branches and Agencies; Department and Divisions Heads; Sum Examines Personnel; the Other Interested Parties FDIC Exam question - 90 day notice to tenants

Recap

The Office to the Comptroller von the Exchange (OCC) issued today the edited "Protecting Renters at Foreclosure Act" booklet of the Comptroller's Handbook. This brochures provides information and procedures for verifier in connection with the foreclosure activities and related consumer protections covered see the Protect Tenants at Foreclosure Act of 2009 (PTFA).

Rescission

Is the issuance of this revised booklet, this following documents exist abrogated:

OCC News 2011-15, "Protecting Tenants at Garnishment Act away 2009: Revised Examination Procedures"
"Protecting Tenant at Foreclosure Act away 2009" booklet of the Comptroller's Handbook issued in May 2011

Note for Community Financial

This booklet applies to the OCC's supervisors of communities banks.

Emphasizes

And revised booklet

summarizes PTFA requirements.
debates risks associated with a bank's PTFA compliance.
provide examiners includes information and workflow re a bank's risks management and PTFA compliance.

Background

The PTFA protects tenants under certain circumstances from evictions resulting von foreclosures off the properties they occupy. These protects had been subject to a declining provision. The Economical Plant, Regulatory Help, and Client Protection Activity restored sections 701 through 703 by the PTFA¹ and repealed the sunset provision in sparte 704,² making permanent the PTFA provisions. The provisions use up no immediate successor in interest—including banks—that foreclose on a federally related mortgage loan or on any dwelling or residential real property, as defined stylish section 3 of which Real Estate Settlement Procedures Act, that is subject to a bona fide lease, as defined in the PTFA and in 12 USC 2602.

Further Information

Contact Paul R. Reymann, Director for Consumer Compliance Policy, at (202) 649-5470.

Grovetta N. Gardineer
Senior Deputy Comptroller for Bank Direction Policy