the occ is not in agreement with the investigator cut on page 39. to the comptroller's office, last week we asked you to look at the civilianization work and to true up some of the information on the reports. that was previously done by your office. i am wondering if you had any information to share? >> you have a copy of the revised memo which we drop off this morning. we worked with the police department during the last week to ensure that we're netting out of it, for example, civilians that are at the occ. it does show, as you can see on table b of the memo, it shows a growth in budgeted civilians since opposition c was passed in 2004. 222 to 326 currently. and the proposed budget as the additional positions for the current year. we worked with the police department to clarify which -- in which cases civilian positions that are proposed in the budget or that we reviewed in the past are currently being staffed by light duty officers, and almost uniformly throughout the proposed budget in cases where the police department and the mayor's office hav

and the director of occ. >> thank you, inspector monroe. welcome to our community meeting for july 25 at a roadside station. -- engleside station. the commissioners will introduce ourselves at tell about what we do in the daytime jobs and what we do on the police commission. usually the captain's give us a larger briefing about what is taking place in their district. tonight will be a little bit different in that i have spoken to the chief had wanted to come out to the area near sunnyvale because there was violence that was taking place out here and concerns about what is taking place in the neighborhood. removed our meeting to this location of a little sooner than we would ordinarily have so that we could hear from the community about what is going on in the neighborhood. i will ask the commissioners to introduce themselves and i will start to my right. >> a good evening, my name is angela chan. i live in the sunset area, but i get to work at the asian caucus as a civil rights attorney focusing on criminal justice reform. i am excited that

in 2011 the occ received 728 complaints. this represents an 8% reduction in complete we received in 2010 when we receive 854 complaints. last year we sustained allegations. that means we found his conduct in 7% of the cases we close. we found the proper conduct in the allegations we investigated and found 4% were not true. the largest percentage of allegations we received were for unwarranted action, following companieallegation of misconduc. in looking at the demographics for those who file complaints with us last year, 28% were african-american, caucasian's 35%. 18% decline to state their race. latinos 13%. native americans in pacific islanders, 1%. 3% claimed other. the occ is located nearby. it is near the corner of van ness and market. we are easily accessible by public transportation. we also received complaints by telephone, e-mail, and facts. we do have an answering service for after hours complaints, and in the most serious complains that occur on the weekend, chief investigator charles carmagalme has been known to d

in 2011 the occ received 728 complaints. this represents an 8% reduction in complete we received in 2010 when we receive 854 complaints. last year we sustained allegations. that means we found his conduct in 7% of the cases we close. we found the proper conduct in the allegations we investigated and found 4% were not true. the largest percentage of allegations we received were for unwarranted action, following companieallegation of misconduc. in looking at the demographics for those who file complaints with us last year, 28% were african-american, caucasian's 35%. 18% decline to state their race.

the occ is committed to eradicating this practices. the action being announced today should send a strong message to every institution that lending discrimination in all of its forms will not be tolerated. this case is an example of interagency cooperation that represents the government at its best year multiple agencies working together for the benefit of the citizens we all sir. the occ's work began in 2004 when we started an investigation of wells fargo's mortgage lending in the baltimore- washington area. based on our findings, we referred the case to the department of justice and we continue to work with the department to route. i would like to commend everyone at the department who participated in negotiating. they put the public first at every step of the way. i am pleased that the occ's examiners, economists and enforcement authorities were able to play a role in this action. i believe that they brought this matter to an appropriate conclusion. thank you. >> 0, a correction, in 2009 was our investigation. >> we have time for any

the occ is located nearby. it is near the corner of van ness and market. we are easily accessible by public transportation. we also received complaints by telephone, e-mail, and facts. we do have an answering service for after hours complaints, and in the most serious complains that occur on the weekend, chief investigator charles carmagalme has been known to do in interview. our staff is very sensitive to language access issues, and we speak several languages. two of our investigators are bilingual spanish speakers, which is important because the largest number of large- interviews are in spanish. four languages other than the ones i mentioned we will obtain information services. if any of you would like additional information this evening, the chief investigator is here to answer your question off, and we have grocer's sitting o brochures sitting on e table in the back. that concludes my remarks. president mazzucco: thank you. a very comprehensive report for the community to learn what the agency does. >> just one quick question, and this -- you might fe

never should have happened in the bank and the occ should not have let it happen. >> given how egregious and consistent and repetitive all these scandals are, how can we say there's no political will? why is there no political will? >> i think the political money is corrupted. the congress, i think in fairness to regulators, when regulators try to get too assertive they frequently get batted down by congress. we're seeing it now the cftc again, the derivatives regulator, that is the one that unearthed this libor scandal and is working very hard to tame the derivatives market which is -- it's a terrible source of systemic risk. and the house is trying to back welcome back their funding, whack back their operations so they won't have the enough money to carry out their responsibilities. so i just -- >> explain that. >> i know, i don't understand it -- >> you've been an insider. >> i don't understand it. i think, you know, when in dodd-frank one of the chapters in my book is called "the orwellian debate." and it's about the way financial reforms, the discussion about financial reforms were

the occ has covered up my abuse. there are no doctors and people -- doctors need to know it is their obligation. president chiu: if you could keep your comments focused on the resolution commending the toy boat cafe. >> we need more imperative agenda on the imperative agenda. president chiu: are there any members that wish to speak? and, with this -- comment with this resolution? seeing none, public comment is closed. without objection, this is adopted. and do have anything you'd like to add? >supervisor avalos: i will read a short resolution. declaring july 20-july 27 at the cal baht -- alpha kappa alpha week. it was established over 100 years ago by a group of students dedicated to the call the they don't -- cultivation of individuals seeking to improve the lives of communities across this country and whereas this story has t

the occ is committed to eradicating this practices. tion being announced today should send a strong message to every institution that lending discrimination in all of its forms will not be tolerated. this case is an example of interagency cooperation that represents the government at its best year multiple agencies working together for the benefit of the citizens we all sir. the occ's work began in 2004 when we started an investigation of wells fargo's mortgage lending in the baltimore- washington area. based on our findings, we referred the case to the department of justice and we continue to work with the department to route. i would like to commend everyone at the department who participated in negotiating. they put the public first at every step of the way. i am pleased that the occ's examiners, economists and enforcement authorities were able to play a role in this action. i believe that they brought this matter to an appropriate conclusion. thank you. >> 0, a correction, in 2009 was our investigation. >> we have time for any quest

these effects can be devastating and can last for years, and the occ in a survey last year and found june 30, 2009, 20% of subprime loans nationwide are seriously delinquent or in foreclosure compared to 5.5% of prime loans. the decision to place someone in a private versus subprime product can have enormous consequences. the impact to a person's credit can be far reaching. the collateral damage the whole communities when this occurs deprive those communities of equal opportunity. this is why the proposed consent order we filed addresses but the individual harm and the community harmed. the summit will provide $125 million in compensation to approximately 34,000 qualified wholesale borrowers who were charged higher prices or receive subprime loans. they will be compensated for the harm they experienced. crime-qualified borrowers experienced greater harm, and their compensation will be higher than the compensation for price victims treat this case is not about individuals and families who are victims of discrimination. it is about communities, and under the terms, wells fargo has agree

the occ a wasteland. the fed, a disaster on these issues. off to richard cordray the former attorney general of ohio and the first director of the agency. he has set out a bold agenda, refining the rules on mortgage marketing and issuance so sciewcials could actually understand what deals they were signing and wading into the swamp of credit card marketing as the top issues to be addressed. this first case shows what good law enforcement can do and should once again disprove the argument made by wall street that this agency, the brainchild of elizabeth warren, was unnecessary. that's my view. >>we talk a lot about the influence of money in politics. it is the defining issue of this era. the candidate with the most money, does win. this is a national crisis. >> eliot: it has been one sweltering summer. in fact, it is one for the record books. the month of june alone broke or tied 3,215 high temperature records across the country! but while one summer is statistically irrelevant to the issue of climate change, there is no doubt in the scientif

the occ a wasteland. the fed, a disaster on these issues. to richard cordray the former attorney general of ohio and the first director of the agency. he has set out a bold agenda, refining the rules on mortgage marketing and issuance so sciewcials could actually understand what deals they were signing and wading into the swamp of credit card marketing as the top issues to be addressed. this first case shows what good law enforcement can do and should once again disprove the argument made by wall street that this agency, the brainchild of elizabeth warren, was unnecessary. that's my view. >>it's the place where democracy is supposed to be the great equalizer, where your vote is worth just as much as donald trump's. we must save the country. it starts with you. when a carpet is clean and fresh, it's irresistible. experience this in your home with resolve deep clean powder. its moist powder penetrates deep, removing three times more dirt than vacuuming alone while also neutralizing odors at their source. it's a clean you can see smell, and rea

there are other regulatorors like the occ and so on. >> but certainly the new york fed is the primary regulator of the biggest banks with regard to u.s. banks engaged in libor that we're talking about. correct? >> two of the three. right. >> let me move on to another topic that i'm concerned about. the fed is in the process of rule making with regard to the term predominantly engaged in financial activities. under d.o.d. frank. the rule that's been published and the fed is now taking comments on seems to me absolutely ignores a very specific criteria that we in congress place in dodd frank in section 102 a 6 it was i know about it because it was a vitter-prior amendment and it was very specific. it uses an 5% test. it seems to me the rule of the fed is in the process of adopting ignores that specific metric. how can the fed adopt a rule that ignores specific statutory language? >> we wouldn't want to do that and i will check on that question for you. >> if you could check on that again it's 102 a 6. and i believe the fed rule that's been published for comment ignores a specific metric

in the end, if the banks can be regulated, debt includes the occ, and i they're not up to the job, or complicity in wall street's activities. i beg of you to restore confidence, because east simply have not yet. >> i agree. >> senator toomey. >> thank you chairman. thank you for being here, chairman bernanke. you have the knowledge there is a range of views on the efficacy of the policies you have been pursuing, and you would agree there is a range of issues on the risks of the policies, and i am sympathetic to the effected we have giving you a dual mandate which i think intrinsically creates a risk of being put in a position of dealing with a conflict of goals. i know you and i disagree on this. i feel strongly the problems facing our economy are not monetary in nature. the result from the ongoing de- leveraging that we are suffering through, a regulatory avalanche, unsustainable fiscal policy, and the threat of huge tax increases and so to address this with ever easier monetary policy are worried about the unintended consequences, including the fact that it has the effect of masking

in the end, if the banks can be regulated, debt includes the occ, and i they're not up to the job, or complicity in wall street's activities. i beg of you to restore confidence, because east simply have not yet. >> i agree. >> senator toomey. >> thank you chairman. thank you for being here, chairman bernanke. you have the knowledge there is a range of views on the efficacy of the policies you have been pursuing, and you would agree there is a range of issues on the risks of the policies, and i am sympathetic to the effected we have giving you a dual mandate which i think intrinsically creates a risk of being put in a position of dealing with a conflict of goals. i know you and i disagree on this. i feel strongly the problems facing our economy are not monetary in nature. the result from the ongoing de- leveraging that we are suffering through, a regulatory avalanche, unsustainable fiscal policy, and the threat of huge tax increases and so to address this with ever easier monetary policy are worried about the unintended consequences, including the fact that it has the effect of masking

. >> we would love to show it to you, since the olympics, occ, and network have primers. >> lots of rules with the footage. >> we may get fined. lose our jobs. you might like that actually. >> would mitt romney do anything differently in london after the controversial comments about the olympics? >> katie holmes reshapes her life without tom cruise, making big decisions about her family's future. do we see a mist year mystery m rob? you are watching "world news now." ♪ ♪ >> announcer: "world news now" weather brought to you by -- 3q lysol believes no toilet is complete, until it's completely clean. lysol toilet bowl cleaner gives you maximum coverage from the rim down to the water line to kill 99.9% of germs. and removes stains better than clorox toilet bowl cleaner with bleach. so if you want to do the whole job, lysol's got you covered. lysol. mission for health. and for an incredibly clean and fresh bowl with every flush, try the no mess automatic toilet bowl cleaner. have given way to sleeping. where sleepless nights yield to restful sleep. and lunesta can help you get there, like it

the occ is responsible for regulating the aig savings bank that is a tiny piece of the operation. the federal reserve did not regulate aig before the bailout and did not regulate its since. but the fed could take over if sig tarp -- if it would be the savings-and-loan holding company but they do not think that will be around too long. i take that back. the treasury, until the treasury holds less than 50% of aig, then maybe the fed could take over. meanwhile, they are engaged in securities lending and investing among other things, mortgage-backed securities. the credit swap portfolio exceeds $168 billion. the proponents of dodd frank said the loss -- the law was about and in too big to fail and regulating the industry that has become too big how is it possible there is no regulator for aig. >> dodd frank gave the united things the authority -- the united states the authority to designate a system that could cost greater damage to the system and give the council the authority to designate those firms and give the fed the ability to provide that brought comprehensive oversight. with

there's one thing that i think you were involved in with the occ. tigation process for dealing with some of the issues of getting information out to some of the people who had been harmed. and getting them compensated. >> that is disappointing. maxine waters talking to the fed chairman about libor and some of the ancillary effects that the scandal has had on some financial instruments here in the united states. we will try to get her back and bring you back to capitol hill in just a moment. organic artichokes, organic lettuce, organic kale... does your cauliflower have a big carbon footprint? not at all. that's great. melons!!! oh yeah!! well that was uncalled for. uhh...mr. gallagher. incoming!!! it's wasteful. you know jimmy. folks who save hundreds of dollars switching to geico sure are happy. how happy, ronny? happier than gallagher at a farmers' market. get happy. get geico. 15 minutes could save you 15% or more. >>> dow is hanging on to some gains here of some 80 points led in some cases by some auto parts suppliers. with that we want to turn t

federal reserve each have appeared 45 times, the sec has appeared 47, and the ftic has appeared 26 and the occ has appeared 22 times. testifying at hearings is a central function of a federal regulatory agency, but i think that, um, it does not necessarily equate to congress having sufficient oversight. republicans have offered common sense proposals that provide for greater congressional oversight of an agency that will be spending hundreds of millions of dollars each year without compromising the core mission of protecting -- a shared vision, i might add -- of protecting consumers, and i surge the senate and the administration to accept our good faith offering and place these final reforms into place. i'm especially interested to hear mr. dante's thoughts on two rules before the cfpb's purview. the credit card availability to pay rule, we had a hearing that cfpb inherited that rule from the federal reserve, and the second is the qualified mortgage rule that is pending. last fall the federal reserve finalized rules to determine a borrower's ability to pay. when drafting this rule, in my view

two years aig has said no consolidated banking regulator of its noninsurance financial business and the occ is now responsible for her the federal savings bank, but that is a tiny piece of the aag operation according to saint t.a.r.p., but not the rest of the country. the federal reserve did not regulate aig before the bailout and has not regulated it since. but the fed could take over if sigtarp -- or if sigtarp -- i take that back, the treasury -- until the treasury holds less than 50% of the -- of aig, then repeat the fed to take that over. the meanwhile, aig is engaged in security when ian and invest in another things, mortgage-backed securities. this credit spot exceeds $160 billion. so the proponents of dodd-frank said the law was about ending too big to fail in regulating the financial industry that has become too big. the head after dodd-frank, there is no break you later. how is this possible? >> what they stayed and was very important, but this gave the united states the authority to designate a non-bank financial institution that could cause broader damage to the system like aig

the same thing happened. i think -- you know, this is not acceptable behavior. i plan on having occ come to my next community meeting and i will start addressing some of these issues. there should be some transparency. if the police want these kinds of conditions, they should be more aware of it. not come in at the last minute and basically told those conditions on to businesses trying to survive and improve the community and make a difference. this particular businesses -- business owners have come to the table -- in this particular case, they have walked the walk and talk the talk. if you were going to do something about this, use your wisdom had and say, do we want this business to operate or do we want this business to fail? i am here to say that the alliance for a better district 6 want to see this business happen. we bought their permit to be approved. but not with a bunch of conditions to tied their hands. i will let you as caregivers of the entertainment commission and think about what is good and wise. president newlin: thank you. >> good evening, commissioners. i was retai

seems clear to me at the fed and other regulators that includes the far too often captured by the regulator's occup to the job or come police it in wall street's activities. i beg of you to figure out how we're going to restore confidence in the american people in the financial markets because we certainly haven't yet. >> it is a high priority, i agree. >> senator toobin. >> i just want to touch briefly on monetary policy before moving onto the libor scandal and mr. chairman, you acknowledge there is a range of views about the efficacy of the policy that you have been pursuing. i am sure you would acknowledge there is a range of views about the risks associated with the policies you have been pursuing and i will acknowledge that i am sympathetic to the fact that we have given you a dual mandate which i think intris i cannily creates a risk you will be put in a position where you have to deal with a conflict over two conflicting goals. i want to stress and i know you and i disagree on this and we've had this conversation but i feel strongly the problems facing our economy are not monetary in natur

wonder why the regulators didn't do a better job of stopping the problems that led to the financial crisis or wondering why occs at jpmorgan this year. i think part of the issue is that the examiners were just too close to the folks they were supposed to be examining. >> reporter: there are 11 reports of investigations conducted in the last three years by the inspector general's office. six of them were subsubstantiat. a treasury spokesman says the cases involve only a handful of individuals in a department with more than 100,000 employees saying, quote, treasury has a strong ethics policy that we expect all of our employees to follow and the overwhelming majority of them do. as with any large organization, issues of misconduct occasionally arise. when that happens at treasury, we act promptly and decisively to address them. melanie sloan with the citizens for responsibility and ethics in washington says, while embarrassing, the documents show the ig's office took immediate action. >> they're going to be people who break the rules and do terrible things. there are always bad apples. the big question is what do