On February 17th, the Senate Banking Committee held hearings on the implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the "Dodd-Frank Act"). See Hearing Webpage (with links to webcast and to prepared testimony). John Walsh, Acting Comptroller of the Currency, testified that the federal banking agencies, having examined foreclosure processing at the 14 largest federally regulated mortgage servicers, are preparing remedial requirements and sanctions to address deficiencies. The federal agencies are also discussing their supervisory actions with the state attorneys general in an effort to craft a comprehensive resolution. The OCC is participating in an interagency process to establish nationwide requirements that are comprehensive and directly enforceable by the agencies. Walsh Prepared Oral Testimony. See also Walsh Prepared Written Remarks. Bloomberg reported that the state attorneys general intend to address loan modification procedures with lenders as part of the settlement process. FDIC Chairman Sheila Bair said that the FDIC may require an independent review of rejected loan modification requests and a compensation fund. Testimony.