For the moment, the job of ensuring that the nation's largest banks comply with the terms of last week's mammoth mortgage settlement falls on just one man.Joseph A. Smith, Jr., North Carolina's banking commissioner, is charged with ensuring that the five biggest mortgage servicers — Bank of America Corp., JPMorgan Chase, Citigroup, Wells Fargo and Ally Financial  — implement new servicing standards and take other steps that are required by the settlement.

As the settlement's independent monitor, Smith will publish regular reports that will name banks that fail to meet those responsibilities. He will have the ability to impose fines of up to $1 million per violation, and up to $5 million for certain repeat violations, according to last week's announcement.

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