The White House said that Comptroller of the Currency Joseph Otting will serve as acting director of the Federal Housing Finance Agency beginning Jan. 6 after the end of the Director Mel Watt’s term.
More acquainted with the quick decision-making style of the banking world, the comptroller of the currency found a policymaking environment in D.C. that moves at a slower pace.
The agency's semiannual report on risks in the industry focused heavily on the high volume of commercial loans as well as banks' exposure to nonfinancial corporate debt, which is near a record share of GDP.
The federal regulator cited recent “cost savings” and promising projections for costs and revenue next year in announcing the reduction in assessments.
Jelena McWilliams is responding to concerns from Republican members of Congress that FDIC staffers are discouraging banks from doing business with certain industries.
In a speech in Japan, the comptroller of the currency urged overseas institutions to consider a “single regulatory framework” instead of applying to multiple states.
While they won’t be in position to enact legislation, House Democrats could use their newfound power to spotlight issues that Republicans have largely ignored, including the exploding levels of corporate debt.
The head of the agency developing the special-purpose federal license said the process is moving forward “independent” of legal challenges mounted by state regulators.
One of the biggest sticking points as regulators try to reform the Community Reinvestment Act is expanding the assessment footprint but ensuring banks continue to serve their direct communities.
