Comptroller of the Currency Joseph Otting on Thursday again took issue with Senate Democrats over their concerns about the pace of internal supervisory changes.
Comptroller of the Currency Joseph Otting blasted a letter from Senate Democrats criticizing his agency for not implementing recommendations on supervision in the wake of the Wells Fargo scandal.
The Office of the Comptroller of the Currency’s semiannual report on industry risk said tougher competition between banks, leading to looser underwriting, could arise from the economic expansion.
The payments resolve a number of cases that date back to 2011 and were among the largest coordinated U.S. enforcement efforts in the years following the crisis.
Over the past year, the focus of several banking policymakers has been how much the regulatory pendulum might swing back toward the industry’s liking. That theme will likely continue in 2018.
Comptroller of the Currency Joseph Otting said in a press conference Wednesday morning that there is a place in the banking world for some kind of fintech charter, though the exact parameters of such a charter are still unclear and have to be worked out.
The dismissal of a lawsuit challenging the creation of a fintech charter gives the agency more time to refine its policy, but the court ruling may set up future legal challenges.
A district court judge said the state’s suit against Office of the Comptroller of the Currency is premature because the agency has not finalized its fintech charter nor has any firm applied for it.
The Office of the Comptroller of the Currency is eliminating a plan designed to ensure its examiners did not get too close to the big banks they supervise.
