The comptroller, now a year and a half on the job, discusses his attempts to revamp the supervision process for national banks and make the agency run more efficiently.
A recent court decision allowing New York’s financial regulator to proceed in a case meant to block the Office of the Comptroller of the Currency from offering fintechs a new federal banking charter is having a chilling effect on potential applicants.
The ranking Democrat on the Senate Banking Committee says he wants answers from the Financial Stability Oversight Council on efforts to address corporate debt risks.
The Office of the Comptroller of the Currency had sought to dismiss the case, but a court ruling suggested that the state regulator’s claim may have merit.
The proposed program would allow companies to test innovative products that “present significant opportunities or benefits” for consumers, businesses and other financial institutions.
The Massachusetts Democrat said the agency could have used existing statutory authority to object to the bank’s appointment of now-departed CEO Tim Sloan.
