Industry-Friendly OCC Regulations May Be On The Horizon

By David Freeman, Christopher Allen, Robert Azarow, Michael Mancusi and Kevin Toomey (May 16, 2018, 11:13 AM EDT) -- In appearances at recent community bank forums, Comptroller of the Currency Joseph Otting outlined a strategy focused on better tailoring and easing regulatory requirements for community banks. Four areas in which Otting plans to focus as leader of the Office of the Comptroller of the Currency are enforcement of the Bank Secrecy Act and anti-money laundering laws, evaluations under the Community Reinvestment Act, regulation of small-dollar lending (commonly referred to as payday loans), and simplification of the Volcker Rule. Otting is also moving forward with consideration of whether the OCC should issue special-purpose charters to fintech companies that engage in the...

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