In remarks last week to the Consumer Federation of America’s 34th Annual Financial Services Conference, Acting Comptroller of the Currency Michael Hsu took banks to task for contributing to income and wealth inequality through overdraft programs by earning $15.5 billion in overdraft fees in 2019 that “are being paid by those customers who are the most financially vulnerable.” … Continue Reading
Acting Comptroller of the Currency Hsu testifies about OCC activity on overdrafts, CRA, bank partnerships, alternative data
This past Tuesday, Acting Comptroller of the Currency Michael Hsu appeared as a witness at the Senate Banking Committee’s hearing, “Oversight of Regulators: Does our Financial System Work for Everyone?”
In his written and oral testimony, Mr. Hsu stressed as an overall theme the need for the OCC to prohibit “predatory and discriminatory practices while promoting financial inclusion.” … Continue Reading
Michael Hsu designated Acting Comptroller of the Currency
Today, Michael Hsu began serving as the Acting Comptroller of the Currency. This past Friday, the Treasury Department announced that Mr. Hsu had been designated Acting Comptroller by Secretary of the Treasury Yellen.
Mr. Hsu replaces Blake Paulson, who served as Acting Comptroller of the Currency since January 14, 2021. Mr.… Continue Reading