CFPB, Federal Agencies, State Agencies, and Attorneys General
The OCC has announced that Comptroller of the Currency Joseph Otting will step down on May 29, 2020 and Brian Brooks will become Acting Comptroller.
Brian currently serves as the OCC’s Chief Operating Officer and First Deputy Comptroller. Before joining the OCC, Brian had a distinguished career in private legal practice and working in-house in the financial services industry. … Continue Reading
Comptroller of the Currency Joseph Otting appeared before the House Financial Services Committee yesterday and before the Senate Banking Committee today.
In his nearly identical written testimony submitted to both committees, Mr. Otting identified the following items as his priorities as Comptroller: modernization of Community Reinvestment Act (CRA) regulations; encouraging banks to meet consumers’ short-term, small-dollar credit needs; enhancing supervision of Bank Secrecy Act/anti-money laundering compliance and making it more efficient; simplifying regulatory capital requirements; and reducing burdens associated with the Volcker Rule.… Continue Reading
Comptroller of the Currency Joseph Otting is scheduled to make two appearances before Congress next week.
On Wednesday, June 13, 2018, he is scheduled to appear before the House Financial Services Committee at a hearing entitled “Financial Industry Regulation: the Office of the Comptroller of the Currency.”
On Thursday, June 14, 2018, he is scheduled to appear before the Senate Banking Committee at a hearing entitled “Update from the Comptroller.”… Continue Reading
American Banker has reported that, in a press call last week regarding the OCC’s new risk report, “Semiannual Risk Perspective for Spring 2018,” Comptroller Otting stated that in July 2018, the OCC expects to announce its decision on whether it will issue special purpose national bank (SPNB) charters to nondepository fintech companies.… Continue Reading
The impact of new Comptroller of the Currency Joseph Otting on fintech companies is the subject of an article by Ballard Spahr attorneys Scott Pearson and Dan Delnero published by LEND360 Connect. LEND360 is the sponsor of a national conference focused on issues impacting the online lending space.
The article, Predicting Comptroller Otting’s Impact on Fintech, discusses how Comptroller Otting is likely to approach key issues now facing fintech companies such as the OCC’s proposal to grant special purpose national bank charters to companies that make loans but do not accept deposits, the Second Circuit’s decision in Madden v.… Continue Reading
By a vote of 54-43, Joseph Otting has been confirmed by the Senate as Comptroller of the Currency. Mr. Otting is a former president and CEO of California-based OneWest Bank, where he worked with Steven Mnuchin, who now serves as Secretary of the Treasury.
According to Politico, Acting Comptroller Keith Noreika has submitted his resignation, to be effective one business day after Mr.… Continue Reading
