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Comptroller Discusses Priorities for the Federal Banking System
On Thursday, June 14, 2018, Comptroller of the Currency Joseph Otting issued a press release discussing his priorities for the agency and the federal banking system during testimony before the Senate Committee on Banking, Housing, and Urban Affairs.
The Comptroller’s testimony highlighted agency efforts to:
- Modernize the regulatory approach to the Community Reinvestment Act to promote investment where it is needed most;
- Encourage banks to meet customers’ needs for short-term, small dollar credit;
- Promote more efficient compliance with the Bank Secrecy Act and anti-money laundering regulations that protect the nation’s banking system from being used for illegal purposes;
- Simplify regulatory capital and the Volcker Rule, particularly for small and midsize banks; and
- Ensure the agency operates as effectively and efficiently as possible.
The testimony also provides an overview of the condition of the federal banking system and the key risks it faces.