Comptroller of the Currency Joseph Otting said that the federal banking system is strong. He outlined risks that the agency will continue to monitor and address. In testimony before the U.S. Senate Committee on Banking, Housing and Urban Affairs, Mr. Otting stated that the Office of the Comptroller of the Currency ("OCC") continues to monitor:
increasing credit risk in loan portfolios;
insufficient cybersecurity programs across the industry;
continuing money-laundering risks due to new technologies and other innovations; and
interest rate risk due to the rising rate environment, competitive pressures, technological advancements and untested depositor behavior.
Among other priorities, Mr. Otting said the OCC is working to:
remove unnecessary regulatory burdens to increase bank lending and investments;
modernize the Community Reinvestment Act;
encourage banks to meet consumers' short-term small-dollar credit requests;
finalize the implementation of the Economic Growth, Regulatory Relief and Consumer Protection Act;
facilitate responsible innovation in the banking industry; and
enhance the Bank Secrecy Act and AML rules, supervision and examinations.
Available only to Cabinet Premium subscribers.
Combining regulatory and enforcement news, analysis, and practical work tools on an easy-to-use digital platform.