Comptroller of the Currency Curry's Speech on Steps to Prevent the Next Fiscal Crisis

OCC Comptroller of the Currency Thomas J. Curry discussed the steps being taken to prevent the next fiscal crisis during his speech before the Clearing House Second Annual Business Meeting and Conference in New York, NY. Curry emphasized moving ahead to implement the Dodd-Frank Act, particularly with the Volcker Rule and the risk retention regulation. He also discussed the imperative for raising required levels of capital for large institutions as well as supervision. Curry says that, with respect to large banks, regulators have raised the bar for what is expected of senior management and independent directors, in that the expectation is now that large institutions should meet the standard of "strong" for audit and risk management functions, and that the independent directors should take a strong hand in ensuring compliance.

View speech in full here (links externally to OCC website).