Commentary by Steven Lofchie
Acting Comptroller of the Currency Michael J. Hsu addressed the threats posed to consumer trust in banking from inequality, digitalization, complacency and climate-related risk.
In remarks before the Consumer Federation of America's 34th Annual Financial Services Conference, Acting OCC Comptroller Michael Hsu identified changes to banks' overdraft programs that would benefit lower-income individuals.
OCC Acting Comptroller Michael J. Hsu asserted that the framework used to analyze bank merger applications should be revised and directed his staff to work with the DOJ and other federal banking agencies to update it.
Acting Comptroller Michael J. Hsu urged the development of a regulatory framework intended to discourage large banks from becoming "too-big-to-manage."
OCC Acting Comptroller Michael J. Hsu encouraged financial institutions to continue investing in cybersecurity risk mitigation efforts, and to collaborate through financial industry joint efforts aimed at information sharing and collective defense.