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OCC’s Otting to Make Simplifying Bank Rules One of Top Priorities - ABI

Comptroller of the Currency Joseph Otting said yesterday that he will make simplifying bank rules one of his priorities in the coming year, the Wall Street Journal reported. The new U.S. regulator of federally chartered banks pointed to rules on money laundering-prevention, community investment, small-dollar loans, and capital rules for small banks as areas where he and other federal regulators should look to make changes. Otting, a veteran banker, took questions from reporters around a conference table at the Office of the Comptroller of the Currency headquarters, wearing a dark suit and American flag cuff links. He said that the U.S. banking sector is “in the best shape that it’s ever been since I began working in this industry in 1981,” citing the strong capital positions of U.S. banks and their improved ability to understand and assess risks. Otting didn’t discuss specific policy matters. An OCC spokesman said that Otting is observing a general recusal from policy decisions while he divests himself of his investments in financial companies, which he has agreed to do within 90 days of his confirmation by the Senate on Nov. 16.

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