Controller Otting Announces Resignation the Next Day
David Weber, PHADA Policy Analyst
In a highly unusual move, on May 15 the Office of the Controller of the Currency (OCC) issued a final rule implementing provisions of the Community Reinvestment Act without the participation of the two other cognizant agencies, the Federal Reserve Board (the Fed) and the Federal Deposit Insurance Corporation (FDIC). The day after issuing this final rule, the Department of the Treasury announced Controller Otting’s resignation, effective May 29. First Deputy and Chief Operating Officer Brian P. Brooks will become Acting Comptroller of the Currency.
In January 2020, the OCC and FDIC jointly issued a Notice of Proposed Rulemaking, a proposal that was criticized by members of the Fed and many others. This followed a September 2018 Advance Notice of Proposed Rulemaking. The existing rule has not been updated since 1995, and there is consensus that significant updating of the rule is needed. There has not been any consensus, however, about what that update and modernization should look like.
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