OCC

The Office of the Comptroller of the Currency has been leading the charge on revamping the Community Reinvestment Act, but a big unknown is whether the other two regulators charged with carrying out the law are committed to moving ahead as swiftly on a reform plan.

Comptroller of the Currency Joseph Otting took office only late last year, but he is wasting little time in tackling a series of hot-button topics, including easing anti-money laundering regulations and lowering national bank fees.

The bank revealed Friday that it is facing hefty regulatory penalties and will likely have to restate first-quarter earnings. Declines in loan balances and fee income and questions about upcoming stress tests are only adding to investors' worries.

Bank regulators propose to allow banks to phase in capital treatment of credit losses over three years.

The comptroller said he is looking to capitalize on the industry's strong profits and high capital reserves to reduce costs and lower exam fees next year.

Bank regulators have not even proposed a plan yet for revamping the Community Reinvestment Act, but stakeholders likely to weigh in on the plan are already establishing battle lines.

Comptroller of the Currency Joseph Otting laid out an ambitious regulatory reform agenda Monday, telling a group of community bankers that he is committed to CRA upgrades, new flexibility in BSA compliance and other measures.

As part of a larger regulatory relief effort, regulators have raised the dollar-amount threshold for commercial real estate transactions that require a formal appraisal.

Policies to shore up banks’ corporate cultures have remained a low priority even though some regulators want to attack the issue head on. Strengthening a firm’s ethical values may best be left to a bank’s internal brass.

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