October 2, 2018
Comptroller of the Currency Discusses Implementation of the Economic Growth Act
WASHINGTON—Comptroller of the Currency Joseph M. Otting today discussed the implementation of the Economic Growth, Regulatory Relief, and Consumer Protection Act of 2018 during testimony before the Senate Committee on Banking, Housing, and Urban Affairs.
The Comptroller’s testimony highlighted agency and interagency progress toward implementing the law. That progress includes OCC release of a notice of proposed rulemaking (NPR) required to grant federal savings associations greater flexibilities afforded by the law and approval of an NPR to increase the threshold for required recovery planning to banks with total consolidated assets of $50 billion or more. Testimony also discussed interagency actions to implement provisions of the law that exempt smaller banks from the Volcker Rule, require certain municipal securities to be treated as high quality liquid assets, expand eligibility for the 18-month examination cycle, modify the agencies’ capital rules for high volatility commercial real estate exposures, and amend the agencies' swap margin rule.
In addition to work on rules required by the Economic Growth Act, Comptroller Otting provided committee members an update regarding agency priorities, including encouraging banks to re-enter the small-dollar lending market, issuing an advance notice of public rulemaking to begin public dialogue modernizing Community Reinvestment Act regulations, moving forward on accepting special purpose national bank charters for fintech companies engaged in the business of banking, making compliance with the Bank Secrecy Act and anti-money laundering regulations more efficient and effective, and improving the efficiency and effectiveness of OCC operations..