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News Release 2023-7
January 17, 2023
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WASHINGTON—Acting Comptroller of the Currency Michael J. Hsu today discussed large bank manageability in remarks at Brookings.
The Acting Comptroller shared his views on detecting, preventing and addressing risks that can result in large banks becoming too-big-to-manage. He reflected that large banks that repeatedly try but fail to fix their material deficiencies prolong risks to consumers, counterparties and the financial system.
“The better a car’s brakes, the faster it can drive safely,” said Acting Comptroller Michael J. Hsu. “I believe this is useful to bear in mind as we consider the devilish details and focus large banks on the risks that can cause them to become too-big-to-manage.”
The Acting Comptroller concluded with his thoughts on the need for bank regulators to provide greater transparency on the supervisory process. He also emphasized the importance of due process and described supervisory remedies, including but not limited to business restrictions, divestitures and simplification of large banks when necessary.
Stephanie Collins (202) 649-6870