Comptroller of the Currency Joseph Otting will announce this week that he’s stepping down from his position as one of the country's top bank regulators after his agency finalizes the overhaul of a landmark anti-redlining law
Comptroller of the Currency Joseph Otting will announce this week that he’s stepping down from his position as one of the country's top bank regulators after his agency finalizes the overhaul of a landmark anti-redlining law, according to two sources familiar with the matter.
Otting has taken the lead in making the first revision since the 1990s of a controversial law that banks and community groups have criticized as outdated given the advent of the internet. Banks have also sought more certainty as to what will count for CRA credit, saying the criteria are often arbitrary and sometime decided long after loans are made.
The FDIC board is not scheduled to meet this week, leaving open the possibility that Otting might be acting alone, an unusual approach considering the importance of the regulation.
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