by Jeff Sovern
The Office of the Comptroller of the Currency has long been the poster-child for an agency captured by the entities it regulates--in this case, national banks. Thus, when states enacted anti-predatory lending statutes, the OCC declared them pre-empted as to national banks. Similarly, the OCC went to court against New York to protect national banks from state enforcement of fair lending laws. But now the OCC has a new leader. Will things be different? The Times has a report here. An excerpt:
Previously, O.C.C. regulators have emphasized that they want our banking system to be “safe and sound.” To that, Mr. Curry has added the word “fair.” A banking system needs to serve people and businesses, so that we don’t simply have, as he says, “a safe and sound national bank system just for sake of the system itself.”
“I’m committed to improving the agency’s reputation,” Mr. Curry told me.
The question is whether the host will reject the transplant.