Comptroller of the Currency Lauds Progress Toward Meaningful Regulatory Reform

WASHINGTON—Comptroller of the Currency Joseph M. Otting issued the following statement on Senate Bill 2155, the “Economic Growth, Regulatory Relief and Consumer Protection Act.”

I want to congratulate Chairman Crapo on the bipartisan Senate Banking Committee vote today to advance common sense regulatory reform embodied in Senate Bill 2155, entitled, the “Economic Growth, Regulatory Relief and Consumer Protection Act.”

The sponsors of the bill have demonstrated practical wisdom by focusing on key changes that provide meaningful and tailored regulatory relief for the industry while safeguarding the financial system and protecting consumers. The bill advances important changes that will help small and midsize banks meet the financial service needs of their consumers and businesses, and spur economic growth in the communities they serve.

The bill includes many features supported by the Office of the Comptroller of the Currency—a small bank exemption from the Volcker Rule, a simpler capital regime for highly capitalized community banks, additional flexibility for federal savings associations, and a higher threshold for labeling institutions systemically important. These reforms make progress toward Treasury’s core financial principles released in June and demonstrate bipartisan support to rebalancing our regulatory framework.

By eliminating unnecessary regulatory burden, we are helping our nation’s banks and savings associations promote job creation and economic growth. I look forward to working with the members of the committee and fellow regulators to continue this work in the weeks and months ahead.

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• Comptroller of the Currency Joseph M. Otting