The comptroller expressed support for CFPB efforts to ‘reevaluate practices and programs that result in regulatory overreach’
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The head of the supervisory bureau of all national banks and federal savings associations has expressed support for the changes Consumer Financial Protection Bureau Acting Director Mick Mulvaney has introduced at the consumer watchdog.
Comptroller of the Currency Joseph Otting issued a statement praising Mulvaney, who is also director of the Office of Management and Budget at the White House. The statement follows a meeting between the two where they discussed how their offices can work to coordinate supervision.
The comptroller and the head of the CFPB work together as directors of the Federal Deposit Insurance Corporation and as members of the Financial Stability Oversight Council and the Federal Financial Institutions Examination Council.
In his statement, Otting enumerated Mulvaney’s initiatives since assuming leadership at the CFPB: delaying implementation of the Home Mortgage Disclosure Act rule, committing to reconsider a payday lending rule, and deferring action on additional regulations until completing a more thorough review of those matters.
“I have been impressed with Mick’s leadership and emphasis on operational efficiency and excellence,” Otting said. “I share his willingness to reevaluate practices and programs that result in regulatory overreach and unnecessary burden that adversely affect banks’ ability to serve their customers. We have a common belief that our financial system functions best, when it works for everyone—meeting the financial needs of consumers and businesses, creating jobs, and fueling economic growth. Our jobs as regulators is to help our system fulfill its important role in society by ensuring it operates in a safe and sound manner and treats customers fairly. But, unnecessary regulatory burden is a waste that places a drag on our entire economy without making the system safer or fairer.”
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