Secrets of the New Comptroller
April 4, 2012 10:44 AM
On preemption post-Dodd-Frank:
"I understand that the actual language of Dodd-Frank is a matter of some controversy between interested parties. Generally speaking, I think the principle is clear from the Constitution that the federal law supercedes conflicting state law, and that's an important concept to remember. I want to assure you...that I will zealously enforce and uphold the National Bank Act, and particularly where it relates to federal preemption." (Image: Bloomberg News)
On the Treasury Department's letter criticizing OCC's preemption position:
"I think that having a comment on the record is probably the most appropriate way to express those views. Ultimately, I think it's incumbent upon the OCC to maintain its independence as a bank regulatory agency and to remain free from any undue influence from any external source." (Image: Bloomberg News)
On acting independently:
"I believe in my past history and experience, I've demonstrated the independence to fairly and reasonably apply the rules and laws that govern bank regulation."
On Basel III:
"Basel III, I think, achieves those important goals of stronger capital on an international basis and will work to potentially eliminate any unlevel playing field between domestic banking institutions and foreign institutions." (Image: Bloomberg News)
On a proposal to create qualifying residential mortgages:
"The issues you've raised of whether or not . . . the proposal appropriately excludes a large number of American families and households from home ownership is an issue that we are looking at very carefully and are mindful of the consequences to those families and individuals as well as our economy." (Image: Bloomberg News)
On transparency in the OCC's foreclosure review of servicers:
"The greater transparency that the agencies can show in how failures in that system are being corrected and individuals who have been harmed will find redress is critically important. And I think the agencies and the OCC in particular, if I were confirmed, should work to be as transparent as possible, consistent with any governing supervisory or legal restricttion." (Image: Bloomberg News)
On working with the CFPB:
"It would be beneficial as a two-way street for the OCC to communicate to the CFPB the financial context in which a proposal would operate and also for the OCC, who will retain the...responsibility to supervise institutions under $10 billion, the opportunity to be aware of emerging or potential consumer protection issues. So in summary, I think there really is a need for close collaboration and communication." (Image: Bloomberg News)
