Republicans on Financial Services Committee outline priorities for OCC

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The Republicans on the House Financial Services Committee outlined their priorities for the Office of the Comptroller of the Currency (OCC) in a letter to Michael Hsu, acting head of the OCC.

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The Republicans on the committee, chaired by Rep. Patrick McHenry (R-NC), call for regulatory reform, fostering financial innovation, strengthening cybersecurity, and promoting financial inclusion. It also urges the OCC to address the void left by the decision by Democrats to overturn the True Lender Rule.

“Two weeks ago, House Democrats followed the Senate and took the misguided step of passing S. J. Res. 15, a resolution to disapprove the Office of the Comptroller of the Currency’s (OCC) “True Lender” Rule (Rule). Preventing this Rule from going forward will make new and innovative financial products more expensive and credit less available to consumers and small businesses across the country. Innovation in the financial services industry will be hindered. The legal uncertainty that will ensue from this move will have significant implications on credit markets and the borrowers who would have otherwise benefitted from the final Rule. We would like to know how you and the OCC intend to address the serious void left by this misguided action,” the Republican committee members wrote.

They added that as the nation recovers from the pandemic, regulations should not inhibit job growth or slow the economy.

“Now, more than ever, regulations should be tailored to match the size of institutions. Small and mid-sized financial institutions play an important role in their communities. Affordable access to credit and safe investment practices are critical to businesses, consumers, and communities,” they wrote.

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