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OCC chides Senate critics, defends supervisory reforms

Joe Mont | January 31, 2018

Comptroller of the Currency Joseph Otting is fighting back against accusations, made by some Senate Democrats, that his agency dragged its feet on responding to the lessons learned from last year’s problematic behavior at Wells Fargo.

Sen. Bob Menendez (D-N.J.) has claimed that “lapses in government oversight failed to prevent Wells Fargo’s widespread fraudulent account scandal while ignoring numerous red flags.” His letter to Otting was cosigned by Sens. Sherrod Brown (D-Ohio), Jack Reed (D-R.I.), Elizabeth Warren (D-Mass.), Chris Van Hollen (D-Md.), Catherine Cortez Masto (D-Nev.) and Brian Schatz (D-Hawaii).

It explained that the Office of the Comptroller of the Currency, last April, issued a series of recommendations to strengthen consumer protections and oversight of the nation’s largest banks. Nine months later, the letter claimed, the...

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