Washington DC- Today, the Senate confirmed former bank executive Joseph Otting to be comptroller of the currency, the top bank watchdog. In response, John Taylor, President and Founder of the National Community Reinvestment Coalition made the following statement.
“We are hopeful that Comptroller Otting will work with us to make sure that the agency interprets and enforces the Community Reinvestment Act to the benefit of low- and moderate-income communities. As a former banker, I am sure that Comptroller Otting understands that CRA lending is safe and sound lending. Otting is the new sheriff, and in assuming that responsibility we hope that working class Americans will still be fairly served by banks and able to access financial opportunity.”
