Warren W. Traiger quoted in PYMNTS.com article, “Banks like the Trump regulatory regime”
PYMNTS.comWarren W. Traiger
Warren W. Traiger was quoted on February 21, 2018 in a PYMNTS.com article, “Banks like the Trump regulatory regime,” which discussed the Trump era being defined by the lack of regulation, and noted his administration’s efforts to scale back the power of Dodd-Frank and the current motion on a bill that would dial it back. The article stated, “The Trump Treasury has also been instrumental in bringing Wall Street on board, as the new vision involves bringing down the level of regulatory burdens on the banking industry. Going hand-in-hand with that change is the actual regulatory supervision of banks, which has been described as ‘less abrasive’ under new regulators that are less interested in micromanaging the FIs under their care. Also undergoing major renovations is the Office of the Comptroller of Currency, which is currently under the direction of Joseph Otting, former chief executive of OneWest Bank and a close associate of Steven Mnuchin. The OCC is currently taking a look at the Community Reinvestment Act (CRA), a law that forces insured banks meet the credit needs of the communities in which they are chartered. Last October, the OCC said it would no longer consider violations of other laws unrelated to the CRA when determining a bank’s CRA rating.
Traiger added, “Unlike a lot of banking law, the CRA is fairly short and amorphous and puts a lot of discretion in the hands of the regulatory agencies to define requirements. They can pretty much change it any way they want.”