Otting’s OCC Tenure Defined by Willingness to Go It Alone (1)

Comptroller of the Currency Joseph Otting departs after completing his top goal of rewriting the Community Reinvestment Act. The catch is the two other major U.S. banking regulators refused to join him.

That notable willingness to go-it alone defined his tenure—and may well limit how much of a lasting impact Otting leaves behind.

Typically, the three federal banking regulators move together on regulations that affect the different banks they oversee. But the Federal Deposit Insurance Corp. didn’t sign on to a final rule for reshaping the 1977 anti-redlining law and the Federal Reserve didn’t even join the Office of the ...