OCC Comptroller Curry Applauds Work of New England Council, Discusses Risks to the Financial Industry

Comptroller of the Office of the Currency (“OCC”) Thomas J. Curry discussed the importance of the New England Council, remarking that it provides a place for businesses of different sizes and types to work together in the interests of a prosperous regional and national economy. His speech highlighted challenges businesses face, including: (i) the “near certainty” of rising interest rates and how they could imperil loan quality; (ii) the impact of new and tougher regulatory compliance, such as Dodd-Frank; (iii) resulting growing costs of regulation, and (iv) constant cyber threats.

Lofchie Comment: Notably, a significant portion of the Comptroller’s comments concerned risks to the financial system that are affirmatively caused by the government; e.g., very low interest rates and excessive regulatory costs.

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