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.