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February 13, 2013

If CFPB Needs a Commission, Why Shouldn't the OCC?

“Sen. Mike Crapo’s surprise suggestion that the Office of the Comptroller of the Currency should be restructured and headed by a commission — rather than a single director — has sparked a fierce debate among industry observers.

In a recent interview with American Banker, the Idaho Republican and GOP leader of the Senate Banking Committee unexpectedly voiced support for the OCC change while also promoting a similar switch to the structure of the Consumer Financial Protection Bureau.

“I really believe we should have the kind of operations like you see with the SEC, where they operate with a board,” Crapo said. “First of all, it brings in additional points of view, but it also requires the collaboration from different perspectives that helps you get to the right solution, rather than just having one individual be able to dictate the entire activity.”

Whether that is enough to give way to a concrete proposal for change at the OCC remains to be seen. The agency has operated under a single director since 1863, and there is no history of serious calls for changing the OCC’s leadership structure.”

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Read Victoria Finkle’s full American Banker article here

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