Former Banker, Now Regulator Wants To Allow Banks To Make Payday-Style Loans

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A powerful banking regulator appointed by President Trump could face tough questions in a Senate hearing Thursday about his efforts to allow big banks to make small, high-interest, short-term loans to consumers. Joseph Otting is a former banking executive who is now in charge of an agency that oversees the nation's largest banks – including some that Otting used to help run. And he's slated to appear before the Senate Banking Committee, a panel which includes Massachusetts Democrat Sen. Elizabeth Warren , who has been sharply critical of the Trump administration financial regulators. It's the first time in nearly 40 years that a banking executive has been in charge of the Office of the Comptroller of the Currency, or OCC, an independent financial...

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Former Banker, Now Regulator Wants To Allow Banks To Make Payday-Style Loans

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