OCC chief resigns immediately after finalising controversial regulation

Office of the Comptroller of the Currency

The head of US federal regulator the Office of Comptroller of the Currency, Joseph Otting, has resigned immediately after finalising a controversial regulatory framework for lending in poorer regions.

Despite the OCC unveiling its finished rule, the framework lost its backing from the Federal Deposit Insurance Corporation (FDIC) at the final hour. It had previously been strongly criticised by Democratic senators, the Federal Reserve and other key stakeholders.

The regulation aims to reform the

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