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OCC’s Brooks Notes Strength of Banks Through Pande

Archived Industry News:OCC’s Brooks Notes Strength of Banks Through Pandemic

Last Updated: 8/27/2020 4:06 PM

OCC’s Brooks Notes Strength of Banks Through Pandemic

Acting Comptroller of the Currency Brian Brooks addressed Iowa bankers Wednesday in the latest installment of the IBA’s six-month Leaders Speaker Series. The series began July 29 with a virtual presentation from Federal Deposit Insurance Corp. Chairman Jelena McWilliams.

Brooks shared his vision for building on the traditional strengths of the Office of the Comptroller of the Currency. He discussed the need to provide a foundation that includes regulatory certainty, flexible framework and oversight that will allow banks and thrifts to evolve and capitalize on technology and innovation to deliver better products and services, and to reduce risk in the system.

Brooks also discussed specifically the economic challenges created by COVID-19 but noted that banks have remained profitable throughout the public health crisis and that there are signs of an uptick in the economy. He noted that a large percentage of loans that were in deferment or forbearance have remained current. He said the future is difficult to forecast due to potential economic shutdowns that elected officials may deem necessary. Brooks also discussed the current expected credit loss ratio and noted there have been discussions about making the CECL rollout easier for smaller institutions. He also took questions from attendees about issues Iowa banks have been experiencing.

Watch a brief clip of Brooks discussing fintech charters. To watch Brooks' presentation in full, as well as McWilliams' session, you can still register for the series, and you will receive their presentation recordings.

Next up: Global Strategist Peter Zeihan will discuss the current status of the coronavirus around the world and how governments are adapting — or aren’t — to the significant challenges to supply chains, the global economy and public health. Register for the Leaders Speaker Series.

Remaining Schedule

  • Sept. 23: Peter Zeihan, Global Strategist, 10 a.m.
  • Oct. 22: Charlie Cook, Cook Political Report, 10 a.m.
  • Nov. 23: Chicago Fed President Charles Evans, 2 p.m.
  • Dec. 10: Business leaders panel with CEOs from Ruan Transportation, Mercy Health Network, Corteva Agriscience and Vermeer Corp., 10 a.m.

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