FEDERAL WAY, Wash. — Pointing out a number of "taboos" associated with the Office of the Comptroller of the Currency's decision to approve requests from three banks wanting to engage in commercial real estate deals, Washington Credit Union League CEO John Annaloro is concerned about the ramifications.
Julie Williams, OCC chief counsel, defended the regulator's decision at a recent House Government Reform subcommittee to approve petitions from Bank of America Corp., PNC Financial Services Group and Union Bank of California to enter into hotel and retail deals saying they do not pose a conflict of interest or set a precedent.
Annaloro said the decision "was seemingly an exercise in regulatory bad judgment."
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