OCC Opposes American Express Resolution Plan Citing Opacity and Uncertainty

The Office of the Comptroller of the Currency (OCC) has opposed American Express's resolution plan, citing concerns over opacity and uncertainty in the process. According to a statement from OCC Comptroller Jonathan V. Gould, the regulators provided vague feedback to American Express without detailing specific concerns or consequences for not addressing them.

Gould argued that the agencies have gone too far in pushing banks to restructure themselves based on high-level feedback that does not amount to a formal shortcoming or deficiency. He called for revisions to joint resolution plan rules, proposing that resolution planning no longer apply to companies below the $250 billion asset threshold.

The comptroller's statement is seen as further evidence of criticism dating back to the early 2010s, with regulators being accused of pushing banks to structure themselves to fail rather than focusing on their role in serving lending and financial needs in their communities.