At Woodstock Institute’s 50th Anniversary Event, Acting Comptroller of the Currency Michael J. Hsu spoke about what steps the OCC is taking to build trust between communities and the financial institutions serving them.

By Ebrima Santos Sanneh for the American Banker, June 8th, 2023:

Acting Comptroller of the Currency Michael Hsu said Thursday that the agency is seeking public comment on a forthcoming survey on customer trust in their banks, a move that will allow banks, regulators and stakeholders to “hold each other accountable for safeguarding trust in … the banking system.”

Speaking in Chicago at an event sponsored by the Woodstock Institute, Hsu defined trust as “the willingness of a party to be vulnerable to the actions of another,” sand said it is not only fundamental to banking relationships, but also critical for ensuring people do not turn to riskier and less-regulated bank-like products that can harm their financial well-being.