Bartlett Naylor

Bartlett Naylor is an expert on corporate governance, financial markets and shareholder rights at Public Citizen. 

Recent Articles

The Revolving Door and the Assault on Community Reinvestment

How conflicts of interest on the part of a senior banking regulator, Joseph Otting, help explain why the Community Reinvestment Act is on the chopping block.

The Community Reinvestment Act (CRA) is a piece of 1977 legislation that requires banks to reinvest in their communities. The Republicans have been gunning for it, and now proposed regulations would weaken it in several key respects. At the heart of this story is the federal regulator of national banks, whose title is U.S. Comptroller of the Currency, a man named Joseph Otting. Conflicts of interest and revolving doors in the Trump administration are such a common story that they barely make news, but this one is worth telling. In his previous job, the CRA nearly cost Otting a $24 million payday. Congress approved the Community Reinvestment Act in 1977 to combat redlining and other forms of discriminatory lending. Senator William Proxmire, then chair of the Senate Banking Committee, authored the measure amidst widespread evidence that many banks failed to serve low-income and minority residents in the communities where they operated. Banks collected deposits, including from low-income...