The author did a good job on a complicated subject; he might have pointed out that the Comptroller of the OCC has to be the one issuing a regulation and that it is a political position. he could have also pointed out the OCC's charter more specifically than 'safety and soundness' by quoting from the OCC itself "Issue rules and regulations governing bank investments, lending, and other practices" And pointed out how the OCC has CRA (community reinvestment act) responsibilities: http://www.occ.treas.gov/crainfo.htm http://www.occ.treas.gov/cra/limited.htm The statement "state legislatures gave up" would also indicate the story is larger than the space allotted the writer by his editors and that ,perhaps, is why the statement "The subprime catastrophe might have been more like a mini-crisis" I find inadequate closing os the article. Especially in view of it being the FED whose responsibility it is to "regulate the supply of money and credit to the economy."