December 17, 2017

December 15, 2017

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The OCC Now Has a Permanent Comptroller

On November 16, the US Senate confirmed by a 54–43 vote the appointment of President Donald Trump’s nominee Joseph Otting as the new Comptroller of the Currency. Mr. Otting presumably will assume his new duties promptly. Reportedly, current acting Comptroller Keith Noreika will return to the private sector.

Mr. Otting, who at one time in his career was chief executive officer of OneWest Bank Group, which acquired most of the business of the failed IndyMac Bank and which was headed by Secretary of the Treasury Steven Mnuchin, is expected to support the administration’s efforts to move bank regulation and supervision in a more deregulatory direction. During his confirmation hearing, Mr. Otting drew strong criticism from Senate Democrats, mostly for his industry ties and the mortgage foreclosure activities of OneWest in the aftermath of the financial crisis. Mr. Otting’s prior public statements suggest that, as comptroller, he will focus on matters such as regulatory relief for community banks and regulatory and supervisory actions that would promote bank lending. He also has expressed support, however, for the overall bank regulatory framework, suggesting that he may adopt a more measured approach to changes in bank regulation and supervision.

Copyright © 2017 by Morgan, Lewis & Bockius LLP. All Rights Reserved.

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About this Author

Charles M. Horn, Morgan Lewis Law Firm, Securities Attorney
Partner

Charles M. Horn is a partner in Morgan Lewis's Investment Management and Securities Industry Practice. Mr. Horn focuses his practice on regulatory and transactional matters, primarily in the areas of banking and financial services. He works on behalf of domestic and global financial institutions of all sizes on regulatory, supervisory, enforcement and compliance matters before all major federal financial institutions regulatory agencies, and leading state financial regulatory agencies.

202-739-5951
Of counsel

Melissa R. H. Hall is of counsel in Morgan Lewis’s Investment Management and Securities Industry Practice. Ms. Hall represents domestic and non-U.S. banks, financial services companies, and technology companies in regulatory and transactional matters.

202-739-5883