Bank Regulation

Joseph Otting Takes Helm As Comptroller Of Currency

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Joseph Otting was sworn in as U.S. comptroller of the currency on Monday to serve as the leading regulator of national banks.

According to news from Reuters, Otting, a former banking executive and associate of U.S. Treasury Secretary Steven Mnuchin, will oversee big banks, such as Bank of America, JPMorgan Chase & Co. and Wells Fargo.

Otting spent more than 30 years as a banker, working at U.S. Bank and Union Bank. He was most recently chief executive officer of OneWest, the California lender started by Mnuchin after the 2008 housing crisis.

As the day-to-day regulator for large lenders, the Office of the Comptroller of the Currency is responsible for writing banking rules and helping to monitor the health of Wall Street. Otting said that thriving banks could help advance President Donald Trump’s goal of improving the economy.

“Job creation and economic growth are part of the president’s agenda, and banks can support those goals,” Otting said in a statement.

Earlier this month, the Senate approved Otting’s appointment in a 54 to 43 vote.

Before Otting was sworn in, the job was being filled by attorney Keith Noreika, whom Mnuchin named as interim head in May. Noreika replaced Thomas Curry, who had served as comptroller under President Obama.

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