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Tuesday, June 6, 2017

Trump to Nominate Former Bank CEO as Comptroller of the Currency

As was widely expected, the White House announced that President Trump would nominate former bank CEO Joseph Otting to serve as comptroller of the currency. Otting is a former president and CEO of California-based OneWest Bank, where he worked closely with now-Treasury Secretary Steven Mnuchin.

Otting served as president and CEO of OneWest following the 2009 purchase of failed thrift IndyMac by the investor group led by Mnuchin. He left OneWest in 2015 following the bank's acquisition by CIT Group.

Previously, Otting held senior roles at U.S. Bank, including serving as vice chairman for commercial banking, head of commercial banking in the Minneapolis-based bank's eastern region and market president for Oregon. Earlier in his career, Otting held management roles at MUFG Union Bank and Bank of America.

Upon confirmation, Otting would replace acting comptroller Keith Noreika, who took over the OCC upon the end of former Comptroller Thomas Curry's five-year term in April. 

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